DGTL Holdings Inc has appointed veteran finance executive Christopher Foster as its new CFO.
Calling him an experienced CFO, DGTL said that Foster will manage all financial controllers at the subsidiary level and will work with appointed auditors to prepare quarterly and annual financial statements.
The new CFO has led financial management teams for several public, and private companies, across a range of industries.
READ: DGTL Holdings says Hashoff subsidiary extends social media marketing campaign with e-sports gaming client
DGTL also said that David Beck, acting independent director, has been appointed as the new Audit Committee Chairman, and Gilbert Boyer has departed as CFO of Engagement Labs (TSX-V:EL), as of April 8, 2022.
Separately, DGTL announced the forgiveness of $600,000 in small business COVID-19 relief loans after both of its wholly-owned subsidiaries were approved for PPP (Paycheck Protection Program) loan forgiveness, the company told shareholders.
Hashoff LLC's application for the forgiveness of a $177,000 PPP loan has officially been approved, and an application to forgive a $420,000 loan held by an Engagement Lab's subsidiary was also approved, the company said in a statement.
To date, over $600,000 in interest-bearing loans held by DGTL subsidiaries have been considered paid in full. These significant debt reductions will be reflected in future financial reports, including the 2023 FYE annual financial statements, the company told shareholders.
“The immediate priority for the new DGTL Holdings Inc executive team is to implement improved fiscal accountability and sound corporate governance,” DGTL CEO John Belfontaine said in a statement.
“The first step in this process is to action effective and material debt and operating expense reductions at the subsidiary levels. Scalable and sustainable revenue growth models provide a solid foundation upon which DGTL Holdings Inc can continue to build on its vision of becoming a full-service digital media software conglomerate."
DGTL acquires and accelerates transformative digital media, marketing and advertising software companies, powered by Artificial Intelligence. The group targets fully commercialized enterprise-level SaaS (software-as-a-service) companies entering a rapid growth stage within the sectors of social, mobile, gaming and streaming.
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