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TORONTO, Nov. 29, 2021 - Sabio Holdings Inc. (formerly, Spirit Banner II Capital Corp. ("Spirit")) (TSXV: SBIO) (the "Company"), a leader in mobile data-powered CTV solutions, is pleased to announce the financial results of its wholly-owned subsidiary Sabio, Inc. (formerly, Sabio Mobile, Inc.) ("Sabio") for the three and nine months ended September 30, 2021. Subsequent to such quarter end, the Company completed its previously announced qualifying transaction (the "Transaction") with Sabio, resulting in the reverse takeover of the Company by Sabio, a private company incorporated under the laws of Delaware, with the common shares of the resulting issuer of the Transaction, Sabio Holdings Inc., commencing trading on the TSX Venture Exchange on November 26, 2021, under ticker symbol "SBIO" as a Tier 2 technology issuer.
Accordingly, the results announced today reflect the operations of Sabio only as the reverse takeover acquiror for securities laws purposes. The financial results of the business of the Company for the interim period ended September 30, 2021, prior to the completion of the Transaction, have been filed separately. The interim financial statements and Management's Discussion and Analysis for each of the Company and Sabio for the interim period ended September 30, 2021 are available under the Company's issuer profile on SEDAR at www.sedar.com. Unless otherwise stated, all dollar amounts referred to herein or in Sabio's financial results are in United States (U.S.) dollars. All amounts in the Company's financial results are in Canadian dollars.
"Sabio delivered outstanding results for our third quarter 2021. Our revenue more than doubled year over year, driven by the rapid adoption of our industry leading connected TV (CTV) solutions, which now represent over 42% of total sales," said Aziz Rahimtoola, Chief Executive Officer of the Company and Sabio. "Additionally, I'm very pleased by our team's ability to remain focused on delivering operational excellence while completing our recent TSXV listing and capital raise. We continue to see solid momentum as we close out 2021 with a healthy balance sheet and robust pipeline, which positions us well to continue to deliver strong growth in 2022 and beyond."
"2021 has been a pivotal year for Sabio. We have achieved record revenues, driven by rapid market adoption of our industry leading CTV solutions. We have begun to make considerable investments into our sales and support infrastructure, which will allow us to continue to provide exceptional service to our existing client relationships while seizing the funnel of new opportunities ahead of us," said Mr. Rahimtoola. "We believe we are in a unique position to further capitalize on the thriving Connected TV market, and we expect our sales momentum to continue for the remainder of this year and into 2022".
The Qualifying Transaction
For further information regarding the Transaction, please refer to the Company's press releases dated June 29, 2021, October 6, 2021, October 15, 2021, November 16, 2021 and November 22, 2021, and the filing statement ("Filing Statement") posted to the Company's issuer profile on SEDAR at www.sedar.com.
Third Quarter 2021 Financial Highlights of Sabio, Inc.
Subsequent Events – Sabio, Inc.
Sabio Holdings Inc., through its operating subsidiary, provides a CTV platform that is powered by mobile data, providing leading brands with the perfect balance between media, data and technology. The company's unique approach to combining mobile data, device location and consumer behaviors aims to provide brands with more effective targeting and greater prediction accuracy for their mobile and connected TV ad campaigns. Its team of experienced marketers, engineers and data scientists are passionately innovative in everything they do, from developing the company's proprietary audience platform and ad server to creating and delivering stunning ads on connected TVs and mobile devices.
For more information, visit: sabioholding.com.
Use of Non-IFRS Measures
This press release makes reference to certain non-IFRS (International Financial Reporting Standards) measures. These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS. Rather, these non-IFRS measures are provided as additional information to complement IFRS measures by providing a further understanding of operations from management's perspective. Accordingly, non-IFRS measures should not be considered in isolation nor as a substitute for analysis of financial information reported under IFRS. Management believes that these non-IFRS measures provide useful information to investors in measuring the financial performance of Sabio for the reasons outlined below.
Management uses Adjusted earnings before interest, income taxes, depreciation and amortization ("Adjusted EBITDA") as a key financial metric to evaluate Sabio's operating performance as a complement to results provided in accordance with IFRS. The term "Adjusted EBITDA", as defined by management, refers to net income (loss) before adjusting earnings for finance costs, income taxes, stock-based compensation, amortization, non-recurring items, and severance costs.
We believe that the items excluded from Adjusted EBITDA are not connected to and do not represent the operating performance of Sabio. We believe that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by Sabio's main business activities prior to taking into consideration how those activities are financed and taxed as well as expenses related to stock-based compensation, depreciation, amortization, restructuring costs, other expense (income), and foreign exchange (gain) loss. Accordingly, we believe that this measure may also be useful to investors in enhancing their understanding of Sabio's operating performance. It is a key measure used by Sabio's management and board of directors to understand and evaluate Sabio's operating performance, to prepare annual budgets and to help develop operating plans.
This press release may contain certain forward-looking information and statements ("forward-looking information") within the meaning of applicable Canadian securities legislation, that are not based on historical fact, including without limitation statements containing the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts" and other similar expressions. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, its securities, or financial or operating results (as applicable). Although the Company believes that the expectations reflected in forward-looking information in this press release are reasonable, such forward-looking information has been based on expectations, factors and assumptions concerning future events that may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company's control, including the risk factors discussed in the Filing Statement which are incorporated herein by reference and are available through SEDAR at www.sedar.com. The forward-looking information contained in this press release is expressly qualified by this cautionary statement and is made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
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.
For further information: please contact: Sabio Holdings Inc., Aziz Rahimtoola, Chief Executive Officer, E-mail: firstname.lastname@example.org, Phone: 1.844.974.2662