HOUSTON, May 14, 2014 (GLOBE NEWSWIRE) -- NightCulture, Inc. (OTCBB:NGHT) (the "Company") announced operating results for the quarter ending March 31, 2014, including a 24.4% increase in revenues to $1,264,685 in Q1 2014 compared to $1,016,986 during the same period in 2013. The Company reported an operating loss of $197,136 in Q1 2014 compared to a profit from operations of $94,000 in Q1 2013 reporting period. The operating loss for the current quarter includes $76,921 of non-cash non-recurring charges. The Company reported a net loss of $897,936 or ($0.02) per share, compared to a net profit of $683,696 or $0.01 per share in Q1 2013. The loss in Q1 2014 includes a loss on change in fair value of derivative liability of $621,026 while the net income for Q1 2013 included a gain on change in fair value of derivative liability of $654,727.
NightCulture produced 48 events in Q1 2014 up from 17 in Q1 2013, a 182% increase.
Michael Long, CEO of NightCulture, stated, "We are extremely pleased with our revenue growth as we increased the number of events produced and look forward to the next few quarters as festival season begins."
ABOUT NIGHTCULTURE INC.
NightCulture Inc. "Concerts that Change Your Life," is a premier producer of live concerts and events. NightCulture operates in the following markets: Houston, TX, Austin, TX, Dallas, TX, San Antonio, TX, and Oklahoma City, OK. NightCulture is the first Electronic Music oriented company to trade in the public markets.http://www.NightCulture.com
Stereo Live, LLC, a wholly-owned subsidiary of NightCulture, operates Stereo Live, a 25,000 square foot music and live events venue located on 2 1/2 acres of land at 6400 Richmond Avenue in Houston, Texas. http://www.StereoLiveHouston.com .
NightCulture Inc. produces Something Wicked Halloween Festival, which drew over 20,000 fans in 2013 in Houston, TX. http://www.SomethingWickedFestival.com
Safe Harbor Statement
Statements in this release that relate to future plans or projected results of NightCulture Inc. are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended by the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), and Section 21E of the Securities Exchange Act of 1934, as amended by the PSLRA, and all such statements fall under the "safe harbor" provisions of the PSLRA. Our actual results may vary materially from those described in any "forward-looking statement" due to, among other possible reasons, the realization of any one or more of the risk factors described in our annual or quarterly reports, or in any of our other filings with the Securities and Exchange Commission. Readers of this release are encouraged to study all of our filings with the Securities and Exchange Commission. Readers of this release are cautioned not to put undue reliance on forward-looking statements.
CONTACT: Michael Long 832-535-9070 NGHT@NightCulture.com