GAMELANCER MEDIA CORP Stock Price, News & Analysis

Vertiqal Studios (TSX: VRTS) (OTCQB: GAMGF) has announced the appointment of Lance Klima and Trevor Aune to its Board of Directors. Klima, Head of Origination and Marketing at STORY3 Capital, brings extensive financial services expertise. Aune, with two decades of digital media experience, offers valuable insights into social media strategies. The company also intends to formally change its name to Vertiqal Studios Corp, subject to regulatory approvals, while retaining its trading symbol 'VRTS'.

These appointments and the proposed name change are part of Vertiqal Studios' expansion strategy in the media space. The company specializes in digital video content creation and distribution. Sam Banks will transition from the Board of Directors to the Board of Advisors, maintaining his involvement with the company.

Gamelancer Media Corp. (dba Vertiqal Studios) held its annual and special meeting on June 27, 2024, where all proposed resolutions were approved. Key points include the election of directors Jonathan Dwyer, Samuel Banks, Razvan Romanescu, Robert Segal, Matt Berger, Aaron Reitkopf, Kevin Moriarty, Kevin Cooper, and Ali Plonchak with over 97% approval. MNP LLP was appointed as the auditors until the next annual meeting. Special resolutions passed include authorizing the board to set the number of directors, amending the articles to change the company's name to Vertiqal Studios Corp., and consolidating shares. An omnibus equity incentive plan was approved, along with issuing common shares to a related party to settle an outstanding debt.

Gamelancer Media Corp. (dba Vertiqal Studios) (TSX: VRTS) (OTCQB: GAMGF) has closed a non-brokered private placement by issuing 1,000 unsecured convertible debentures at $1,000 each, raising $1,000,000. The funds will be used for general working capital and to meet upcoming payment obligations. The debentures, maturing in two years, bear a 15% annual interest rate, payable at maturity. Holders can convert the debentures into common shares at $0.025 per share or the volume weighted average trading price over five days before conversion. The offering is subject to regulatory approvals and the issued securities will have a hold period of four months plus one day.

Vertiqal Studios has reported a robust financial performance for Q1 2024, with a notable increase in revenues and significant cost reductions. Revenues grew by 16% to $842,909, while gross profit surged by 268% to $654,845. Total expenses dropped 58% to $1,250,090, leading to an 80% reduction in net loss to $513,047. EBITDA loss improved by 85%, down to $194,141. The company achieved a 78% profit margin, with notable contributions from its programmatic offering and Direct Media. Operational efficiencies and strategic cost reductions in personnel and advertising were key factors in this performance.

Vertiqal Studios appoints Ali Plonchak, with a successful background at Crossmedia, to its Board of Directors. Plonchak's expertise in digital strategy and leadership will aid Vertiqal's expansion in the US advertising market. Her proven record in managing operations and fostering growth makes her a valuable addition to the board.