It may have been quiet to the outside, but from the inside, 00NATION has worked relentlessly to set the foundation to achieve its vision. 

Key highlights and comments: 

• Sold the Brazilian operation for an eight figure amount in June, to focus on the Nordics, UK and USA.

«The Brazilian angle was a good opener, but it didn’t fit the overall strategy and with an ocean between us and cultural and language barriers, it was hard to align and manage. It’s a good group of people and they’ll manage fine on their own.» 
- David Williams, 00NATION

• Opened up the UK operation to launch the brand and interconnect our roots in the Nordics with the goal of opening up in the USA.

«It’s always been the plan: Nordics, UK and USA. Back in May, we decided it’s time to get moving. In August we set up the first people there. In October we are seeing more activity in and around 00NATION than ever before. It was definitely the right move». 
- Sebastian Geurts, 00NATION 

• 00NATION is in the final stages of the acquisition of a UK based, special operations team focused on gaming and esports, now to become 00NATION. With this acquisition, 00NATION has on boarded one of the most accomplished management teams across gaming and esports with executive backgrounds from IMG, Universal Music, Spotify and Sports Recruitment International.
• They bring execution power and relationships across the global media industry, gaming sector and sportsworld, and minimum 40 Mill NOK of expected annual revenues generated through marketing services. 
• The deal terms will be disclosed in due course. It is based on a pure equity swap with no cash component. 

«They add tremendous execution power, opportunities and experience to the organization. We work together like a real squad should do and the last two months have shown more results and future promise than the entirety of a whole year in the Nordics. They have the right understanding of the vision, sense of urgency to execute, and stickiness to see it through''. 
- Sebastian Geurts, 00NATION 

«The core team has it. Getting to know Sebastian closely, he is a truly inspirational leader who has the potential to supercharge our combined business. The media, sports and entertainment landscape is in transition and 00NATION has the right vision and approach to become a key player in the bigger game focused on youth audiences. That’s why we joined, to execute on the 00NATION vision. It’s the answer to what the landscape needs''. 
- Managing Director, Acquisition target  

• 00NATION is in final stages of the acquisition of majority shareholding in a nordic consumer tech company focused on live shopping and community driven commerce.
• 00NATION is trading resources for majority ownership, no cash or equity swap component.
• The company brings a successful live shopping environment, solid proof of concepts and a client list of nordic and international brands.
• The application is expected to launch as the 00NATION main website with social and shopping capabilities, making 00NATION, talent and brand partner products available through our own platform.
• The platform will also function in a stand-alone environment.

«This is another step towards diversifying revenues, and also strengthening the offering to brand partners, talent and eventually our own community. More information to come soon». 
- Sebastian Geurts, 00NATION

«We have the tech and the live shopping track record. 00NATION has exactly what we need to scale, both in the nordics and in the UK, and will be excellent contribution to our shareholder base, leadership team and core development as a brand and as a company.» 
- Chairman, Acquisition Target 

• 00NATION has stepped away from the predecessors traditional sponsorship deals  to all encompassing brand partnerships: Strategizing, creating, executing and distributing together with the partners: Partnerships fully focused on connecting, integrating and scaling across the youth.
• Minimum brand partnerships have increased to 3 000 000 NOK per year.
• First fully international partnership is signed with minimum annual revenues breaking eight figures.
• The expectations of landing multiple similar partnerships within the next 6 months are high.

«We have never loved the sponsorship approach. We are here to solve real problems for our brand partners and to have real impact. That comes with a combination of executing well within our own universe, stretching and scaling beyond our own universe together with our partners. It was so good to see the strategy working out. The effort we put in for our partners is heavy and with global brands and larger markets, the budgets are bigger and it becomes easier to justify and succeed in the local markets. It took two months to establish the first big partnership in the UK and we are well positioned to keep going.» 
- Paul Davis, 00NATION 

«00NATION differentiates itself from traditional gaming and esports companies by focusing on what the brand needs, offering creative and strategic solutions, and also executing towards that. They live and breathe youth culture and have deep insights to different verticals and the crossover culture. We are very excited about the partnership and are hoping for many fruitful years to come» 
- Stefan Vermeul, HP Inc. 

• 00NATION has been active on the talent side, creating the foundation for talent to reach their true potential. Core talents are all committed on multi-year long contracts including Herman Tømmeraas, Mr Savage, Truls Torp, Mini-Kim, Sean Sagar and Benny Central.
• The talent dealflow is up significantly in the Nordics and the UK including collaborations with Asos, Coca Cola, Hugo Boss and Breitling. 
• The overall growth is up significantly with much deeper aggregated activity levels and footprint across the internet 
• The talent team is seeing constant progress, focusing on scalability and evolving the execution power and overall services

«00NATION was struggling to scale its team and services on the talent side according to its promise to be a full 360 management across the youth. We have overcome that barrier and found the right people and model to deliver a wider range of services for a wider range of talent. Forward, we’ll see a significant increase in talent from different verticals from music and gaming to motorsport and outdoors»
- Adrian Le Dantec, 00NATION 

«00NATION changed our lives forever. We have never worked harder and never had more progress. It’s an unbelievable team with a warm family feeling. It is completely surreal to be approached by fans at different airports around the world, being part of the 00NATION family and so many talented people. It is a dream coming true».
- Truls Torp and Kim Knutsen

• 00NATION initiated a pilot to fully launch its own brand. The pilot was focused on YouTube, one weekly long form episode a week and centered around action sports.

• Targets to meet between February and December:  
  - 50 000 subscribers 
  - 20% engagement 
  - 30% watch rate 
  - One upload per week
• All the targets were met during September.

«The early stages of YouTube are particularly hard and to build a global audience from Norway is even harder. The pilot has superseded its criteria and the project is thriving. The watch time is often above 50%, the engagement is great and the team has shown that they can lift the project all the way. The learning picked up is invaluable and we are now looking to launch the full brand with multiple verticals and dedicated teams, talent and channels per vertical, increased activities and larger formats connecting and unifying the verticals. We have achieved what we wanted in 2023, it’s aligned with the vision and we are looking forward to fully launching and scaling the brand during 2024.»
- Sebastian Geurts, 00NATION

• Since the last conversion in August, funds committed on NOK 7 per share in 2023 are NOK 16 million and funds pre-committed in 2024 on NOK 7 per share are above NOK 21 million.
• Existing shareholders will have the opportunity to participate in a NOK 7 per share repairing round.
• We expect a much higher pick up rate on revenues which will decrease the burn.
• The costs will slightly increase in the UK and decrease in the Nordics.
• The burn is higher in Q4 because we moved away from nordic brands to global brands, we are in transition to cut costs and add newly contracted revenues.
• We still expect to reach profitability in 2024.

«We have raised using convertible notes for several reasons, the key reason being flexibility in uncertain times of how much, what price, and when. This has allowed us to form and grow, taking real steps towards the vision. The committed and pre committed funding will see us to operational profitability. 

The conversion in August was executed according to plan and the next conversion will be part of a traditional subscription and share issuance. We have not set the parameters yet, but we expect to raise a minimum NOK 50 million on NOK 12-15 per share, including the pre committed funding. We have no reason to believe we cannot execute towards that, considering we have raised over NOK 70 million during 2022 and 2023, this will allow us to scale, fund working capital for our increasing stable of growth brand partners, and to take advantage of strategic market opportunities which are presenting during this current economic environment in media, sports and entertainment. 

We had to make some temporary write-offs against some of the early deals and it weakened the balance sheet. However these can be reversed if and when we restart operations in these areas. The balance during 2023-2024 will strengthen dramatically with the capital in, revenue generating and profitable acquisitions, and with overall increased company focus and  performance».
- Sebastian Geurts, 00NATION 

Asking the core team about 2023:

«We are proud of this year. It was a tough year with low salaries, low liquidity and a lot of sacrifices. The transformation has put us in a position to ramp up tempo to scale our holy trinity of brand partnerships, talent management and our own brand and universe, while becoming more and more of a well functioning machinery. Next year we will be underperforming if we don’t hit the 100 Mill NOK revenue mark. That together with rolling out the brand in five core verticals and executing on the full content plan, launching the core and nano talent programs, and to plant our flag firmly in UK soil while keeping our roots, those are the goals for 2024. If we hit them all, 2025 will be even more explosive».


Contact:

Sebastian Geurts (sg@00nation.com)
CEO

David Williams (dw@00nation.com)
Head of Business Affairs