Yangaroo Announces Resignation of Chief Financial Officer

Rhea-AI Summary

Yangaroo (TSXV: YOO, OTC: YOOIF), a software company specializing in media asset workflow and distribution solutions, announced the resignation of CFO Frank Guo, effective November 30, 2024. Guo will remain until month-end to complete the Q3 2024 financial statements and management discussion. The company has begun searching for a successor and will rely on its existing finance team for interim operations. CEO Grant Schuetrumpf acknowledged Guo's contributions to building organizational stability.

Positive

• CFO will complete Q3 2024 financial reporting before departure
• Existing finance team ensures operational continuity

Negative

• Departure of key executive (CFO) creates leadership gap
• Potential disruption in financial management during transition

Toronto, Ontario--(Newsfile Corp. - November 13, 2024) - YANGAROO Inc. (TSXV: YOO) (OTC Pink: YOOIF) ("Yangaroo", "Company"), a software leader in media asset workflow and distribution solutions, announced today the resignation of Frank Guo, the Company's Chief Financial Officer, effective November 30, 2024.

Mr. Guo will remain with the Company for the remainder of the month in order to complete the filing of the Company's interim financial statements and corresponding management's discussion and analysis for the quarter ended September 30, 2024, as required under National Instrument 51-102 - Continuous Disclosure Obligations.

The Company has initiated a search for Mr. Guo's successor and will make an announcement once a new CFO is appointed. In the interim, the Company's experienced finance team will ensure continuity in financial management and operations.

Grant Schuetrumpf, CEO of Yangaroo, stated, "We would like to thank Frank for his contributions during his tenure with us. Frank's dedication and hard work has played a key role to building stability in the organization, and we are committed to remaining on track with our financial reporting and ensuring a smooth transition over the coming weeks."

About YANGAROO

Yangaroo is a technology provider in the media and entertainment industry, offering a cloud-based software platform for the management and distribution of digital media content. Yangaroo's Digital Media Distribution System ("DMDS") platform is a patented cloud-based platform that provides customers with a centralised and fully integrated workflow directly connecting radio and television broadcasters, digital display networks, and video publishers for centralised digital asset management, delivery and promotion. DMDS is used across the advertising, music, and entertainment awards show markets.

YANGAROO Inc. is a publicly listed company incorporated on July 28, 1999 under the laws of Ontario as Musicrypt.com Inc. and changed to its present name on July 17, 2007. YANGAROO trades on the TSX Venture Exchange ("TSX-V") under the symbol YOO and in the U.S. under OTCPK: YOOIF.

The address of the Company's corporate office and principal place of business is 360 Dufferin Street, Suite 203, Toronto, Ontario, M6K 3G1.

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For YANGAROO Investor Inquiries:

Grant Schuetrumpf
Ph: (416) 534 0607
investors@yangaroo.com

Neither the TSX Venture Exchange nor Its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy of this release.

Cautionary Note Regarding Forward-looking Statements

This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes.

Forward looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of YANGAROO, that may cause the actual results, level of activity, performance or achievements of YANGAROO to be materially different from those expressed or implied by such forward looking statements. Yangaroo is making forward-looking statements with respect to: the effective date of resignation of Mr. Guo; the anticipated filing of the Company's interim financial statements and management's discussion and analysis for the quarter ended September 30, 2024, and the timing thereof; and future announcements regarding the appointment of a successor CFO.

Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause YANGAROO's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, neither YANGAROO assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229852

FAQ

When is Yangaroo CFO Frank Guo leaving the company?

Frank Guo will leave Yangaroo effective November 30, 2024.

What will happen to Yangaroo's (YOOIF) financial management after the CFO's departure?

The company's existing finance team will manage financial operations while a search for a new CFO is conducted.

Will Yangaroo's Q3 2024 financial reporting be affected by the CFO resignation?

No, Frank Guo will remain until November 30 to complete the Q3 2024 financial statements and management discussion.