TORONTO, Oct. 17, 2019 (GLOBE NEWSWIRE) -- ARHT Media Inc. (the “Company” or “ARHT”) (TSX-V:ART), a global leader in holographic telepresence, is pleased to announce that it has agreed to settle its debt of USD $400,000 (CAD equivalent $530,000) owed by the Company to ARHT Asia Limited ("ARHT Asia").
Pursuant to terms of a letter agreement, ARHT Asia has agreed to set-off US$400,000 (CAD equivalent $530,000) in consideration of the issue to ARHT Asia of 4,076,923 Units (as defined herein), valued at CAD $0.13 per Unit.
Each unit ("Unit") will consist of one common share in the capital of the Company (each a "Common Share"), and one common share purchase warrant (each a "Warrant"). Each whole Warrant will entitle ARHT Asia to purchase one Common Share at a price of CAD$0.18 per Common Share, exercisable for 36 months from the date of issue (the "Closing Date"). If at any time after that date which is four months and one day after the Closing Date the price per Common Share on the principal market on which such shares trade is CAD$0.50 or higher (on a volume weighted adjusted price basis) for a period of at least six (6) consecutive weeks, then the Company may elect to accelerate the expiry date of the Warrants and, as such, the Warrants will expire on the date which is thirty (30) days following the date upon which the Company issues a new release announcing the accelerated expiry date.
The Units to be issued pursuant to this transaction will be subject to a four month and one day statutory hold period.
Following settlement of this debt, the Company will have no further debt outstanding.
This transaction is subject to approval of the TSX Venture Exchange.
About ARHT Media
ARHT Media’s patented holographic telepresence technology is a complete end-to-end solution that creates a sense of presence for audiences – as though the holographic presenter was actually live in the room. With no noticeable latency, ARHT Media makes two-way live communication with a 3D holographic presenter anywhere in the world possible. We can also playback pre-recorded content and 3D animations on our displays to deliver rich holographic experiences.
Connect with ARHT Media
Twitter: http://www.twitter.com/ARHTmedia
Facebook: http://www.facebook.com/ARHTmediainc
LinkedIn: http://www.linkedin.com/company/arht-media-inc-
For more information, please visit http://www.arhtmedia.com or contact the investor relations group at info@arhtmedia.com.
ARHT Media trades under the symbol “ART” on the Toronto Venture Stock Exchange.
ARHT Media Press Contact
Salman Amin
samin@arhtmedia.com
Regulatory Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the closing of the transaction or the use of proceeds of the transaction. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic and competitive uncertainties; regulatory risks; risks inherent in technology operations; and other risks of the technology industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S under the 1933 Act) absent such registration or an applicable exemption from such registration requirements.
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 ADEQUACY OR ACCURACY OF THIS RELEASE.
