Appreciated Completes Management and Board Restructuring and Enters Into Forbearance Agreement
27 Novembro 2020 - 8:34PM
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, whether
as 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, DirectorEmail:
larry.howard@amcomri.comPhone: +353-87-686-8255
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