Toronto, Ontario--(Newsfile Corp. - December 11, 2024) - YANGAROO Inc. (TSXV: YOO) (OTC Pink: YOOIF) (the "Company"), a software leader in media asset workflow solutions for the advertising and entertainment industries, is pleased to announce the appointment of Peter Kanniah as the Company's Chief Financial Officer, effective January 02, 2025 (the "Effective Date").
Peter Kanniah is a highly qualified financial professional with over 20 years of experience in accounting, compliance, and corporate financial management. A CPA and Business Administration graduate, he is skilled in IFRS and GAAP, with a proven track record of driving operational efficiency, managing complex budgets, and ensuring regulatory compliance.
Mr. Kanniah has led financial reporting transitions, acquisition integrations, and process optimizations throughout his career. His expertise includes managing audits, treasury functions, cash flow, and account reconciliations. Known for his leadership, problem-solving skills, and ability to deliver cost-effective solutions, Mr. Kanniah is committed to advancing organizational success through strategic financial management.
The Company has agreed to grant 500,000 restricted share units (each an "RSU", collectively the "RSUs") to Mr. Kanniah in accordance with the terms and conditions of the Company's Omnibus Incentive Plan (the "Plan"). The RSUs will be granted on or about the Effective Date and vest 100% on the second anniversary of the Effective Date, upon which the RSUs will be payable in cash or common shares, or a combination of both, at the discretion of the Company, subject to the terms of the Plan. Following this grant, 500,000 RSUs will be outstanding and 3,870,600 RSUs remain available for grant under the Plan.
Grant Schuetrumpf, Chief Executive Officer of the Company, commented, "We look forward to Peter joining the team. Peter's extensive expertise in financial management, compliance, and strategic leadership will be invaluable as we advance our goals and remain focused on delivering exceptional value to our shareholders."
The Company has appointed Grant Schuetrumpf, Chief Executive Officer of the Company, as Interim Chief Financial Officer until the Effective Date.
About YANGAROO:
Yangaroo is a software leader in media asset workflow and distribution solutions for the advertising, music, and awards industries. YANGAROO's patented Digital Media Distribution System is a leading secure business-to-business cloud-based solution that incorporates production services, traffic, clearance, delivery, analytics, and secure API integration for the industry's various video and audio workflow challenges.
YANGAROO has offices in Toronto, New York, and Los Angeles. YANGAROO trades on the TSX Venture Exchange (TSX-V) under the symbol YOO and in the U.S. under OTCBB: YOOIF.
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. Although YANGAROO has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company is making forward-looking statements with respect to, including but not limited to, the appointment of Mr. Kanniah and the impact thereof on the Company; and the grant and terms of the RSUs.
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.
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