ARHT Media Announces Audited Financial Results for Fiscal Year 2023

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• 2023 revenue of $4.9 million in 2023
• Technological innovations expand the product offering, including AI Virtual Concierge and a SAAS-based platform
• Global channel partner growth is expected to drive revenue in 2024 and beyond
• Sales in the first quarter of 2024: approximately 1.6 million US dollars

TORONTO, May 6, 2024 (GLOBE NEWSWIRE) — ARHT Media Inc. (“ARHT” or “the Company”) (TSXV: ART), (OTCQB: ARHTF), the global leader in the development, production and distribution of high-quality holograms low latency and digital content, today announced its financial operating results for the fiscal year ended December 31, 2023, which are available on SEDAR.

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“Although our 2023 financial results were disappointing, our technological innovations were the best in ARHT’s history, which in turn produced a reliable, patent-protected and superior product,” said CEO Larry O’Reilly.

The company is embarking on a renewed strategy and the pillars of this plan include:

• Prioritize sales and marketing efforts in the most profitable regions in North America and Europe;
• Targeting organizations with significant scaling potential;
• Achieving significant cost reductions in operating expenses;
• Creating new supply partnerships to reduce the cost of goods sold;
• Leveraging proprietary software, hardware and technical support systems to enable scalability and critical competitiveness;
• Further integrating AI applications to reduce costs and drive innovation and efficiency.

“In the first quarter of 2024, we have already seen significant revenue growth of approximately $1.6 million from a blue-chip customer list including Samsung, Infosys, Franklin Templeton and the University of Quebec at Trois Riviere. We are confident this momentum will continue into 2024,” added Mr O’Reilly.

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About ARHT

ARHT is a pioneer and global leader in live hologram technology. Patented end-to-end technology enables executives, medical experts, educators, entertainers and thought leaders to travel to any destination at the speed of light.

ARHT was founded in 2014 and is publicly traded on the TSX Venture Exchange. ARHT has offices in North America, Europe and Asia, with its own studios in locations from Toronto to Singapore, as well as a large network of partner studios in each region.

Connect with ARHT:
LinkedIn: https://www.linkedin.com/company/arht-tech
Instagram: https://www.instagram.com/arht.tech
Facebook: https://www.facebook.com/arht.tech
X: https://twitter.com/arht_tech
YouTube: https://www.youtube.com/@arht-tech

For more information, please visit www.arht.tech/about/investors or www.arht.tech.

Alternatively, send us an email directly [email protected].

ARHT is displayed under the symbol “ART” on the TSX Venture Exchange.

Press inquiries:
Kristen Spence
[email protected]

ARHT
Larry O’Reilly
Managing Director
+1 (416) 844 – 6747 (head office)

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This press release may contain “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, the Company’s intention to exercise convertible securities; Disclosures related to the company’s sales funnel; the company’s technology; the potential uses of the Company’s technology; future planned events utilizing the Company’s technology; the future success of the Company; the Company’s ability to monetize ARHT Media technology; the development of the Company’s technology; and interest of parties in ARHT’s products. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”. “predicts,” “intends,” “anticipates,” or “does not anticipate,” or “believes,” or variations of such words and expressions, or states that certain actions, events or results “may,” “could,” “would”, “could” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information, including but not limited to: general business, economic and competitive uncertainties; regulatory risks; risks associated with technology operations; and other technology industry risks. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to meet expectations, estimates or intentions are equivalent to. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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