The Cornerstone of Credibility: The Role of Consistent Communication in Uncertain Times

By Delilah Panio, Vice President, U.S. Capital Formation, Toronto Stock Exchange & TSX Venture Exchange

Working with U.S. CEOs navigating current market dynamics and considering their capital options, I know that the ability of companies to communicate effectively with current and new investors goes beyond information dissemination; it forms the bedrock of trust and cultivates enduring, mutually beneficial relationships. I recently sat down with my TMX colleague Matt James, Regional Head of Sales in the U.S. at TMX Newsfile to talk about the pivotal and strategic role that thoughtfully crafted press releases play in achieving communication objectives, particularly in the competitive U.S. market.

Delilah: Matt, in today's business ecosystem, encompassing the range of early stage startups to large publicly traded giants, how important is it for companies to maintain a consistent and transparent dialogue with investors? 

Matt: Great question, Delilah. I believe that consistent and transparent communication with investors and actually all stakeholders is important for long-term success, whether you're a public company or a private one.

At the heart of it, transparency builds trust. It shows that leadership is in control, aligned on strategy, and accountable for results. That kind of clarity inspires confidence — which is key when you're relying on continued support from investors, lenders, or even internal teams.

When companies fall short in communication, the gaps get filled with speculation. That can quickly lead to nervous investors, disengaged employees, and weakened partnerships. In a crisis, silence often gets mistaken for incompetence — and that perception can significantly damage value .

For me, transparency isn't just about managing risk — it's a strategic advantage. When you bring stakeholders along for the journey, you foster alignment, can help make capital easier to access, and strengthen the company’s credibility in the market. No quarterly report alone can accomplish that.

Delilah: Press releases are often perceived as a standard tool for disseminating news. However, can you delve deeper into the strategic role that well-executed press releases play within a company's overarching communication strategy? 

Matt: Certainly — while press releases are often seen as routine, when used strategically and consistently, they become a powerful asset that supports a company’s communication and growth strategy.

At a foundational level, press releases offer control — they allow a company to shape its own narrative and distribute it broadly, accurately, and in real time. But the impact goes far beyond simple news dissemination.

• Marketing: a well-crafted press release can significantly enhance campaign effectiveness. It creates alignment between earned and owned media, reinforces messaging across channels, and extends reach to journalists, analysts, and targeted industry audiences. In other words, it amplifies marketing investments with high-credibility content.

• SEO: press releases contribute to discoverability. When distributed through high-authority wire services, they generate backlinks, drive referral traffic, and support keyword visibility — all of which are critical in today’s digital-first environment. For many companies, especially in competitive sectors, this can directly influence inbound lead generation and online reputation.

• Earned Media: strategic press releases are often the trigger for broader coverage. Journalists rely on them as a primary source for accurate, timely information. A well-positioned release can lead to interviews, feature stories, or analyst reports — essentially multiplying its impact without additional spend.

And finally, when press releases are issued consistently, they build credibility. Over time, they can show that the company is active, transparent, and trustworthy. That matters to investors, partners, and customers alike. It’s not just what you say — it’s the pattern of how often and how clearly you say it that cultivates long-term brand trust.

So in short, when approached strategically, press releases are not a checkbox — they can be a driver of visibility, authority, and influence.

Delilah: It's often assumed that press releases are primarily the domain of publicly traded companies. Could you shed light on why private companies, even those in their early stages and not yet considering a public listing, should think about using press releases in their communication toolkit? 

Matt: That’s a common misconception — while press releases are essential for public companies, private companies can benefit just as much, if not more, from strategic press release distribution.

For early-stage and growth-focused companies, press releases can be a powerful way to build visibility, credibility, and investor interest. Whether it’s announcing a funding round, leadership hire, partnership, or product launch, a well-timed release helps control the narrative and establish legitimacy in the eyes of investors, media, and customers.

They also support SEO and discoverability, driving traffic to owned channels and improving online presence — which is critical in competitive markets. And if a company is targeting future fundraising, acquisition, or even an eventual IPO, building a consistent cadence of press releases helps create a clear, verifiable track record of milestones and momentum.

In short, private companies shouldn’t wait for a public listing to invest in PR. Strategic communication from the start creates awareness, can help drive growth, and may better position them for long-term success.

Delilah: Matt, to wrap this up, I have to ask the obvious question… which I also get representing TSX and TSXV in the U.S… how does TMX Newsfile support U.S. companies navigating the North American capital markets, especially when it comes to press release distribution and regulatory filing support?

Matt: Yes I get that too… what sets TMX Newsfile apart is our ability to deliver broad, targeted distribution across North American and global investor networks, with a special strength in cross-border visibility. U.S.-based companies gain access  to U.S. media and financial outlets, with enhanced visibility within the Canadian investor ecosystem — which is a major advantage for those navigating dual listings or expanding into Canadian capital markets.

We’re also an authorized EDGAR and SEDAR+ filing agent, allowing us to handle regulatory filings seamlessly in both the U.S. and Canada. That unified approach simplifies compliance and saves time — especially for companies with complex disclosure obligations.

Add in our targeted distribution options, engagement analytics, and high-touch client support, and what you get is a press release partner that combines reach, regulatory precision, and strategic value — all in one platform.

Delilah: Thanks so much, Matt. It’s a pleasure being part of TMX’s Team USA with you.

Matt: Thank you, Delilah!

Delilah Panio is Vice President of U.S. Capital Formation at Toronto Stock Exchange and TSX Venture Exchange, based in Southern California. delilah.panio@tmx.com; us.tsx.com

Matt James is the Regional Head of Sales at TMX Newsfile, based in Raleigh, N.C.. matt.james@tmx.com. newsfilecorp.com 

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