VICTORIA, British Columbia--(BUSINESS WIRE)--Tiny Ltd. (“Tiny” or the “Company”) (TSXV: TINY) today announced that it has completed a review of its business following the closing of the combination between Tiny Capital Ltd. and WeCommerce Holdings Ltd., on April 17, 2023, and completed several targeted efficiency initiatives. These measures were completed effective today, and are expected to result in cost savings for the Company in the range of $4.0 million to $5.0 million annually, beginning in Q4 2023 (the “Efficiency Initiatives”).
With the public listing completed, and our first combined quarter reported, our head office and operating teams are focused on executing with one eye toward growth and the other toward driving ongoing efficiencies to contribute to profitability and free cash flow per share. Over the past several months we have taken a concentrated look at our business from top to bottom, resulting in the measures announced today. We expect these steps to generate meaningful savings, while eliminating any overlap in responsibilities that would hinder our team’s agility as we look to the future.
Departure of President
As part of the Efficiency Initiatives, Tiny also announced the departure of President Ampere Chan, effective today. Tiny does not plan to replace Mr. Chan’s position. His responsibilities will be assumed by the Company’s co-CEOs, Andrew Wilkinson and Chris Sparling, and its CFO, David Charron.
“Ampere has been a valuable part of Tiny’s journey, and his contributions have shaped our trajectory. As he moves on, we offer our thanks for his dedicated service and wish him all the best in his future endeavours,” said Chris Sparling, Tiny’s Co-CEO.
About Tiny Ltd.
Tiny is a Canadian-based investment company focused primarily on acquiring majority stakes in businesses that it expects to hold over the long-term. The Company is structured to give maximum flexibility to operating management teams by maintaining a focus at the parent company level on only three areas: capital allocation, management, and incentives. This structure enables each company to run independently and focus on what they do best, within an incentive structure that is designed to drive results for both the operating business and ultimately for Tiny and its shareholders.
Tiny currently has three principle reporting segments: Digital Services, which provides design, engineering, brand positioning and marketing services to help companies of all sizes deliver premium web and mobile products; E-Commerce Platform, which is home to a complementary portfolio of recurring revenue software businesses that support merchants, as well as digital themes businesses that sell templates to Shopify merchants; and Creative Platform, which is comprised primarily of Dribbble, the leading social network for designers and digital creatives, as well as a premier online marketplace for digital assets such as fonts and templates.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements which constitute “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking statements”), including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking statements are often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and forward-looking statements in this press release include, but are not limited to, information and statements regarding the expected cost savings of the Efficiency Initiatives.
Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect the Company’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to various risks as set out herein.
Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are the following: assumptions concerning the Efficiency Initiatives and the operational plans of the Company following completion of the Efficiency Initiatives; changes in the business activities, focus and plans of the Company and the timing associated therewith; the Company's actual financial results and ability to manage its cash resources; changes in general economic, business and political conditions, including challenging global financial conditions and the other risk factors more fully described in the Company's most recent MD&A as well as the list of risk factors in the Company's management information circular dated March 6, 2023 available on SEDAR+ at https://www.sedarplus.ca under the Company's profile.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. The Company does not intend, and does not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Source: Tiny Ltd.