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BOCA RATON, Fla., July 15, 2021 /PRNewswire/ -- Grom Social Enterprises, Inc. (NASDAQ: GROM), which recently entered into an agreement to acquire Curiosity Ink Media, today announced its wholly-owned subsidiary, Top-Draw Animation (TDA), has secured an additional $1.7 million in new business commitments, increasing its overall backlog to approximately $8.0MM. TDA's animation studio in Manila, the Philippines, produces animated series, movies, specials and short-form content on behalf of several leading global entertainment providers.
Grom Social's Top Draw Animation Adds $1.7 Million New Business While Reducing Debt-Service and Overall Expenses
Additionally, Grom reported a final one-time payment of approximately $800k to the original TDA Sellers Note, eliminating nearly $33k in recurring monthly payments. At the same time, by transitioning a portion of its workforce to remote work opportunities, TDA has created production efficiencies that have enabled it to reduce its physical office space needs by nearly 7,000 square feet, resulting in an estimated $100k additional annual savings.
The new work assignments come as Grom completes its acquisition of storytelling production company, Curiosity Ink Media, and the onboarding of its Chief Content Officer and former Nickelodeon President of Animation, Russell Hicks. Hicks will now simultaneously champion Curiosity's revenue-generating intellectual property (IP) as well as oversee TDA's animation production and client relations. Hicks will assume oversight of TDA alongside the company's CEO and Founder, Wayne Dearing.
Dearing stated, "That Top Draw Animation was able to maintain its high standards and continue to deliver during the pandemic is a remarkable achievement and demonstrated our commitment to serving as a reliable, top shelf producer of animation for our clients. The resilience and commitment of every team member of Top Draw Animation is paying off considerably and we are proud that our hard work has resulted in both new business and increased profits."
About Curiosity Ink Media:
Curiosity Ink Media is a global media company that develops, acquires, builds, grows and maximizes the short, mid & long-term commercial potential of Kids & Family entertainment properties and associated business opportunities. Driven by a best-in-class leadership team, Curiosity Ink Media's multi-faceted I.P. library is designed to amass ongoing value through strategic stewardship, partnerships and highly targeted market entry.
About Grom Social Enterprises, Inc.:
Grom Social Enterprises, Inc. is a growing social media platform and original content provider of entertainment for children under 13 years of age, which provides safe and secure digital environments for kids that can be monitored by their parents or guardians. The Company has several operating subsidiaries, including Grom Social, which delivers its content through mobile and desktop environments (web portal and apps) that entertain children, let them interact with friends, access relevant news, and play proprietary games while teaching them about being good digital citizens. The Company owns and operates Top Draw Animation, which produces award-winning animation content for some of the largest international media companies in the world. Grom also includes Grom Educational Services, which has provided web filtering services for K-12 schools, government and private businesses. For more information, please visit gromsocial.com.
This press release contains statements, which may constitute "forward-looking statements.". Those statements include statements regarding the intent, belief, or current expectations of Grom and members of its management team as well as the assumptions on which such statements are based. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that may cause actual results to differ from those anticipated are discussed throughout the Company's reports filed with Securities and Exchange Commission which are available at www.sec.gov as well as the Company's web site at www.gromsocial.com. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
SOURCE Grom Social Enterprises, Inc.