Annual Results
 | |||||||||
April 29, 2024 – TheNewswire – Richmond, BC – ICARUS CAPITAL CORP. (TSXV: ICRS)
Icarus Capital Corp is pleased to have filed its audited consolidated financial statements for the fiscal year ended December 31, 2023, and its annual MD&A.
In summary, the results are the first since completing its qualifying transaction on September 30, 2023 and include a full quarter of operations from the acquisition target, Yuk Yuks Calgary comedy club; with revenues of $392,510 and gross profit of $145,990 for the quarter and for the year ended December 31, 2023.
For the year, on consolidation, Icarus reported a net loss of $194,992 or $0.03 per share, compared to a loss of $156,840 or $0.04 per share for December 31, 2023.
As announced with the closing of the qualifying transaction, Icarus also entered into a license agreement to secure rights to use trademarks of Yuk Yuks Inc. and Funny Business Production Inc., and are excited that that relationship formerly kicked off with the recording of the comedic content from a theatre show performance in Vancouver, BC on April 20, 2024 (results of which will be reported in subsequent financial statements). Icarus also previously announced the acquisition of rights to certain theatre show revenues in White Rock, BC in its press release of February 28 and also has a theatre performance booked for May 4, 2024 in Abbotsford, BC (results of which will be reported in subsequent financial statements).
Icarus has undergone a reorganization at the executive level and appointed Eric Y. Lapointe to the position of Chief Executive Officer and Garry Yuill to Chief Financial Officer. Eric has held key positions with Just for Laughs and ComediHa! in the past. Garry holds and MBA and is a Chartered Professional Accountant (CPA-CMA).
Icarus completed its Tier 2 listing on the TSXV on September 29, 2023 and trades as “ICRS”; Icarus now operates a “Yuk Yuk’s” Comedy Club in Alberta and hosts comedy events in British Columbia.
The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the transactions; the business plans of Icarus; use of funds; and the business and operations of the Issuer. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay and failure to receive applicable Board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. These forward-looking statements are made as of the date hereof and Icarus disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
For further information regarding the above, please contact:
Garry Yuill, Chief Financial Officer, Icarus Capital Corp.
Email: garry@icaruscapital.ca
Telephone: (778) 866 - 9041
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWS WIRES