Grom Social’s Top Draw Animation Secures Additional $1.5MM in New Animation Production Assignments
Grom Social Enterprises (NASDAQ: GROM) announced that its subsidiary, Top Draw Animation, secured approximately $1,500,000 in new animation production contracts. This news, reported by Top Draw’s President Russell Hicks, follows earlier announcements of additional assignments this year. Top Draw has over 400 animation professionals, building on its reputation for premium production services over 20 years. This acquisition enhances Grom's offerings, including a safe social media platform for kids and web filtering services for educational institutions.
- Secured $1,500,000 in new animation production contracts.
- Top Draw's reputation for premium animation services bolstered.
- Increased output as pandemic concerns ease.
- Specific client details not disclosed, raising questions about market position.
- Reliance on few large contracts could pose future revenue risks.
BOCA RATON, FL, April 21, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire –Grom Social Enterprises, Inc.’s (NASDAQ: GROM) wholly-owned Manila, Philippines subsidiary, Top Draw Animation, has secured approximately
The latest production work, from whom Top Draw does not disclose due to competitive reasons and client privilege, comes on the heels of other new assignments that the company expressed in announcements made earlier this year. The studio employees over 400 animation professionals and continues its increased output as pandemic concerns ease and under direction of the company’s new leadership – the aforementioned Hicks, who earlier in his career led Nickelodeon’s animation and live action direction, as well as Executive Vice President, Jared Wolfson, both of whom assumed their new roles last fall.
“More and more, programmers are turning to Top Draw to ensure their content is executed by professionals dedicated to delivering the best possible animation,” explains Hicks. “From day one, I was impressed by the loving attention to detail, and passion for animation all of our employees share and we’re excited to serve as a go-to studio for entertainment companies that expect the absolute best.”
Recognized throughout entertainment for its premium production services, Top Draw was acquired by Grom in 2016. The studio serves as a vital component of Grom’s offerings, which also include safe social media for kids, web filtering utilized in school districts nationwide and original family entertainment through Curiosity Ink Media, which Hicks and Wolfson also lead.
About Grom Social Enterprises, Inc.
Grom Social Enterprises, Inc. is a growing social media platform and original content provider of entertainment for children under 13 years of age, which provides safe and secure digital environments for kids that can be monitored by their parents or guardians. The Company has several operating subsidiaries, including Grom Social, which delivers its content through mobile and desktop environments (web portal and apps) that entertain children, let them interact with friends, access relevant news, and play proprietary games while teaching them about being good digital citizens and Curiosity Ink Media, a global media company that develops, acquires, builds, grows, and maximizes the short, mid & long-term commercial potential of Kids & Family entertainment properties and associated business opportunities. The Company owns and operates Top Draw Animation, which produces award-winning animation content for some of the largest international media companies in the world. Grom also includes Grom Educational Services,
which provides web filtering services for K-12 schools, government and private businesses. For more information, please visit gromsocial.com.
Forward-Looking Statements
This press release contains statements, which may constitute “forward-looking statements.”. Those statements include statements regarding the intent, belief, or current expectations of Grom and members of its management team as well as the assumptions on which such statements are based. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that may cause actual results to differ from those anticipated are discussed throughout the Company’s reports filed with Securities and Exchange Commission which are available at www.sec.gov as well as the Company’s web site at www.gromsocial.com. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
For Grom Social Enterprises/Curiosity Ink Media
Marianne Romano +1-818-681-0849 Media.contact@gromsocial.com
For Investor Relations
John McNamara TraDigital IR +1-917-658-2602 john@tradigitalir.com
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