Metamaterial Inc. (the "Company" or "META") (CSE:MMAT) a developer of high-performance functional materials and nanocomposites, today released fourth quarter and full year 2020 results. Please visit the investors section of our website to view the Q4 2020 Shareholder Letter

The financial statements and the associated management discussion and analysis for the quarter and twelve months ended December 31, 2020 are available on the Investors section of our website as well as under the Company's profile on SEDAR at

The 2020 net loss was $19,806,340, 27c per share on 74,271,609 weighted average shares, compared to a 2019 net loss of $11,083,258, $1.14 per share on 9,724,476 weighted average shares. Total 2020 revenue was $1,507,690, compared to 2019 revenue of $1,195,058.

About Metamaterial Inc.

META delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing sustainable, highly functional materials. Our extensive technology platform enables leading global brands to deliver breakthrough products to their customers in consumer electronics, 5G communications, health and wellness, aerospace, automotive, and clean energy. Our achievements have been widely recognized, including being named a Global Cleantech 100 company. Learn more at

The CSE has neither approved nor disapproved the contents of this news release.

Media inquiries:

Investor inquiries:
Mark Komonoski
Investor Relations
phone: 1-877-255-8483

Metamaterial Inc. (formerly Continental Precious Minerals Inc.)
Consolidated statements of financial position
[expressed in Canadian dollars]

December 31, 2020December 31, 2019
Cash and cash equivalents
Grants receivable
Other receivables
Prepaid expenses
HST receivable
Total current assets
3,468,167 1,917,308
Intangible assets, net
Property and equipment, net
Right-of-use assets
Total non-current assets
9,552,590 10,030,438
Total assets
13,020,757 11,947,746
Liabilities and shareholders' equity (deficiency)
Trade payables
Due to related party
Current portion of long-term debt
Current portion of deferred revenue
Current portion of deferred government assistance
Derivative liability
Secured convertible debentures
Secured convertible promissory notes
Unsecured convertible promissory notes
Current portion of lease liabilities
Total current liabilities
15,968,458 11,471,511
Deferred revenue
Deferred government assistance
Deferred tax liability
Unsecured convertible debentures
Funding obligation
Lease liabilities
Long-term debt
Total non-current liabilities
8,387,530 8,642,682
Total liabilities
24,355,988 20,114,193
Shareholders' deficiency
Common shares
Preferred shares
Contributed surplus
Accumulated other comprehensive loss
Total shareholders' deficiency
Total liabilities and shareholders' deficiency
13,020,757 11,947,746

Consolidated statements of loss and comprehensive loss
[expressed in Canadian dollars]

Year ended December 31
Product sales
Development revenue
Revenue, net
1,507,690 1,195,058
Cost of goods sold
Gross Profit
1,503,281 1,182,920
Expenses (income)
Salaries and benefits
Depreciation and amortization
Impairment expense
Travel and entertainment
Other expenses
Listing expenses
Stock exchange fees
Rent and utilities
Finance Income
Finance costs
Investor relations
Research and development
Professional fees
Share-based compensation expense
Unrealized loss on FVTPL liabilities
Realized loss on derivative liability
Technology license fees
Realized foreign currency exchange loss
Unrealized foreign currency exchange (gain) loss
Amortization of deferred government assistance
Other loss (income)
21,565,359 12,385,542
Net loss before tax
Income tax recovery
Net loss for the period
Other comprehensive loss, net of income taxes
Items that may be subsequently reclassified to income:
Unrealized foreign currency translation adjustment
Comprehensive loss for the period
Basic and diluted loss per share
Weighted average number of shares outstanding
- basic and diluted
74,271,609 9,724,476

Metamaterial Inc. (formerly Continental Precious Minerals Inc.)
Consolidated statements of cash flows

[expressed in Canadian dollars]

Year ended December 31
Operating activities
Net loss for the period
Add (deduct) items not affecting cash:
Non-cash finance income
Non-cash finance costs
Deferred income tax recovery
Depreciation and amortization
Impairment of intangible assets
Unrealized foreign currency exchange loss
Listing expenses
Unrealized loss on FVTPL liabilities
Realized loss on derivative liability
Change in deferred revenue
Change in deferred government assistance
Share-based compensation expense
Non-cash consulting
Other loss (income)
Net change in non-cash working capital items
Cash used in operating activities
Investing activities
Additions to intangible assets
Additions to property and equipment
Reverse takeover, net cash
Cash used in investing activities
2,886,296 (1,670,431)
Financing activities
Proceeds from long-term debt
Repayment of long-term debt
Repurchase of shares
Proceeds from unsecured convertible promissory notes
Proceeds from funding obligation
Net proceeds from units
Proceeds from unsecured convertible debentures
Proceeds from secured convertible debentures
Payment of lease liabilities
Cash provided by financing activities
8,166,128 6,976,883
Net (decrease) increase in cash and cash equivalents
1,249,595 (301,132)
Cash and cash equivalents, beginning of the period
Effects of exchange rate changes on cash and cash equivalents
Cash and cash equivalents, end of the period
1,776,983 528,691
Supplemental cash flow information
Interest on debt paid

SOURCE:Metamaterial Inc.

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STEER EV Subscription Platform Expands to Texas (CNW Group/Facedrive Inc.)

STEER EV, a technology-driven EV subscription platform, was acquired by the Company from Exelorate Enterprises LLC, a subsidiary of Exelon Corporation (NASDAQ: EXC), in September 2020 . STEER EV was created to challenge the traditional car ownership model and accelerate the general public's switchover to environmentally friendly transportation through an automobile subscription service. The Company feels its turnkey month-to-month model – which includes insurance, maintenance, vehicle swaps and concierge delivery – presents an attractive alternative for customers seeking a time-efficient and hassle-free service.

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About the Company

STEER is an integrated ESG technology platform that moves people and delivers things through subscription and on-demand services. The Company's goal is to build a one-of-a-kind system that aggregates conscientious users, through a series of connected offerings, and enables them to buy, sell, or invest with the same platform, STEER. The Company's offerings generally fall into two categories: subscription-based offerings led by its flagship electric vehicle subscription business, STEER EV, and on-demand services incorporating delivery, B2B marketplace, Delivery-as-a-Service (DaaS) and rideshare businesses. The Company's platform is also powered by EcoCRED, its big data, analytics and machine learning engine which seeks to capture, analyze, parse and report on key data points in ways that measure the Company's impact on carbon reductions and offsets.

For more about the Company, visit .
Suman Pushparajah , CEO
100 Consilium Pl, Unit 400
Scarborough, ON
Canada M1H 3E3

Forward-Looking Information

Certain information in this press release contains forward-looking information, including with respect to the Company's business, operations and condition, management's objectives, strategies, beliefs and intentions, and the company's forward plans to rebrand. This information is based on management's reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this press release. Actual results and the timing of events, such as those pertaining to the Company's launch in Texas and intended fleet growth, may differ materially from those anticipated in the forward-looking information as a result of various factors. Information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. Statements containing forward-looking information are not facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements.

See "Forward-Looking Information" and "Risk Factors" in the Company's Annual Management Discussion & Analysis (MD&A) for the year ended December 31, 2021 (filed on SEDAR on May 2, 2022 ) and its interim MD&A for the period ended March 31, 2022 (filed on SEDAR on May 30, 2022 ) for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. Readers are urged to consider the uncertainties, risks and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation and regulatory requirements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

STEER Logo (CNW Group/Facedrive Inc.)

SOURCE Facedrive Inc.

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