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  • GlobeNewswire

    Stockholders of Firsthand Technology Value Fund (NASDAQ: SVVC) Urged to Vote to Terminate Investment Advisory and Management Agreements with Firsthand Capital Management After NEGATIVE 78% Share Price Performance Over Nearly Ten Years

    Firsthand Capital Management collected $33.8M in fees over nearly ten-year period during which the SVVC stock price declined 78%.Rawleigh Ralls, a professional investor/portfolio manager and long-time stockholder of SVVC, owns approximately 3.7% of SVVC common stock.MR. RALLS URGES SVVC STOCKHOLDERS TO VOTE IN FAVOR OF PROPOSAL 3, SEEKING TO TERMINATE THE INVESTMENT ADVISORY AND MANAGEMENT AGREEMENTS BETWEEN SVVC AND FIRSTHAND CAPITAL MANAGEMENT, AT SVVC’S MAY 25TH ANNUAL MEETING. BOULDER, Colo. and SAN JOSE, Calif., May 07, 2021 (GLOBE NEWSWIRE) -- Rawleigh Ralls, a long-term investor and beneficial owner of 3.7% of Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC), today announced his strong and urgent support of a binding proposal to terminate the investment advisory and management agreements between SVVC and Firsthand Capital Management, Inc., which is being submitted for consideration by stockholders at the Fund’s 2021 Annual Meeting on May 25, 2021. Mr. Ralls has been a stockholder of SVVC since 2013 and currently owns 3.7% of SVVC’s outstanding common stock. He is an experienced board member and a successful investor/portfolio manager, who has founded several investment funds.Mr. Ralls has known Kevin Landis, Chairman of the Board, CEO and President of SVVC, for over 7 years and serves on the board of IntraOp Medical, one of SVVC’s portfolio companies. Over the past ten years Mr. Landis has had ample opportunity to prove his competence in managing the Fund’s investment portfolio, but the results clearly demonstrate that he has failed in this role.Mr. Ralls is voting AGAINST the election of both board members up for re-election, Mr. Burglin and Mr. Yee, because he holds the board responsible for SVVC’s performance and not acting to change the Fund’s management structure and advisory relationship.Mr. Ralls is urging all SVVC stockholders to SUPPORT a BINDING proposal to TERMINATE the investment advisory and management agreements between Firsthand Technology Value Fund, Inc. and Firsthand Capital Management, Inc. If the investment advisory and management agreements with Firsthand Capital Management are terminated, Mr. Ralls will work with other stockholders and the current or a newly appointed board of SVVC to maximize the value of the current portfolio.Mr. Ralls is available to speak with any stockholder who would like a more detailed description of his experience with Mr. Landis and Firsthand Capital Management and why he believes Mr. Landis and Firsthand Capital Management are unqualified to continue in their current roles. He is also interested in sharing his ideas on how to help SVVC realize its potential while reducing fees and expenses. Mr. Ralls can be reached via email at rallsrawleigh@gmail.com The following are Mr. Ralls observations based on his investment experience and facts from SVVC’s public filings: 1.SVVC’s performance has been abysmal and is even more alarming given that it occurred during one of the biggest bull markets in recent history. 2.As illustrated in SVVC’s recent Form 10-K, a $10,000 investment in SVVC stock at its inception on April 18, 2011 would be down 78% in value and worth just $2,190 on December 31, 2020, while investments in the broader markets like the SP500 and Nasdaq are up 350-500% over the same period. According to cfainstitute.org data, venture capital fund returns are even higher. 3.Yet according to SVVC’s annual 10-K filings, Mr. Landis’ company, Firsthand Capital Management, has been paid over $33.8M in advisory fees over the last 10 years, while the Fund has suffered losses of well over $100M in total assets from its peak in 2014. 4.Mr. Landis’ investment selection and stewardship has been dreadful with an intolerable number of his substantial investments resulting in “ZEROS.” Below are a few examples: InvestmentTotal InvestmentInvestment DurationYear Written Down to Zero QMAT$20.7M~7 years2019 Telepathy$7.95M~ 5 years2019 Aliphcom$10.1M~ 4 years2017 VuFine$5M~ 4 years2019 Total$43.75M 5.The current portfolio holdings performance has also been dismal. Below are the top portfolio positions using year-end valuations vs. total invested capital as of December 31, 2020 (Form 10-K). Pivotal Systems – Initial investment in 2012, total invested by SVVC ~$3.6mm, current value $22.5mm, UP 625%.IntraOp Medical – Initial investment of $26mm in 2013, total invested by SVVC ~$50mm, current value $25mm, DOWN $25mm, or 50% from initial investment, approximately 8 years ago.WrightSpeed – Initial investment $6mm in 2013, total invested ~$36mm, current value $23mm, DOWN $13mm, or 36% from initial investment almost 8 years ago.Revasum – Initial investment 2016, total invested by SVVC ~$13.5mm, current value $12.6mm, DOWN 6.6% over the investment period.Hera Systems – Initial investment of $2mm in 2015, total invested by SVVC ~$11.2mm, current value $3.6mm, DOWN $7.6mm, or 68% from initial investment.SVXR – Initial (and total) investment $4.1mm in 2016 by SVVC, current value $5.38mm, UP 32%.Silicon Genesis – Initial investment $2.4mm in 2011, total investment by SVVC of $8.4mm, current value $1.33mm, DOWN 84% from initial investment. The only real winner in the current portfolio, Pivotal Systems, looks to have been Firsthand’s ‘source of funds’ over the last year or longer. Mr. Landis has been selling this winner so he can re-invest in the portfolio’s losers. One year ago, the Fund owned 45M shares of Pivotal Systems vs. the 31M shares owned as of December 31, 2020. Mr. Landis has a long history of selling his winners to prop up his losers (the portfolio once included FB, NFLX, NUTX, ROKU, TWTR and WKDY). In summary, the portfolio’s long-term results strongly confirm that Mr. Landis and his firm’s management contract should be terminated. The the current board should easily be able to manage the portfolio in the interim while seeking an alternative management solution, and Mr. Ralls is willing to volunteer his time, resources and experience to assist with this process at no cost to SVVC stockholders. Mr. Ralls has over 30 years experience in the investment community, including an eight-year career at Goldman Sachs and as co-founder of two investment funds, Precept Capital Management and Lacuna Capital LLC. He is currently a director on six company boards, including one public (Tucows, Inc. Nasdaq: TCX) and five private companies in the software and technology space. Mr. Ralls has been on numerous other company boards, raised considerable investment capital and advised many public and private company management teams. Mr. Ralls graduated from the University of Arkansas in 1984 and received an MBA from Southern Methodist University. IMPORTANT INFORMATION CONCERNING THIS COMMUNICATIONThis press release is being issued pursuant to Rule 14a-2(b)(1) promulgated under the Securities Exchange Act of 1934. This is not a solicitation of authority to vote your proxy. I am not asking for your proxy card and will not accept proxy cards if sent. The cost of this communication is being borne entirely by Rawleigh Ralls. Contact:Rawleigh Rallsrallsrawleigh@gmail.com

  • Tucows Reports Financial Results for First Quarter 2021

    Tucows Reports Financial Results for First Quarter 2021

    TORONTO, May 06, 2021 (GLOBE NEWSWIRE) -- Tucows Inc. (NASDAQ:TCX, TSX:TC), a provider of Fiber Internet Services, Mobile Services, Domain Name Services and other Internet services, today reported its financial results for the first quarter ended March 31, 2021. All figures are in U.S. dollars. COVID-19: Tucows shareholders and prospective investors are encouraged to read Tucows’ public statement regarding COVID-19, which is available here: https://bit.ly/2LavpOc. Note on the Financial Impact of Tucows’ Sale of Ting Mobile Customer Relationships and Transition to Mobile Services Enabler Platform: As previously announced, effective August 1, 2020 most of Tucows’ mobile customers relationships were sold to DISH Networks (“DISH”) as part of Tucows’ transition of its mobile business to a Mobile Services Enabler (MSE) model from a Mobile Virtual Network Operator (MVNO) model, under which DISH became Tucows’ first MSE customer. Accordingly, the results of the Mobile Services segment for the first quarter of 2021 reflects operations under the new MSE model with prior periods being composed entirely of operations under Tucows’ previous MVNO model. Under the terms of the earn out arrangement for the Ting customer base acquired by DISH, the income generated by the customer base acquired by Dish are recognized (net of expenses) as “Other Income” under the heading “Gain on Sale of Ting Customer Assets”. As a result, revenue and gross margin for the Mobile Services segment for the first quarter of 2021 are lower than those for the first quarter of 2020. Tucows will recognize fees per subscriber for customers owned by DISH under the Ting brand as well as customers under DISH’s Boost brand that are added to Tucows’ MSE platform, as Mobile Platform Services revenue under the terms of the MSE Agreement signed with DISH. For more information, see Tucows’ Financial Statements and Management Discussion and Analysis for the first quarter of 2021. Summary Financial Results(In Thousands of US Dollars, Except Per Share Data) 3 Months ended March 312021(Unaudited)2020(Unaudited)% ChangeNet revenue70,87583,985(15.6%)Gross Profit17,45325,150(30.6%)Gain on Sale of Ting Customer Assets15,395-n/aNet income2,1492,834(24.2%)Basic Net earnings per common share0.200.27(25.9%)Adjusted EBITDA112,72412,6810.3%Net cash provided by operating activities14,08614,0730.1% This Non-GAAP financial measure is described below and reconciled to GAAP net income in the accompanying table. Summary of Revenues, Gross Profit and Adjusted EBITDA(In Thousands of US Dollars) RevenueGross ProfitAdj. EBITDA2 3 Months ended March 31 3 Months ended March 313 Months ended March 31 2021 (Unaudited)2020 (Unaudited)2021 (Unaudited)2020 (Unaudited)2021 (Unaudited)2020 (Unaudited)Fiber Internet Services: Fiber Internet Services5,3714,3082,736 2,592 (2,593)(1,062) Mobile Services:Retail Mobile Services2,01420,148960 10,291 Mobile Platform Services349-291 - Other Professional Services1,916-250 - Total Mobile Services4,27920,1481,501 10,291 4,478 4,989 Domain Services: Wholesale Domain Services46,99145,96411,216 9,495 Value Added Services5,0804,3064,482 3,549 Total Wholesale52,07150,27015,698 13,044 Retail9,1549,2594,753 4,870 Total Domain Services61,22559,52920,451 17,914 13,820 11,547 Network Expenses: Network, other costsn/an/a(3,238)(2,416) Network, depreciation and amortization costsn/an/a(3,937)(3,231) Network, impairmentn/an/a(60)- Total Network expensesn/an/a(7,235)(5,647) Total70,87583,98517,453 25,150 “The first quarter was a very solid start to 2021 with revenue and gross margin from our Domains and Ting Internet businesses combined, increasing 4% and 13% year over year, respectively.” said Elliot Noss, President and Chief Executive Officer, Tucows Inc. “In our Domains Services business, as growth in new registration volumes continued to decelerate toward normalized levels as expected post the pandemic surge, we are clearly benefiting from our focus on profitability with Adjusted EBITDA up 20% year-over-year. The new iteration of the Mobile Services business continues to move forward on plan with our legacy customer base performing as expected with DISH. And it was one of our best quarters ever of progress in the Ting Internet business as we set new records across all of our key metrics, most notably, by far our largest quarterly capital expenditures as we accelerate investment in 2021, as well as our highest ever quarter for additions in serviceable addresses.” Financial Results Net revenue for the first quarter of 2021 was $70.9 million compared with $84.0 million for the first quarter of 2020. The majority of the decrease was the result of the absence of Ting Mobile MVNO revenue in the first quarter of 2021 following the Company’s sale of its Ting Mobile customer relationships to DISH and the related earn out being recognized as Other Income. Excluding the Mobile Services business, net revenue for the combined Domains and Ting Internet businesses for the first quarter of 2021 increased 4% from the first quarter of 2020. Gross profit for the first quarter of 2021 was $17.5 million compared with $25.2 million for the first quarter of 2020. The decrease in gross profit is attributable to the same factors as the decrease in revenue. Excluding the Mobile Services business, gross margin for the combined Domains and Ting Internet businesses for the first quarter of 2021 increased 13% from the first quarter of 2020. Net income for the first quarter of 2021 was $2.1 million, or $0.20 per share, a decrease of 24% from $2.8 million, or $0.27 per share, for the first quarter of 2020 due to higher Fiber network related depreciation and slighter higher effective annual tax rate. Adjusted EBITDA1 for the first quarter of 2021 remained flat at $12.7 million, an increase of less than 1% compared to the first quarter of 2020. Cash and cash equivalents at the end of the first quarter of 2021 were $8.3 million, unchanged from that at the end of the fourth quarter of 2020 and down from $12.4 million at the end of the first quarter of 2020. Notes: 1. Adjusted EBITDA Tucows reports all financial information required in accordance with United States generally accepted accounting principles (GAAP). Along with this information, to assist financial statement users in an assessment of our historical performance, the Company typically discloses and discusses a non-GAAP financial measure, adjusted EBITDA, in press releases and on investor conference calls and related events that exclude certain non-cash and other charges as the Company believes that the non-GAAP information enhances investors' overall understanding of our financial performance. The Company believes that the provision of this supplemental non-GAAP measure allows investors to evaluate the operational and financial performance of the Company’s core business using similar evaluation measures to those used by management. The Company uses adjusted EBITDA to measure its performance and prepare its budgets. Since adjusted EBITDA is a non-GAAP financial performance measure, the Company’s calculation of adjusted EBITDA may not be comparable to other similarly titled measures of other companies; and should not be considered in isolation, as a substitute for, or superior to measures of financial performance prepared in accordance with GAAP. Because adjusted EBITDA is calculated before recurring cash charges, including interest expense and taxes, and is not adjusted for capital expenditures or other recurring cash requirements of the business, it should not be considered as a liquidity measure. Non-GAAP financial measures do not reflect a comprehensive system of accounting and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies and/or analysts and may differ from period to period. The Company endeavors to compensate for these limitations by providing the relevant disclosure of the items excluded in the calculation of adjusted EBITDA to net income based on U.S. GAAP, which should be considered when evaluating the Company's results. Tucows strongly encourages investors to review its financial information in its entirety and not to rely on a single financial measure. The Company’s adjusted EBITDA definition excludes depreciation, amortization of intangible assets, income tax provision, interest expense (net), accretion of contingent consideration, stock-based compensation, asset impairment, gains and losses from unrealized foreign currency transactions and costs that are one-time in nature and not indicative of on-going performance (profitability), including acquisition and transition costs. Gains and losses from unrealized foreign currency transactions removes the unrealized effect of the change in the mark-to-market values on outstanding unhedged foreign currency contracts, as well as the unrealized effect from the translation of monetary accounts denominated in non-U.S. dollars to U.S. dollars. The following table reconciles adjusted EBITDA to income before provision for income taxes (dollars in thousands): 3 months ended March 31 2021 (Unaudited)2020 (Unaudited)Adjusted EBITDA12,72412,681Depreciation of property and equipment3,7592,990Impairment of property and equipment60-Amortization of intangible assets2,6193,301Interest expense, net9361,150Accretion of contingent consideration9687Stock-based compensation1,022801Unrealized loss (gain) on change in fair value of forward contracts166348Unrealized loss (gain) on foreign exchange revaluation of foreign denominated monetary assets and liabilities67(42)Acquisition and transition costs*767111 Income before provision for income taxes3,2323,935*Acquisition and other costs represent transaction-related expenses, transitional expenses, such as redundant post-acquisition expenses, primarily related to our acquisition of Ascio in March 2019 and Cedar in January 2020 and disposition of certain Ting Mobile assets in August 2020. Expenses include severance or transitional costs associated with department, operational or overall company restructuring efforts, including geographic alignments. Conference Call Concurrent with the dissemination of its quarterly financial results news release at 5:05 pm ET on Thursday, May 6, management’s pre-recorded audio commentary (and transcript) discussing the quarter and outlook for the Company, will be posted to the Tucows website at http://www.tucows.com/investors/financials. In lieu of a live question and answer period, for the subsequent five days, until Tuesday, May 11, shareholders, analysts and prospective investors can submit questions to Tucows’ management at ir@tucows.com. Management will post responses to questions of general interest (audio recording and transcript) to the Company’s website at http://www.tucows.com/investors/financials/ on Tuesday, May 18, at approximately 4 pm ET. All questions will receive a response, however, questions of a more specific nature may be responded to directly. About Tucows Tucows is a provider of Fiber Internet Services, Mobile Services, Domain Name Services and other Internet services. Ting Internet (https://ting.com/internet) delivers fixed fiber Internet access with outstanding customer support. Tucows’ mobile services enabler (MSE) platform provides network access, provisioning and billing services for mobile virtual network operators (MVNOs). OpenSRS (https://opensrs.com), Enom (https://www.enom.com) and Ascio (https://ascio.com) combined manage approximately 26 million domain names and millions of value-added services through a global reseller network of over 36,000 web hosts and ISPs. Hover (https://hover.com) makes it easy for individuals and small businesses to manage their domain names and email addresses. More information can be found on Tucows’ corporate website (https://tucows.com). Tucows Inc. Consolidated Balance Sheets (Dollar amounts in thousands of U.S. dollars) March 31 December 31, 2021 2020 (unaudited) (unaudited) Assets Current assets: Cash and cash equivalents$8,310 $8,311 Accounts receivable 15,868 15,540 Inventory 2,317 1,875 Prepaid expenses and deposits 14,579 16,845 Derivative instrument asset, current portion 2,893 3,860 Deferred costs of fulfillment, current portion 96,861 93,467 Income taxes recoverable 1,316 1,302 Total current assets 142,144 141,200 Derivative instrument asset, long-term portion 65 - Deferred costs of fulfillment, long-term portion 18,316 17,599 Property and equipment 129,846 117,530 Right of use operating lease asset 11,893 11,238 Contract costs 369 362 Deferred tax asset 188 226 Intangible assets 44,978 47,444 Goodwill 116,304 116,304 Total assets$464,103 $451,903 Liabilities and Stockholders' Equity Current liabilities: Accounts payable$9,969 $6,329 Accrued liabilities 11,028 10,235 Customer deposits 15,527 15,402 Derivative instrument liability, current portion 83 99 Operating lease liability, current portion 1,982 1,761 Deferred revenue, current portion 132,427 127,336 Accreditation fees payable, current portion 1,023 940 Income taxes payable 14 863 Total current liabilities 172,053 162,965 Derivative instrument liability, long-term portion - 114 Deferred revenue, long-term portion 25,167 24,909 Accreditation fees payable, long-term portion 189 195 Operating lease liability, long-term portion 9,668 9,179 Loan payable, long-term portion 121,802 121,733 Other long-term liability 3,512 3,416 Deferred tax liability 24,298 24,694 Stockholders' equity: Preferred stock - no par value, 1,250,000 shares authorized; none issued and outstanding - - Common stock - no par value, 250,000,000 shares authorized; 10,624,415 shares issued and outstanding as of March 31, 2021 and 10,612,414 shares issued and outstanding as of December 31, 2020 21,511 20,798 Additional paid-in capital 1,778 1,458 Retained earnings 82,255 80,106 Accumulated other comprehensive income 1,870 2,336 Total stockholders' equity 107,414 104,698 Total liabilities and stockholders' equity$464,103 $451,903 Tucows Inc.Consolidated Statements of Operations and Comprehensive Income(Dollar amounts in thousands of U.S. dollars) Three months ended March 31, 2021 2020 (unaudited) (unaudited) Net revenues$70,875 $83,985 Cost of revenues: Cost of revenues 46,187 53,188 Network expenses (*) 3,238 2,416 Depreciation of property and equipment 3,638 2,877 Amortization of intangible assets 299 354 Impairment of property and equipment 60 - Total cost of revenues 53,422 58,835 Gross profit 17,453 25,150 Expenses: Sales and marketing (*) 8,311 8,985 Technical operations and development (*) 3,132 2,751 General and administrative (*) 4,953 4,741 Depreciation of property and equipment 121 113 Amortization of intangible assets 2,320 2,947 Loss (gain) on currency forward contracts (253) 441 Total expenses 18,584 19,978 Income from operations (1,131) 5,172 Other income (expenses): Interest expense, net (936) (1,150)Gain on sale of Ting Customer Assets, net 5,395 - Other expense, net (96) (87)Total other income (expenses) 4,363 (1,237) Income before provision for income taxes 3,232 3,935 Provision for income taxes 1,083 1,101 Net income for the period 2,149 2,834 Other comprehensive income, net of tax Unrealized income (loss) on hedging activities 368 (1,234)Net amount reclassified to earnings (834) 43 Other comprehensive income (loss) net of tax expense (recovery) of ($140) and ($366) for the three months ended March 31, 2021 and March 31, 2020 respectively (466) (1,191) Comprehensive income, net of tax for the period$1,683 $1,643 Basic earnings per common share$0.20 $0.27 Shares used in computing basic earnings per common share 10,617,807 10,612,230 Diluted earnings per common share$0.20 $0.26 Shares used in computing diluted earnings per common share 10,796,762 10,713,678 (*) Stock-based compensation has been included in expenses as follows: Network expenses$125 $87 Sales and marketing$506 $370 Technical operations and development$167 $167 General and administrative$224 $177 Tucows Inc.Consolidated Statements of Cash Flows(Dollar amounts in thousands of U.S. dollars) Three months ended March 31, 2021 2020 (unaudited) (unaudited) Cash provided by: Operating activities: Net income for the period$2,149 $2,834 Items not involving cash: Depreciation of property and equipment 3,759 2,990 Loss on write off of property and equipment 60 - Amortization of debt discount and issuance costs 67 67 Amortization of intangible assets 2,619 3,301 Net amortization contract costs (7) 29 Accretion of contingent consideration 96 87 Deferred income taxes (recovery) (220) (190)Excess tax benefits on share-based compensation expense (172) (180)Net Right of use operating assets/Operating lease liability 55 (179)Loss on disposal of domain names 1 13 Loss (gain) on change in the fair value of forward contracts 166 348 Stock-based compensation 1,022 801 Change in non-cash operating working capital: Accounts receivable (328) 2,151 Inventory (442) 904 Prepaid expenses and deposits 2,266 25 Deferred costs of fulfillment (4,111) (2,853)Income taxes recoverable (689) 500 Accounts payable 1,451 1,771 Accrued liabilities 793 (1,831)Customer deposits 125 58 Deferred revenue 5,349 3,342 Accreditation fees payable 77 85 Net cash provided by operating activities 14,086 14,073 Financing activities: Proceeds received on exercise of stock options 229 17 Payment of tax obligations resulting from net exercise of stock options (218) (182)Repurchase of common stock - (3,117)Payment of loan payable costs - (25)Net cash provided by (used in) financing activities 11 (3,307) Investing activities: Additions to property and equipment (13,944) (9,943)Acquisition of Cedar Networks, net of cash of $66 - (8,770)Acquisition of intangible assets (154) - Net cash used in investing activities (14,098) (18,713) (Decrease) increase in cash and cash equivalents (1) (7,947) Cash and cash equivalents, beginning of period 8,311 20,393 Cash and cash equivalents, end of period$8,310 $12,446 Supplemental cash flow information: Interest paid$949 $1,154 Income taxes paid, net$2,381 $956 Supplementary disclosure of non-cash investing and financing activities: Property and equipment acquired during the period not yet paid for$3,320 $1,102 Fair value of shares issued for acquisition of Cedar Holdings Group$- $2,000 Fair value of contingent consideration for acquisition of Cedar Holdings Group$- $3,065 Reconciliation of Income before Provision for Income Taxes to Adjusted EBITDA (In Thousands of U.S. Dollars) Three months ended March 31,(unaudited) 2021 (unaudited) 2020 (unaudited) Adjusted EBITDA$12,724$12,681 Depreciation of property and equipment 3,759 2,990 Impairment of property and equipment 60 - Amortization of intangible assets 2,619 3,301 Interest expense, net 936 1,150 Accretion of contingent consideration 96 87 Stock-based compensation 1,022 801 Unrealized loss (gain) on change in fair value of forward contracts 166 348 Unrealized loss (gain) on foreign exchange revaluation of foreign denominated monetary assets and liabilities 67 (42)Acquisition and other costs1 767 111 Income before provision for income taxes$3,232$3,935 1Acquisition and other costs represents transaction-related expenses, transitional expenses, such as redundant post-acquisition expenses. Expenses include severance and transitional costs associated with department, operational, or overall company restructuring efforts, including geographic alignments. This release includes forward-looking statements as that term is defined in the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding our expectations regarding our future financial results and, including, without limitation, our expectations regarding our ability to realize synergies from the Enom acquisition and our expectation for growth of Ting Internet. These statements are based on management’s current expectations and are subject to a number of uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Information about other potential factors that could affect Tucows’ business, results of operations and financial condition is included in the Risk Factors sections of Tucows’ filings with the Securities and Exchange Commission. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. All forward-looking statements are based on information available to Tucows as of the date they are made. Tucows assumes no obligation to update any forward-looking statements, except as may be required by law. Tucows, Ting, OpenSRS, Enom, Ascio and Hover are registered trademarks of Tucows Inc. or its subsidiaries. Contact:Lawrence Chamberlain(416) 519-4196 | lawrence.chamberlain@loderockadvisors.com

  • Dave Singh wins 2021 Report on Business Best Executive Award
    CNW Group

    Dave Singh wins 2021 Report on Business Best Executive Award

    Tucows (NASDAQ: TCX) (TSX: TC) is thrilled to announce that its Chief Financial Officer (CFO), Dave Singh, has been awarded a 2021 Report on Business Best Executive Award. Dave is one of ten leaders recognized in the Canadian finance sector and was nominated by his team for being a champion of equality, justice and charitable giving.