Pulse Evolution Reports Results for Fiscal Year 2017 and First Quarter 2018, Returns to Current Reporting Status

HOBE SOUND, Fla., Feb. 1, 2018 /PRNewswire/ -- Pulse Evolution Corporation (OTC: PLFX), a recognized pioneer and leading developer of hyper-realistic digital humans for holographic live performances, virtual reality and augmented reality, today announced its Unaudited Financial Results for Fiscal Year 2017 and the first quarter of Fiscal Year 2018, returning to current reporting status through OTC Markets.  Complete financial reports and required OTC disclosures can be found via the OTC Markets website via the following link:  https://www.otcmarkets.com/stock/PLFX/filings

For Fiscal Year 2017, or the annual period ending June 30, 2017, the Company reported:

• Net Income of $20,642,997, or $0.11 per share, for fiscal year 2017, as compared to a Net Loss of $62,100,410, or $(0.38) per share, for fiscal year 2016;
• Revenues of $1,928,664 million, for fiscal year 2017, as compared to revenues of $8,100, for fiscal year 2016;
• Revenues during 2017, which are the first operating revenues realized by the technology development company, related primarily to producer fees paid to the Company, by its joint venture partner, in connection with a production in development, featuring one of the Company's principal celebrity estate relationships. Net income was attributable to market-to-market changes in valuation of the Company's derivative securities, with additional efficiencies from reduced operating expenses.

For the First Quarter of 2018, or the quarterly period ending September 30, 2017, the Company reported:

• Net Income of $555,989, or $0.003 per share, for the first quarter of fiscal 2018;
• Revenues of $504,778, for the first quarter of fiscal 2018;
• Revenues during the first quarter of fiscal 2018 related to producer reimbursement fees and animation services, in connection with the commencement of production of a planned world tour featuring the virtual performance of one of the world's historically highest selling music groups. Net income was attributable to the market-to-market changes in valuation of the Company's derivative securities, with continuing efficiencies from reduced operating expenses.

About Pulse Evolution Corporation

The Company is a recognized pioneer and leading developer of hyper-realistic digital humans for entertainment, virtual reality, augmented reality and artificial intelligence.  Pulse is most popularly known for producing the animated digital human likeness of the late Michael Jackson that appeared in a live performance of the Billboard Music Awards on May 18, 2014, seen by more than 11 million television viewers and generating more than 2,400 news articles and 98 billion Internet impressions.  

Founded by the world's leading executives and producers of photorealistic digital humans, such as the lead character from the film "The Curious Case of Benjamin Button" and the concert experience "Tupac at Coachella', Pulse Evolution is currently developing computer-generated digital humans for entertainment and media applications, such as holographic live performances, virtual reality, augmented reality and artificial intelligence.  The Company has a multi-year revenue share agreement with the Estate of Michael Jackson, and the Company also counts the estates of Michael Jackson, Elvis Presley and Marilyn Monroe as significant shareholders.

The Company sees digital humans emerging as ubiquitous in society, culture and industry.  They will not only perform for audiences on stage or in film, but they will also represent individual consumers as digital likeness avatars, in realistic and fantasy form, appearing and interacting on the consumer's behalf in electronic and mobile communication, social media, video games and virtual reality.  Future digital humans will provide a relatable human interface for artificial intelligence applications, 'thinking' machine systems that, through the Company's technology, will appear as realistic communicating humans in mobile devices, digital signage, classrooms and through lightweight wearable augmented reality glasses and virtual reality headsets.  The Company's long-term goal is to develop its technology beyond entertainment applications, ultimately supporting licensees and joint venture partners who are seeking to build the 'face' of artificial intelligence, to provide a human form to interactive artificially intelligent computer beings. 

Pulse has operations in Hobe Sound, Florida and Las Vegas, Nevada.

Forward-Looking Statements and Unaudited Reporting Disclaimer:

Certain statements contained in this news release are "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995.  Forward-looking statements contained in this release relate to, among other things, the timing and potential success of new projects, productions, product releases, future operating results, and the Company's leadership in the digital production, VR and AR industry.  These forward-looking statements are generally identified by words such as "believes," "may," "expects," "anticipates," "should" and other similar expressions.  Readers should not place undue reliance on such forward-looking statements, which are based upon the Company's beliefs and assumptions as of the date of this release. It is also important to note that the reported results have been prepared by the Company, with the assistance of third-party consultants and accountants, and have not been audited or reviewed by the Company's auditor. The Company's actual results could differ materially due to risk factors, audit adjustments, and other items described in more detail in the Company's filings, including Annual and Quarterly reports, previously filed with the United States Securities and Exchange Commission and currently filed with OTC Markets Group.  Subsequent events and developments may cause these forward-looking statements to change significantly.  The Company specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances that occur after the date of this release, except as required by applicable law.

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SOURCE Pulse Evolution Corporation