Business
AcuityAds Provides Business Update Related to COVID-19
AcuityAds Provides Business Update Related to COVID-19 Canada NewsWire TORONTO a...
About this update from Illumin Holdings Inc.
[{"type":"text","content":"\n\n\n\nAcuityAds Provides Business Update Related to COVID-19\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO and NEW YORK, April 1, 2020\n\n\n\nTORONTO and NEW YORK, April 1, 2020 /CNW/ - AcuityAds Holdings Inc. (TSX:AT, OTCQX:ACUIF) (\"AcuityAds\" or \"Company\"), a technology leader that provides targeted digital media solutions enabling advertisers to connect intelligently with audiences across all digital advertising channels, today provided a shareholder update regarding the actions the Company has taken in light of the COVID-19 virus.\n\"As the coronavirus pandemic continues to unfold into a global crisis, our top priorities are the health and well-being of our employees and the continuation of high-quality service for our customers, as well as the effective management of our expenses and cash flow,\" said Tal Hayek, AcuityAd's Co-Founder and Chief Executive Officer. \"We have provided all the necessary support to allow our team to continue to provide the full range of services for our customers from the comfort and safety of their own homes. Additionally, we have continued to reduce expenses to ensure the business is in the best possible position regardless of the economic environment.\" \nBusiness Update\nThe Company has successfully transitioned to a remote working environment for all employees. The Company has seen a number of campaigns reduced or paused in line with overall industry trends The Company has deferred or eliminated all discretionary spending and reduced other fixed and variable SG&A expenses, including all senior personnel accepting a temporary 20% reduction in base pay. The Company currently has approximately $10 million in cash and availability under its credit facility.Despite the reduction in consumer demand and advertising budgets across the industry, and as a result of actions proactively taken by the Company prior to the Covid-19 crisis, the Company is guiding that its Adjusted EBITDA for the first quarter of 2020 is expected to be ahead of the first quarter of 2019. \nAbout AcuityAds\nAcuityAds is a leading...