Bullboard - Stock Discussion Forum Moovly Media Inc V.MVY

Alternate Symbol(s): MVVYF

Moovly Media Inc. is a Canada-based provider of artificial intelligence (AI)-powered creative tools to create compelling marketing, communications and training videos and video presentations. The Company’s advanced Studio Editor with millions of assets integrated (via a partnership with Getty Images) creates engaging video content to promote, communicate or explain a product, service or message... see more

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Moovly Media Inc > CEO update letter to shareholders

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Post by tradeaday on Feb 10, 2021 1:41pm

CEO update letter to shareholders

Dear Investor,

It’s been a while since my last email update and as you may have noticed we have had a busy start to the year, for which we are grateful. Here a few highlights in case you missed them.

Pandemic Influence
While no-one would have wished for the pandemic currently being experienced, it has had a silver lining for Moovly in that the need to work and learn remotely has not only shone a spotlight on real-time video tools like Zoom and others, it has also helped bring the need for video content into the light as well. The result is that we were able to achieve a sustainable burn rate last calendar year thanks to improved customer cash flows compared to costs.

Multilingual Features
One of the things we have seen more and more demand for is multilingual support particularly from a key focus commercial area, namely multinational enterprises. These need to be able to make content in multiple languages or translate content easily. To facilitate this we added AI-driven transcoding and translation services to our platform. We’ve also added advanced Text-to-Speech and other tools for the same reason.

Annual Financials
Our Sept 31st year-end financial have been published. I will not go into this in detail, though I would like to draw your attention to our improved cash flow position in the year, something that was critical to the company.

Capital Raise
Toward the end of 2020 as part of our regular investor updates, we were approached by a new investor to put some money into the company to help us fund specifically the enterprise sales prong to our strategy. This has subsequently led to more investor interest and as you will have noticed we were able to close financing last week for CAD 1.5 Million. This being the first real capital raise in a couple of years and will be used to further grow our business by expanding our sales and marketing team, some engineering resources to cater for accelerated partner integrations, etc. I am humbled at the level of interest there was in this last financing.

Partnerships
We strongly believe that partnerships will be critical to our success and we are actively seeking to expand these as a way to improve our offering to the market, drive indirect sales through reseller relationships and increase our value as a company.

I look forward to keeping you informed about our progress as we use the funds raised to accelerate our three-pronged commercialization strategy.

For more information and links to press releases about the above, please visit our investor page on the website. Don't forget to subscribe using the form on the investor page If you or anyone else would like to receive these updates.