TORONTO, May 19, 2021 (GLOBE NEWSWIRE) — Media Central Corporation (CSE: FLYY; FSE: 3AT) (“Media Central” or the “Company”) used its regularly scheduled monthly virtual town hall to provide employees with a snapshot of the Company’s future.
The Company’s monthly town hall meetings were introduced in December 2020 following changes to the Company’s management and Board to demonstrate the Board and management’s commitment to building a culture of alignment and transparency.
During the meeting the Company discussed the difficulties encountered during 2020 when losses totaled $4.6 million under the leadership of the previous board. The new board was installed in late November 2020 and has spent the last six months working closely with management to restructure the business for growth. The meeting was used to update the employees on some of the new strategic initiatives.
“The Board and senior management have a mutual belief that it takes a team to build a great company,” said Manos Pavlakis, Chairman of Media Central’s Board. “We cannot unwind the past. But we can learn from it and can create our own destiny. We can’t do that without the support of our employees.”
“We’ve hosted six town hall meetings since the new Board has been in place. They are not a panacea. We get tough questions, as expected, and we provide honest answers. During our most recent town hall we shared what we could about future revenue opportunities that we believe will generate sustainable profitability.”
One example of what the future holds is the decision to embrace remote newsrooms and sales departments with the support of employees. Both the Georgia Straight and NOW Magazine recently moved into smaller, high quality office spaces, both at reduced monthly operating costs.
The Board and management also commented that the foundation of the company goes beyond brick and mortar. Media Central intends to build its future on three pillars:
- High-quality news products on all platforms with print being the “storefront” that creates brand awareness for our new digital products;
- New advertising revenue models will be introduced mid-year to support and diversify traditional revenue streams that have been severely affected by COVID-19 this past year; and
- Building “scalable” digital audiences with our new digital products with the first new product launch scheduled to go for June 2021.
“We believe in our strategy. We are thrilled with our digital product development execution, a noticeable deficiency from our previous strategy,” said Kirk MacDonald, President of Media Central. “We have a talented group of employees who are passionate about our mission. We are confident that our diversified revenue streams will flow into the Company over the next 12 months and we look forward to delivering improved results. We are energized about our future. However, at the same time, our eyes are wide open about the challenges that all businesses are faces in today’s incredibly complex economic and social environment.”
About Media Central Corporation Inc.
Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT) is an alternative media company situated to acquire and develop high-quality publishing assets starting with the recent acquisition of Vancouver Free Press Corp., the purchase of NOW Communications Inc. and the launch of digital cannabis platform CannCentral.com and ESports outlet ECentralSports.com.
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About Vancouver Free Press Corp.
Vancouver Free Press Corp., owns and operates Georgia Straight and straight.com. Established in 1967 as the news, lifestyle, and entertainment weekly in Vancouver, the Georgia Straight has been an integral part of the active urban West Coast lifestyle for over 50 years. The Straight’s print edition is published weekly on Thursdays and daily on-line at www.straight.com The Georgia Straight delivers an award-winning editorial package of features, articles, and reviews. Regular coverage includes news, tech, arts, music, fashion, travel, health, cannabis, and food, plus Vancouver’s most comprehensive listings of entertainment activities and special events. Vancouver Free Press Corp. is a wholly owned subsidiary of Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT).
About NOW Central Communications Inc.
NOW Central owns and operates NOW Magazine and nowtoronto.com. Since 1981 NOW has been Toronto’s news and entertainment voice, published in print every Thursday, and daily at nowtoronto.com. NOW has been a leading publication, defining and pioneering the independent and alternative voice for more than 38 years. NOW Central Communications Inc. is a wholly owned subsidiary of Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT).
About CannCentral Inc.
With unique daily content appealing to both new and experienced cannabis consumers, CannCentral is poised to become the leading digital publisher for all things cannabis. CannCentral Inc. is a wholly owned subsidiary of Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT).
ECentralSports is a dynamic digital destination for eSports fans in search of the latest in news, competitive gaming coverage, analysis, events, lifestyle features and gaming culture. ECentralSports is a wholly owned subsidiary of Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT).
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Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this news release may include, but are not limited to, statements with respect to internal expectations, expectations with respect to estimated margins, cost structures, and cost structures in the media industry. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the media industry generally, income tax and regulatory matters; the ability of MediaCentral to implement its business strategies; competition; currency and interest rate fluctuations and other risks.
Readers are cautioned that the foregoing list is not exhaustive and should carefully review the various risks and uncertainties identified in the Company’s filings on SEDAR. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
SOURCE: Media Central Corporation Inc.