Growing Views and Record Revenues Are Driving This Media-Tech Company to New Heights

BroadbandTV Corp. (TSX:BBTV) (OTCQX:BBTVF) Just Announced Revenues Up +40% for Q4 and +23% for 2020 to Record High $459 Million

Influencer success stories are everywhere these days.

Just take clothing brand Grey Bandit.

In 2017, two sisters founded Grey Bandit just out of college. Now it’s a multi-million-dollar business with $5M in sales.¹

The rocket behind that rapid monetization? Influencer marketing.

The sisters built up online followers that became fans that drove revenue. That’s the power of influencer marketing…and of having 168,000 Instagram followers.

But why should investors care?

Because the influencers themselves – the “content creators” – are just one small part of the MUCH larger influencer ecosystem.

The real investment potential is behind the scenes. Especially in companies that HELP the influencers reach and monetize their target markets.

Breaking News

BBTV SUBSIDIARY YOBOHO ENTERS DEAL WITH LEADING GLOBAL DISTRIBUTOR, THE ORCHARD, A SUBSIDIARY OF SONY MUSIC ENTERTAINMENT

That’s what Shahrzad Rafati figured out in 2005. Rafati is the founder and CEO of BBTV (TSX:BBTV) (OTCQX:BBTVF). Today she’s one of the most influential women in media and tech.

She built a company that captures a generous share of the billions of dollars of digital advertising revenue related to consumers watching video online.

Now BBTV (TSX:BBTV) (OTCQX:BBTVF) is one of the biggest internet companies in the world by unique video viewers.

Rafati positions BBTV as a media-tech company that uses proprietary technology solutions to help big and smaller influencers become more successful.

No matter what platform the content is on (YouTube, Facebook, Instagram), the more successful the influencers, the more revenue BBTV (TSX:BBTV) (OTCQX:BBTVF) makes.

Think of BBTV like Shopify meets The Trade Desk. Those 2 behemoth companies trade at US$136B and US$32B market caps, respectively, as of March 24, 2021. But BBTV’s (TSX:BBTV) (OTCQX:BBTVF) market cap is currently sitting at only US$161 million.

Trade Desk’s revenue for fiscal 2020 was only 2.3x more than BBTV’s – US$836 million compared to US$363 million – but BBTV’s market cap is 199x smaller!

BBTV Holdings Inc. (TSX: BBTV) (OTCQX: BBTVF) just entered into an agreement with Eight Capital and Canaccord Genuity Corp, who have agreed to purchase 15,000 convertible debentures of the company.

Additionally, BBTV has also entered into a binding partnership with a major Canadian trillion dollar institutional asset manager for the purchase and sale of 20,000 Convertible Debentures. The Convertible Debentures will have a maturity date of five years from the closing date and will bear interest from the date of closing at 7% per annum.

BBTV plans to utilize the net proceeds of the Convertible Debenture financing for the following: (i) to prepay $20M of the principal outstanding under BBTV’s existing senior secured convertible promissory loan, (ii) for M&A transactions, and (iii) for working capital and general corporate purposes.

Why is this stock so ridiculously undervalued? We’re about to tell you right now.

Rafati’s Leadership has Scored an Impressive List of Tier One Influencers

The overall influencer ecosystem includes several sub-sectors. BBTV (TSX:BBTV) (OTCQX:BBTVF) is a clear leader in the online audience monetization sub-sector.

That’s where the long-term and fully scalable money is.

While BBTV (TSX:BBTV) (OTCQX:BBTVF) services influencers by offering many ways to expand their reach and revenues, BBTV itself makes most of its revenue from advertising…with a share of revenues going to the influencers.

BBTV’s platform provides an end-to-end suite that no competitor offers, including content discovery, engagement, collaboration, safety, and monetization solutions…plus tech wizardry like machine-learning, big data, digital signal processing, and computer vision. You would need to work with a variety of vendors to get a similar suite of solutions as you do with BBTV.

No surprise then that BBTV has scored an impressive client list of BIG media companies such as the NBA, Sony Pictures, Viacom, PBS, and a lot more.Not to mention its YouTube influencers with their tens of billions of views monthly…and the company just announced signing numerous new top entertainment and sports influencers that organically added 270M monthly views and 12M subscribers.²

Rafati has wisely taken a page out of Shopify’s playbook for success: build a scalable tech company that takes something difficult and makes it easy for influencers to run their businesses with amazing tools and customer service.

That’s how Shopify grew from nothing to be the world’s biggest ecommerce platform today with a US$139 billion market cap.³

Press Releases

Growing Views & Record Revenues Just Announced

Based on its 615 million unique viewers, BBTV (TSX:BBTV) (OTCQX:BBTVF) is the 2nd largest video property in the world.⁴

Its content gets

54% as many unique viewers as Google
4x more than third-place Facebook.⁵

All of this provides a massive baseline for monetization for the company since it has already built strong tech, a large library of content, and massive viewership. As if that isn’t impressive enough, its Q4 and FY2020 results are now in:Those are the kinds of numbers that grab market attention.

Making that reach and growth possible is BBTV’s presence in 28 countries with 10 languages supported.

Better yet, BBTV is diversified across 5 of the most popular and rapidly growing verticals:

Music
Entertainment
Gaming
Kids & Family
Sports

When you compare BBTV to other leaders in the influencer space, BBTV (TSX:BBTV) (OTCQX:BBTVF) has a lot of room for upside growth while looking seriously undervalued.

Top Investor Highlights for BBTV (TSX:BBTV) (OTCQX:BBTVF)

Revenue and revenue diversification: BBTV is essential to thousands of influencers that rely on the platform to generate meaningful revenue for themselves. Over 500 influencers generate more than $100K in annual revenue on the BBTV platform, with over 100 generating more than $500K in annual revenue. BBTV’s revenues are also growing very rapidly as it delivers value to influencers. Its revenue growth from 2019 to 2020 was 23%.
Viewership and reach: BBTV delivers one of the largest audiences available for monetization. Each month, the company attracts an audience of over 600 million unique viewers that generate about 40 billion views for influencers on their platform. Annual audience growth from 2019 to 2020 is 12%.
BBTV revenue share and adjusted gross margin: In 2020, BBTV revenue share was $39M with 93% Adjusted Gross Margin. As the company takes more control of monetization, BBTV’s revenue share will grow at a faster rate than platform revenue going forward, with stable adjusted gross margin above 90%.
Peer set: When comparing BBTV revenue share to its peers, the stock is trading at approximately 5X revenue share while its peers in audience monetization trade at a median of 30-40X. There’s a lot of potential opportunity here: nearly zero influencer churn, +90% GM, and high revenue growth potential, while trading at an 85% discount to the median.
M&A: Informed by massive data, influence, and insight on the influencer market, BBTV has a strong pipeline of strategic acquisitions available to it to accelerate growth and margins and the company has assembled the leadership to execute.

BBTV’s (TSX:BBTV) (OTCQX:BBTVF) Upside Potential Far Exceeds The Trade Desk

Trade Desk’s revenue for fiscal 2020 was only 2.3x more than BBTV’s – US$836 million compared to US$363 million – but BBTV’s market cap is 199x smaller

The Trade Desk provides a platform that ad agencies or brands use to buy advertisements programmatically and its video segment has been taking off.

The Trade Desk is an industry leader tapping into the growing digital ads market that’s forecasted to be worth over US$608 billion by 2026 globally.¹⁰

Its Q4/fiscal 2020 highlights included record ad spend on its platform that year of $4.2B for a YoY increase of 34%.¹¹

But now BBTV (TSX:BBTV) (OTCQX:BBTVF) draws strong parallels with The Trade Desk, with a focus on digital video advertising, which is a market subcategory that’s projected to grow at a CAGR of 40.5% to US$185.6 billion by 2026.¹²However, with the Trade Desk’s stock up over the US$660 mark and trading at a market cap to revenue ratio of 38.28 as of March 24, 2021, the upside for investors just doesn’t have the same potential as with BBTV (TSX:BBTV) (OTCQX:BBTVF).

During its March 4 2021 earnings call for Q4’2020, BBTV (TSX:BBTV) (OTCQX:BBTVF) introduced BBTV Share and Adjusted Gross Margin as KPIs for investors to digest.BBTV explains that BBTV Share is IFRS revenue less third party platform fee and influencer share. For the full fiscal year 2020, BBTV Share of revenue was $39 million. The company’s gross profit for fiscal 2020 was $36 million, which implies that it operates a very efficient platform. It also implies a 93% Adjusted Gross Margin for 2020.

When looking at BBTV alongside its most recent comparables and these most recently introduced KPIs, the picture of BBTV’s valuation becomes even clearer. At 93% Adjusted Gross Margin, and 40% revenue growth, BBTV would be well within the median range of its peer group. The company is currently trading at about 5 times trailing twelve, which is at minimum an 80% discount to the median of the peer set. If you apply the median multiple to BBTV, it would be trading between 45 and 50 dollars.

In the News

BBTV (TSX:BBTV) (OTCQX:BBTVF) is the Shopify for Influencers

Shopify’s founder, Tobi Lutke, actually started an online snowboard shop first.

He quickly realized that the then-available ecommerce storefront platforms left a lot to be desired.

So he started Shopify in 2006, and now has the world’s biggest ecommerce platform with a market cap of US$135 billion.¹³

The secret to Shopify’s success?

The more money it helped its clients make, the more money Shopify made.¹⁴

The story’s the same for BBTV (TSX:BBTV) (OTCQX:BBTVF).

Sure, there are more people watching video content than ever. Cisco forecasts that by 2022, online videos will make up over 82% of all consumer internet traffic (that’s 15x the level from 2017).¹⁵

But for influencers, it’s a lot of work to attract viewers and figure out how to monetize their content.

That’s where BBTV (TSX:BBTV) (OTCQX:BBTVF) comes in.

Like Shopify, BBTV is focused on enabling its influencers to focus on their core competency – content creation – especially since new platforms are continuously emerging, making it even harder to navigate the process.¹⁶

Baking In All-New Profitable Revenue Drivers

BBTV (TSX:BBTV) (OTCQX:BBTVF) drives revenue by working with its influencers’ ORIGINAL content.

But it’s also always breaking into new revenue opportunities too.

Just look at how BBTV’s CEO, Shahrzad Rafati, pioneered driving revenue by tracking down FAN-UPLOADED content (like when someone on YouTube uploads NBA highlights) and working with the content’s true owner to monetize it.

The Financial Post put it this way:

“She noticed that fans were uploading videos they didn’t hold the rights to on YouTube and that the actual owners were swiftly taking them down. What they likely saw as an inconvenience, she saw as opportunity.”¹⁷

When Rafati was interviewed on BNN Bloomberg, she explained how BBTV (TSX:BBTV) (OTCQX:BBTVF) paved the way for making peace between large media companies, like the NBA, and their fanbase.¹⁸

The fans still get to post the content, but now the true owner gains revenue plus actionable analytics-based insights around their fan-uploaded content.

Meanwhile, BBTV (TSX:BBTV) (OTCQX:BBTVF) gained yet another way to drive revenue and gain new influencers.That’s the kind of disruptive business strategy that creates a competitive advantage and can produce gains for shareholders.

But BBTV (TSX:BBTV) (OTCQX: BBTVF) didn’t stop there.

In February, it announced launching original content in the kids, knowledge, and cooking genres for worldwide audiences on popular top streaming platforms Roku TV and Amazon Fire.¹⁹

To help with the rollout, BBTV teamed up with Allroll, a CTV/OTT (Connected TV/Over-the-top) agency for content owners that allows them to reach their audience by building and distributing video apps on top streaming platforms.

Then there’s BBTV’s latest audience monetization innovation: taking steps to lead the membership programs space.

Think Patreon, the membership platform that enables over 200K influencers to connect with their fans and get paid for their content. It only started in 2013 but was last valued at $1.2B after raising $90M in Q3 2020.²⁰

Now BBTV (TSX:BBTV) (OTCQX:BBTVF) is breaking into this space too and looking to scale out membership services across its current clients…so investors should watch for more news on this in the coming months.

Aggressively Penetrating the Exploding Mobile Gaming Market

BBTV (TSX:BBTV) (OTCQX:BBTVF) is also creating new revenue streams by taking the power of its proprietary tech and everything it knows about getting views, and leveraging that in the fast growing mobile gaming space.

Mobile games are one of BBTV’s key verticals. It builds the apps. Then it scales them up. The games are monetized through advertising and in-app purchase revenues that BBTV shares with the content owner.

BBTV (TSX:BBTV) (OTCQX:BBTVF) is doing a lot of things right in this space:

Its combined gaming video content has achieved roughly 78 billion views annually (LTM Sept’20)
As of Q4 2020, the company already had partnerships with 3 of the top 10 gaming channels and 5 of the top 20 gaming channels on YouTube²¹
In Q4 2020, it signed 5 new major international gaming content partners that collectively get 217 million monthly YouTube views and have over 23 million YouTube subscribers²²
BBTV has launched strong mobile gaming apps including some of the most popular casual games where each app has been downloaded millions of times, on average. Its gaming apps have an average user rating of 4.8 out of 5 stars²³

There’s huge blue sky revenue potential here for BBTV (TSX:BBTV) (OTCQX:BBTVF) since the global gaming market is projected to surpass US$200 billion in 2023.²⁴

“This is a major growth vector for BBTV as a whole.”²⁵
– Lewis Ball, VP, Strategy

Highly Scalable Growth Strategy

It’s important for investors to understand that everything BBTV (TSX:BBTV) (OTCQX:BBTVF) has achieved so far can be scaled up further. That’s the beauty of digital and tech solutions.

Its investor deck breaks down its growth strategy like this:Here are a few quick points to keep in mind about that growth strategy.

Revenue Streams: BBTV’s content is already getting billions of views, so it can scale up its revenue by selling more of its inventory to advertisers by expanding its ad sales team. For example, if BBTV (TSX:BBTV) (OTCQX:BBTVF) could potentially sell just a fraction more of its inventory to direct advertisers, revenues could surge to The Trade Desk levels since directly sold video ads sell for an average of US$25 CPM²⁶ compared to $0.80 via programmatic exchanges.

“To maximize our opportunity, we are actively investing in sales and marketing capabilities across our higher margin solutions.”
– BBTV Mar. 4, 2021 news release²⁷

Competitive Position: BBTV has continuously built on its leadership position by expanding its solutions across content discovery, engagement, collaboration, and monetization, and most recently its solutions to further review content for brand safety, which allows more ads to get placed next to its content. More ads also means more revenue for BBTV and its influencers.²⁸

Markets, Platforms & Verticals: BBTV is already in 28 countries. Plans for expanding to new countries include large growth opportunities in China and India. This is in addition to its plans to grow across more platforms and verticals while increasing presence in existing ones.²⁹

M&A: While it’s to be expected that a company like BBTV would boost revenues by acquiring other players in the industry that can strategically grow BBTV’s organic solutions, it’s also to be expected that BBTV (TSX:BBTV) (OTCQX:BBTVF) continues to grow its market presence and profitability. It has all the data in understanding consumption trends and has a tremendous opportunity to further vertically integrate, which will lead to financial improvements across revenues and margins. For example, when it acquires channels, its margins can significantly grow by taking a portion or all of the content owner revenue share. As a public company, BBTV has the opportunity to allocate capital strategically and leverage its data and relationships.

Exceptional Team Led by High-Profile CEO Shahrzad Rafati

BBTV’s (TSX:BBTV) (OTCQX:BBTVF) highly experienced team of business builders is behind the company’s 15-year track record of success and sustained revenue growth. Here are some quick highlights.

Shahrzad RafatiChairperson and CEO

On top of the list of Rafati’s accomplishments we’ve already discussed, she also serves as a Board Member for Hootsuite Media Inc, Invest in Canada, and Bjarke Ingels Group. She was also selected by Prime Minister Justin Trudeau to be Canada’s representative Co-Chair of G20 Empower, and received her Honorary Doctorate from University Canada West in 2020.

10 Reasons

Investors Should Keep BBTV (TSX:BBTV) (OTCQX:BBTVF) On Their Radar

Strong Leadership: high-profile CEO backed up by extremely capable team

Additional Listing: activated US capital markets strategy in Feb. 2021 with OTCQX® Best Market listing³⁵

Global Reach with Market Dominance: second only to Google in terms of monthly unique viewers; solutions in 10 different languages and a presence across 28 countries

Unique Market Positioning: the only player providing comprehensive end-to-end solutions for influencers of any size to grow viewership and drive revenue

Scalable Model powered by proprietary tech: no limit on how far it can expand the reach of its tech

Highly Diversified: diversified across 5 leading content verticals & many influencers

Growth Strategy: from revenue growth to tech innovation, new markets, and M&A

Major Influencers: big name media companies such as the NBA, Viacom, PBS, Sony Pictures, and digital YouTube influencers with 100s of millions of views

Record Q4 YoY: revenues up +40% to $151M & gross profit up 12%

Track Record of Growth: annual revenue growth of 55% CAGR (2014-2022)

Disclaimer

footnotes:
[1] https://www.forbes.com/sites/morganhines/2021/02/28/how-grey-bandit-used-influencer-marketing-to-reach-5-million-in-sales/#123 [2] https://www.bbtv.com/press/bbtv-signs-new-contracts-with-top-entertainment-and-sports-influencers [3] https://www.theglobeandmail.com/report-on-business/small-business/sb-money/a-rare-startup-success-story-shopify-hits-1-billion-milestone/article15892998/ [4] https://www.bnnbloomberg.ca/technology/video/how-canadian-media-tech-giant-broadbandtv-is-giving-content-owners-a-boost~1824711 [5] https://financialpost.com/executive/executive-women/i-hope-were-making-history-a-long-journey-to-172-million-ipo-for-bbtvs-shahrzad-rafati [6] https://www.newswire.ca/news-releases/bbtv-announces-record-q4-and-full-year-2020-results-882605929.html [7] https://www.bbtv.com/press/bbtv-reaches-nearly-half-a-trillion-annual-views [8] https://www.newswire.ca/news-releases/bbtv-announces-record-q4-and-full-year-2020-results-882605929.html [9] https://www.newswire.ca/news-releases/bbtv-announces-record-q4-and-full-year-2020-results-882605929.html [10] https://www.globenewswire.com/fr/news-release/2020/12/08/2141214/0/en/Global-664-7-Billion-Digital-Advertising-Market-to-2026-by-Digital-Display-Ad-Internet-Paid-Search-Ad-Social-Media-Ad-Online-Video-Ad-Markets.html [11] https://investors.thetradedesk.com/news-releases/news-release-details/trade-desk-reports-fourth-quarter-and-fiscal-year-2020-financial [12] https://tinyurl.com/y5dtgzof [13] https://www.theglobeandmail.com/report-on-business/small-business/sb-money/a-rare-startup-success-story-shopify-hits-1-billion-milestone/article15892998/ [14] https://producthabits.com/shopify-grew-snowboard-shop-10b-commerce-ecosystem/ [15] https://www.forbes.com/sites/tjmccue/2020/02/05/looking-deep-into-the-state-of-online-video-for-2020/?sh=71ac5d0c2eac [16] https://financialpost.com/pmn/press-releases-pmn/business-wire-news-releases-pmn/bbtv-holdings-reports-record-revenues-and-q3-2020-results [17] https://financialpost.com/executive/executive-women/i-hope-were-making-history-a-long-journey-to-172-million-ipo-for-bbtvs-shahrzad-rafati [18] https://www.bnnbloomberg.ca/technology/video/how-canadian-media-tech-giant-broadbandtv-is-giving-content-owners-a-boost~1824711 [19] https://www.bbtv.com/press/bbtvs-yoboho-teams-up-with-allroll-to-launch-content-on-roku-tv-and-amazon-fire-tv [20] https://www.wsj.com/articles/patreon-tops-1-billion-valuation-as-pandemic-brings-a-surge-in-creators-to-platform-11599003623 [21] https://www.stockwatch.com/News/Item?bid=Z-C:BBTV-2997787&symbol=BBTV®ion=C [22] https://www.stockwatch.com/News/Item?bid=Z-C:BBTV-2997787&symbol=BBTV®ion=C [23] https://www.bloomberg.com/press-releases/2020-11-02/bbtv-launches-new-mobile-game-offering-with-key-content-partner-james-rallison-odd1sout [24] https://www.reuters.com/article/esports-business-gaming-revenues-idUSFLM8jkJMl [25] https://www.bloomberg.com/press-releases/2020-11-02/bbtv-launches-new-mobile-game-offering-with-key-content-partner-james-rallison-odd1sout [26] https://monetizepros.com/cpm-rate-guide/video [27] https://www.newswire.ca/news-releases/bbtv-announces-record-q4-and-full-year-2020-results-882605929.html [28] https://financialpost.com/pmn/press-releases-pmn/business-wire-news-releases-pmn/bbtv-puts-independent-content-owners-back-in-control-of-their-content-with-powerful-enterprise-grade-content-management-solutions [29] https://www.bnnbloomberg.ca/technology/video/how-canadian-media-tech-giant-broadbandtv-is-giving-content-owners-a-boost~1824711 [30] https://www.youtube.com/watch?v=1HIxnTruN78 [31] https://www.crunchbase.com/organization/well-health-technologies-corp/investor_financials [32] https://www.newswire.ca/news-releases/paypal-completes-acquisition-of-tio-networks-635158463.html#:~:text=In%20accordance%20with%20the%20terms,%24238%20million%20USD)%20equity%20value. [33] https://www.crunchbase.com/organization/hootsuite/company_financials [34] https://www.crunchbase.com/organization/clearbanc/investor_financials [35] https://www.newswire.ca/news-releases/bbtv-activates-us-capital-markets-strategy-and-commences-trading-on-the-otcqx-r-best-market-841634502.html

Disclosure:

1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies set forth in this Article. The author determined which companies would be included in this article based on research and understanding of the sector.

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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management's expectations regarding BroadbandTV Corp.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to BroadbandTV Corp.’s industry; (b) market opportunity; (c) BroadbandTV Corp.’s business plans and strategies; (d) services that BroadbandTV Corp. intends to offer; (e) BroadbandTV Corp.’s milestone projections and targets; (f) BroadbandTV Corp.’s expectations regarding receipt of approval for regulatory applications; (g) BroadbandTV Corp.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) BroadbandTV Corp.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute BroadbandTV Corp.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) BroadbandTV Corp.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) BroadbandTV Corp.’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) BroadbandTV Corp.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of BroadbandTV Corp. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) BroadbandTV Corp.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact BroadbandTV Corp.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing BroadbandTV Corp.’s business operations (e) BroadbandTV Corp. may be unable to implement its growth strategy; and (f) increased competition.

Except as required by law, BroadbandTV Corp. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does BroadbandTV Corp. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither BroadbandTV Corp. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.

7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of BroadbandTV Corp. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of BroadbandTV Corp. or such entities and are not necessarily indicative of future performance of BroadbandTV Corp. or such entities.