Amcomri Announces New Chief Executive Officer

Rhea-AI Summary

Amcomri Entertainment Inc. (Cboe CA: AMEN, FSE: 25Y0, OTC: AMNNF) has announced significant changes in its leadership and future plans. Robert Price has resigned as CEO, effective September 6, 2024, as the company ceases active business operations. The board has appointed Laurence Howard as the new CEO to oversee the implementation of previously announced plans, including:

• Return of capital to shareholders
• Voluntary wind-up and dissolution
• Potential delisting from Cboe Canada

These measures were approved by shareholders at the annual general and special meeting held on August 28, 2024. Further details are available in the company's management information circular dated July 28, 2024, accessible on SEDAR+.

Positive

• None.

Negative

• Company is ceasing active business operations
• Implementing voluntary wind-up and dissolution
• Potential delisting from Cboe Canada
• CEO resignation indicates significant corporate restructuring

Vancouver, British Columbia--(Newsfile Corp. - September 6, 2024) - Amcomri Entertainment Inc. (Cboe CA: AMEN) (FSE: 25Y0) (OTC: AMNNF) ("Amcomri" or the "Company") announces, further to the Company's press release dated September 4, 2024, that Robert Price has resigned as Chief Executive Officer of the Company, effective on September 6, 2024, in light of the Company ceasing to carry on an active business. The board of directors of the Company (the "Board") thanks Mr. Price for his efforts on behalf of the Company.

The Board has appointed Laurence Howard to succeed Mr. Price as Chief Executive Officer of the Company and to oversee the implementation of the Company's previously announced return of capital to shareholders of the Company ("Shareholders"), voluntary wind up and dissolution and potential delisting from Cboe Canada Inc. ("Cboe Canada"), each of which was approved by Shareholders at the annual general and special meeting of Shareholders held on August 28, 2024. Further details on such proposed transactions can be found in the Company's management information circular dated July 28, 2024 (the "Circular"), a copy of which is available under the Company's SEDAR+ profile at www.sedarplus.com.

About Amcomri Entertainment Inc.

Amcomri Entertainment Inc. (Cboe CA: AMEN) (FSE: 25Y0) (OTC: AMNNF) provides global distribution capabilities for independent movie, documentary and TV series producers as well as for its own in-house productions. With decades of experience across all key media platforms, Amcomri is rapidly becoming the go-to team for independent producers seeking the broadest possible audience for their productions. The Amcomri Entertainment Inc. group of companies includes 101 Films, 101 Films International, Hollywood Classics International, Amcomri Productions, Appreciated Media Global, Amcomri Productions and Abacus Media Rights.

For further information about Amcomri, see its disclosure documents on SEDAR+ at www.sedarplus.com or visit the company's website at https://amcomrientertainmentinc.com/.

For more information please contact:

Larry Howard
Amcomri, Chief Financial Officer
Email: larry.howard@amcomri.com
Phone: +353-87-686-8255

Forward-Looking Statements

This news release includes "forward-looking information" and "forward-looking statements" as such terms are defined under applicable Canadian securities legislation. Forward‐looking information and statements include disclosure regarding possible events, that are based on assumptions about future economic conditions and courses of action, and, in certain cases, can be identified by the use of words such as "potential", "propose", "aim", "depend", "seeks", "plans", "expects", "is expected", "intends", "anticipates", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "can", "could", "should", "shall", "would", "might" or "will", or the negative forms of any of these words and other similar expressions. Forward-looking statements in this news release include statements related to: the consummation, and anticipated benefits to Shareholders and other stakeholders of the Company, of the return of capital, the planned windup and dissolution of the Company and, if applicable, the delisting of the Common Shares from Cboe Canada; the timing of the return of capital, the planned windup and dissolution of the Company and, if applicable, the Company's delisting from Cboe Canada; and the amount of any return or capital or other distribution(s) to Shareholders. There can be no assurance that the proposed return of capital, windup and dissolution of the Company and, if applicable, the Company's delisting from Cboe Canada will be completed at all or on the terms and conditions contemplated therein and in the Circular. Forward‐looking information and statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward‐looking information and statements. Such factors include, but are not limited to, risks relating to the expenses incurred to complete the return of capital, the planned windup and dissolution of the Company and, if applicable, the Company's delisting from Cboe Canada, the ability of the Company to pay all liabilities and obligations of the Company, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets. Actual results and future events could differ materially from those anticipated in such forward looking information. Accordingly, readers should not place undue reliance on forward‐looking information. All forward-looking information in this news release is made as of the date hereof and qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR+ at www.sedarplus.com. The Company disclaims any intention or obligation to update or revise such forward‐looking information, whether as a result of new information, future events or otherwise, except as required by law.

Investors are cautioned that, trading in the securities of the Company should be considered highly speculative. For a more detailed discussion of such risks and uncertainties, please see the section entitled "Risk Factors" in the Company's annual information form dated June 2, 2024, and available under the Company's profile on SEDAR+ at http://www.sedarplus.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222546

FAQ

Who is the new CEO of Amcomri Entertainment (AMNNF) as of September 6, 2024?

Laurence Howard has been appointed as the new CEO of Amcomri Entertainment (AMNNF) effective September 6, 2024.

What major changes were announced by Amcomri Entertainment (AMNNF) on September 6, 2024?

Amcomri Entertainment announced the resignation of Robert Price as CEO, appointment of Laurence Howard as the new CEO, and plans for returning capital to shareholders, voluntary wind-up and dissolution, and potential delisting from Cboe Canada.

When did Amcomri Entertainment (AMNNF) shareholders approve the company's wind-up and dissolution?

Amcomri Entertainment shareholders approved the company's voluntary wind-up, dissolution, and other major changes at the annual general and special meeting held on August 28, 2024.

What is the reason for Amcomri Entertainment (AMNNF) implementing these major changes?

Amcomri Entertainment is implementing these changes because the company is ceasing to carry on an active business, as stated in the press release.