Appreciated Completes Management and Board Restructuring and Enters Into Forbearance Agreement
VANCOUVER, British Columbia, Nov. 27, 2020 (GLOBE NEWSWIRE) -- Appreciated Media Holdings Inc. ("Appreciated Media" or the "Corporation") (TSXV: AMH) (OTCQB: AMEFF) is pleased to announce that the board of directors of the Corporation (the “Board”) has negotiated a forbearance agreement with Amcomri GP BVI Limited (“Amcomri”) until January 5, 2020. As a condition to the receipt of forbearance, the Board has approved a reorganisation of the Corporation’s management and Board, effective immediately.
Pursuant to the reorganisation, the Board has appointed Robert Price as the Chief Executive Officer of the Corporation to replace Stephen Brown and appointed Larry Howard as the Corporation’s Interim Chief Financial Officer to replace Mark Groenewald, effective immediately. In addition, Messrs. Price and Howard have each been appointed to the Board.
Mr. Price is the former Managing Director of Twentieth Century Fox Home Entertainment – UK/Nordics, and was also the Chairman of the British Association for Screen Entertainment and has also held senior marketing positions at media, gaming and entertainment companies located throughout the United Kingdom.
Mr. Howard is a Director of Amcomri Media Group (“AMG”) and serves on its board of directors. Mr. Howard is responsible for all of the company’s worldwide sales and operations, including end-to-end management of AMG’s investments. He led the acquisition of Metrodome, Tartan Palisades and Hollywood Classics as well as the formation of Amcomri Film Partners and 101 International Limited.
Further, in connection with the reorganisation, Stephen Brown and Mark Groenewald have ceased to be officers of the Corporation. Following the reorganisation, the Board is comprised of Michael Walker, Andy Lyon, Stephen Brown, Larry Howard and Robert Price.
In connection with the appointment of Mr. Price and Mr. Howard as directors and officers of the Corporation, the Corporation entered into a forbearance agreement (the “Forbearance Agreement”) with Amcomri pursuant to which Amcomri has agreed to forbear on the enforcement of its rights against the Corporation until January 5, 2021 and to provide $100,000 of bridge financing to the Corporation (the “Bridge Loan”) to cover the Corporation’s payroll and to allow sufficient time and resource for management and the Board to complete a strategic review of the Corporation, its assets and its liabilities. For additional details regarding the obligations of the Corporation to Amcomri and Amcomri’s associated rights against the Corporation, please see the Corporation’s press release dated November 26, 2020 which is available under the Corporation’s profile on SEDAR at www.sedar.com.
Pursuant to the terms of the Forbearance Agreement, amounts advanced under the Bridge Loan will be payable upon demand but will be provided on an interest-free basis.
Further, as previously announced, the Corporation is subject to a cease trade order issued against the Corporation by the British Columbia Securities Commission as a result of the Corporation's failure to file the Corporation's annual financial statements, management's discussion and analysis and associated officer certificates for the year ended June 30, 2020 (the "Required Annual Filings"), in accordance with the timelines set forth in National Instrument 51-102 - Continuous Disclosure Obligations.
As a result, trading in the Corporation's securities was halted on the TSX Venture Exchange. The Corporation continues to work towards completing the Required Annual Financials and will provide a further update upon confirmation of the anticipated timing for completion.
Given the Corporation’s failure to make its Required Annual Filings and the cease trade order issued by the British Columbia Securities Commission, the Corporation has requested that trading in the Corporation’s common shares be halted on the OTC until such Required Annual Filings have been completed.
About Appreciated Media Holdings Inc.
Appreciated Media (TSXV: AMH) (OTCQB: AMEFF) is a multi-faceted entertainment company based in Vancouver.
Neither the TSX Venture Exchange Inc. ("Exchange") nor its regulation services provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements
This press release contains forward-looking information and forward-looking statements (collectively, "forward-looking statements") as such terms are defined by applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate," "believe," "plan," "estimate," "expect," and "intend," statements that an action or event "may," "might," "could," "should," or "will" be taken or occur, or other similar expressions. Forward-looking statements are subject to a number of known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond Appreciated Media's control and Appreciated Media's actual results could well differ materially from those stated or implied in forward-looking statements due to many various factors. Although Appreciated Media believes that the expectations reflected in the forward-looking statements are reasonable, Appreciated Media cannot guarantee that the events and circumstances reflected in the forward-looking statements will be achieved or occur. The timing of events and circumstances and actual results could differ materially from those projected in the forward-looking statements. Accordingly, one should not place undue reliance on forward-looking statements. All forward-looking statements contained in this press release are made as of todays date and Appreciated Media undertakes no obligation to update or publicly revise any forward-looking statements, whetheras a result of new information, future events or otherwise.
For further details, please see the Corporation’s documents filed under the Corporation’s profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com.
For inquiries, please contact:
Larry Howard, Director
Email: larry.howard@amcomri.com
Phone: +353-87-686-8255
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