Liquid Media Signs Definitive Agreement to Acquire iNDIEFLIX
02 Setembro 2021 - 10:00AM
Liquid Media Group Ltd. (“the Company,” “Liquid Media” or “Liquid”)
(Nasdaq: YVR) is pleased to announce that, further to its press
release dated May 10, 2021, it has executed a definitive agreement
to acquire iNDIEFLIX Group Inc. (“iNDIEFLIX”), a global market
leader in educational entertainment or ‘edutainment’, in an
all-stock transaction. The acquisition is expected to be completed
in the coming days as remaining customary closing conditions are
fulfilled.
“This is an important acquisition for Liquid and
our business solution engine as we work to support independent
creative professionals and IP owners in monetizing their content,”
said Ronald Thomson, CEO of Liquid. “In addition to providing
significant benefit to producers of purposeful, social impact
content, we believe Liquid Media’s iNDIEFLIX will also assist us to
drive growth and shareholder value in the months and years
ahead.”
iNDIEFLIX is a global subscription
video-on-demand streaming service focused on content with a
purpose. Cofounded by award-winning Producer, Director, Costume
Designer and author Scilla Andreen, its success in providing
monetization opportunities for IP owners blends seamlessly with
Liquid’s mission to help creatives take their professional content
from inception to monetization.
“We are extremely excited about our future with
Liquid Media Group. Our streaming service showcasing content for a
purpose and mission to provide monetization to content creators is
perfectly in line with Liquid’s mission to create a comprehensive
solution to taking amazing IP from creation to monetization,” said
Scilla Andreen, iNDIEFLIX CEO & Co-Founder.
Under the terms of the definitive agreement,
Liquid will acquire iNDIEFLIX for up to 2.5M common shares of
Liquid priced at $2.00 per share and scheduled to be paid out to
iNDIEFLIX investors across specific performance milestones in five
equal tranches of 500,000 common shares each (the “Consideration
Shares”). The first tranche of Consideration Shares is to be paid
on closing, with four remaining milestones to be triggered by
iNDIEFLIX revenues totalling US$65M in the years ahead. Additional
cash is being invested in iNDIEFLIX’s ongoing operations, beginning
with a secured bridge loan in the amount of $500K, which has been
applied towards working capital and production of original content
for iNDIEFLIX’ education and other channels. Further details of the
acquisition will be available in the Company’s financial statements
for the year ended November 30, 2021, to be filed on SEDAR.
About iNDIEFLIX:
A Liquid Media company, iNDIEFLIX Group Inc. is
a global 'edutainment' streaming service that creates, promotes and
supports social impact films to create positive change in the
world.
Additional information is available at www.iNDIEFLIX.com
Linkedin / Twitter / Instagram / Facebook
About Liquid Media Group
Ltd.
Liquid Media Group Ltd. (Nasdaq: YVR) is a
business solutions company empowering independent IP creators.
Liquid’s end-to-end solution will enable professional video
(film/TV and video game) creation, packaging, financing, delivery,
and monetization, empowering IP creators to take their professional
content from inception through the entire process to
monetization.
Additional information is available at
www.LiquidMediaGroup.co.
Further information:
Primoris Group+1 (416)
489-0092pg@liquidmediagroup.co
Media requests:
Investor / BusinessAdam
BelloMedia & Analyst Relations ManagerPrimoris Group Inc.+1
(416) 489-0092 x 226media@primorisgroup.com
IndustryJane OwenJane Owen PR+1
(323) 819-1122 jane@janeowenpr.com
Cautionary Note Regarding
Forward-Looking Statements
This news release includes statements containing
certain "forward-looking information" within the meaning of
applicable securities law ("forward-looking statements").
Forward-looking statements are typically identified by words such
as: "believe", "expect", "anticipate", "intend", "estimate",
"potentially" and similar expressions, or are those, which, by
their nature, refer to future events. Such forward looking
statements include, but are not limited to, that iNDIEFLIX will
continue to increase its revenues. These statements should not be
read as guarantees of future performance or results. Further, such
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results, performance, or achievements
to be materially different from those implied by such statements.
Such factors include, but are not limited to: developments related
to the COVID-19 pandemic, regulatory actions, market prices,
continued availability of capital and financing, and general
economic, market or business conditions. Investors are cautioned
that any such statements are not guarantees of future performance
and actual results or developments may differ materially from those
projected in the forward-looking statements. Forward-looking
statements are based on the beliefs, estimates and opinions of the
Company's management on the date the statements are made. The
Company is under no obligation, and expressly disclaims any
intention or obligation, to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as expressly required by applicable law.
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