Liquid Media Settles Waterproof Litigation

Rhea-AI Summary

Liquid Media Group Ltd. (Nasdaq: YVR) has entered a settlement agreement with shareholders of Waterproof Studios Inc. to resolve litigation regarding Liquid's interest in the studio. Liquid will receive $825,000 in cash and transfer its interest in Waterproof to the shareholders, who will dismiss the claim without costs. The agreement includes mutual releases between the parties involved. Liquid Media aims to empower independent content creators through its comprehensive business solutions in film and video game production.

Positive

• Cash inflow of $825,000 from the settlement improves liquidity.
• Resolution of litigation may allow Liquid Media to focus on core business operations without distractions.

Negative

• Liquid's decision to sell its interest in Waterproof Studios may indicate a strategic retreat or lack of confidence in the studio's potential.
• The settlement could suggest unresolved issues affecting Liquid's original plans for Waterproof, raising concerns about future growth.

VANCOUVER, British Columbia, Oct. 22, 2021 (GLOBE NEWSWIRE) -- Liquid Media Group Ltd. (the “Company,” “Liquid Media” or “Liquid”) (Nasdaq: YVR), via its wholly-owned subsidiary Liquid Media Group (Canada) Ltd., has entered into a definitive settlement agreement (the “Agreement”) with three shareholders (the “Shareholders”) of Waterproof Studios Inc. (“Waterproof”) terminating litigation among them in respect of Liquid’s interest in Waterproof (the “Claim”). Pursuant to the Agreement, Liquid has agreed to transfer its interest in Waterproof to or for the benefit of the Shareholders in consideration of a cash payment of $825,000 to Liquid, and the Shareholders have agreed to dismiss the Claim on a without cost basis. The Agreement also includes customary mutual releases.

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 Inc.
+1 (416) 489-0092
pg@liquidmediagroup.co

Media requests:

Investor / Business
Adam Bello
Media & Analyst Relations Manager
Primoris Group Inc.
+1 (416) 489-0092 x 226
media@primorisgroup.com

Industry
Jane Owen
Jane 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. These statements should not be read as guarantees of future performance or results. 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, as well as additional risks disclosed in the Company’s annual and quarterly financial reports available at www.sedar.com. 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.

FAQ

What is the recent settlement agreement involving Liquid Media Group Ltd. (YVR)?

Liquid Media has settled litigation with Waterproof Studios shareholders, receiving $825,000 and transferring its interest in Waterproof.

How much did Liquid Media Group receive from the Waterproof Studios settlement?

Liquid Media Group received $825,000 in cash from the settlement agreement.

What impact does the settlement have on Liquid Media Group's operations?

The settlement resolves litigation, potentially allowing Liquid Media to refocus on its core business activities.

What are the terms of the settlement for Liquid Media Group and Waterproof Studios?

Liquid Media will transfer its interests in Waterproof Studios to shareholders and dismiss the claim, along with mutual releases.