Former Technicolor Animation & Games Production VP Cyrus Mistry Named Chief Operating Officer for Grom's Award-winning Manila-based Studio, Top Draw Animation

BOCA RATON, Fla., April 15, 2024 (GLOBE NEWSWIRE) -- Top Draw Animation (TDA), a leading global supplier of  premium 2D animation production services, and award-winning division of Grom Social Enterprises Inc. (NASDAQ:GROM), today announced that the former VP of Technicolor's Animation Games & Production (India), Cyrus Mistry, has been named TDA's Chief Operating Officer, effective immediately. In his new role, Mistry has relocated from India to the company's state-of-the-art studio in Manila, Philippines, which was recently featured on CNN in a special about the growing global reliance on the Philippines for goods and services, including premium animation production. Mistry's appointment was shared by the CEO of Grom Social Enterprises, Darren Marks.

Mistry joined TDA last year as a consultant and, as COO, will now oversee the studio's operations, including a team of 300+ artists, whose commitment to excellence has delivered 25 years of animated programming for clients and partners around the world. Mistry will tap into his considerable professional biography as he champions exceptional animation production, spearheads partner relations and formulates strategies to lead the studio's output for its blue chip client roster that has included Nickelodeon, DreamWorks, Disney and Warner Bros., among others.

"Cyrus' deep roots in animation production and strong executive leadership capabilities position him for great success in this role," states Marks. "The TDA family enthusiastically anticipates the benefits his motivational expertise will bring to the organization."

Mistry, who most recently served as CEO of Rocksalt Interactive, began his career as a filmmaker, crafting both industrial/corporate content as well as television commercials. His passion for both the creative and business sides of the animation process led  him to transition into animation production over 20 years ago. Prior to Rocksalt, he served as Vice President of Production at Technicolor Animation & Games, India, where he oversaw its significant growth and led the studio to winning seven Emmy Awards for their superlative animation work. 

Acquired by Grom Social Enterprises in 2016, TDA handles production and delivery for a diverse pipeline of animated series, movies, specials and short-form projects. Last month, Grom also entered into a non-binding letter of intent to acquire Texas-based Arctic7, and tap into the $180B gaming market – $20B of which is gaming for kids – and explore synergy opportunities across Grom's subsidiaries. Arctic7 provides a robust suite of full game and co-development services alongside its own intellectual property development within gaming, and virtual production services for the movie and TV industry. Grom aims to complement its existing entertainment offerings of safe social media for kids and its growing catalog of original intellectual property with a move into gaming and its attendant revenue growth opportunities.

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 https://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.

Press contact: Paul Ward ([email protected])

Investor Relations contact: Floyd Stumpf ([email protected])