TORONTO and NEW YORK, April 15, 2016 /CNW/ - AcuityAds Holdings Inc. (TSXV:AT) ("AcuityAds" or "Company"), a leading provider of targeted digital media solutions, enabling advertisers to connect intelligently with their audiences across online display, video, social and mobile campaigns, is pleased to announce that the Company has received a cash refund of approximately $900,000 from the Canada Revenue Agency ("CRA") for Investment Tax Credits ("ITC") relating to eligible Scientific Research and Experimental Development ("SR&ED") claims for the years 2011, 2012, 2013 and 2014.
As previously reported in the Company's Q2 2014 Financial Results on August 26th, 2014, the CRA had disallowed the Company's SR&ED claims for 2011 and 2012. With the assistance of the Company's professional advisors, a majority of the Company's SR&ED claims for the years above were reviewed and accepted by the CRA.
"The SR&ED Program is an important federal tax incentive program that enables Canadian companies to develop cutting edge technologies and we are very pleased that the CRA has recognized AcuityAds efforts and approved these credits in our favor," stated David Andrews, CFO of AcuityAds. "These types of incentives are very important in the development of AcuityAds' world class technology, which is now being used by companies around the globe."
The $900,000 refund will be offset against the Investment Tax Credit receivable of $450,000 recorded in previous years and the remainder will be accounted for as a reduction of the related expenditures in the Company's statement of income.
AcuityAds has developed a Programmatic Marketing Platform powered by proprietary machine learning technology that allows advertisers to target and connect intelligently with their audiences across online display, video, social and mobile campaigns. With sales operations in New York, Boston, Los Angeles, Toronto and Montreal, AcuityAds customers range from large Fortune 500 enterprises to small and mid-sized businesses. For more information, visit www.acuityads.com.
Disclaimer in regards to Forward-looking Statements
Certain statements included herein constitute "forward-looking statements" within the meaning of applicable securities laws, including statements regarding future waivers by the Lenders and the future growth of the Company. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements. In particular, but without limitation, statements contained in this release concerning the expected use of the net proceeds from the Loan are inherently uncertain and subject to prevailing market conditions. Except as required by law, AcuityAds does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
SOURCE AcuityAds Inc.
For further information: Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-644-5081, firstname.lastname@example.org; Tal Hayek, Chief Executive Officer, AcuityAds Inc., 416-218-9888, email@example.com