VANCOUVER, British Columbia, Aug. 28, 2023 (GLOBE NEWSWIRE) -- Amcomri Entertainment Inc. (“Amcomri” or the “Company”) (CBOE: AMEN) (Frankfurt: 25YO) (OTC: AMNNF) is pleased to announce that the Company has entered into a loan agreement with Oranmore Limited (the “Lender”) pursuant to which the Lender will provide a credit facility of up to US$1,250,000 (the “Credit Facility”) to the Company for working capital purposes.
Amounts drawn under the Credit Facility are repayable by the Company at any time without penalty and shall become due and payable on January 31, 2024. The Company and the Lender have agreed that amounts drawn under the Credit Facility shall bear interest at a rate of 12.0% per annum and shall be secured against the assets of the Company. In consideration for the facilitation of the Credit Facility, the Company has also agreed to pay the Lender a one-time arrangement fee of US$150,000.
The Lender, Oranmore Limited, is an entity beneficially owned and controlled by the Company’s Chairman, Paul McGowan. The Credit Facility constitutes a "related party transaction" as such term is defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") because the Lender is an entity beneficially owned and controlled by the Company’s Chairman, Paul McGowan.
In respect of the requirements of MI 61-101, Amcomri has relied on the exemptions from the formal valuation and minority approval requirements set forth in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for facilitation of the Credit Facility does not exceed 25% of the market capitalization of Amcomri.
Forward-Looking Statements
This press release contains statements which constitute “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking statements”), the Company’s intent to draw-down and re-pay the Credit Facility and with respect to future business activities concerning the Credit Facility. Forward-looking statements are often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions.
Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect the Company’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are the following: changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws and regulations both locally and in foreign jurisdictions; compliance with extensive government regulation; the risks and uncertainties associated with foreign markets; and those risks and uncertainties that are described in the section entitled “Risk Factors” in the Company’s annual information form dated April 14, 2023, and available under the Company’s profile on SEDAR at www.sedar.com. These forward-looking statements may be affected by risks and uncertainties in the business of the Company and general market conditions.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. All of the forward-looking statement contained in this press release are qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking statements contained herein are provided as of the date hereof, and the Company does not intend, and does not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.
Investors are cautioned that, trading in the securities of the Company should be considered highly speculative. For a more detailed discussion such risks and uncertainties, please see the section entitled “Risk Factors” in the Company’s annual information form dated April 14, 2023, and available under the Company’s profile on SEDAR at www.sedar.com.
About Amcomri Entertainment Inc.
Amcomri Entertainment Inc. (CBOE: AMEN) (Frankfurt: 25Y0) 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, Appreciated Media Global, Amcomri Productions and Abacus Media Rights.
For further information about Amcomri, see its disclosure documents on SEDAR at www.sedar.com or visit the company’s website at https://amcomrientertainmentinc.com/
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