VANCOUVER, British Columbia, March 19, 2024 (GLOBE NEWSWIRE) -- Amcomri Entertainment Inc. (the"Company") (Cboe CA: AMEN) (Frankfurt: 25YO) (OTC: AMNNF) announces that it has applied to the British Columbia Securities Commission (the"BCSC") and the Ontario Securities Commission (the"OSC"), under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203") requesting that a temporary management cease trade order ("MCTO") be granted in respect of the late filing of the consolidated audited financial statements, management's discussion & analysis and related officer certifications and annual information form for the year ended December 31, 2023 (together, the"Annual Filings"). The Annual Filings are required to be filed on or before April 2, 2024. There is no guarantee that an MCTO will be granted.
The Company's auditor requires more time to complete its customary quality reviews with respect to significant risk areas for purposes of the Annual Filings.
The Company will work closely with its auditor to complete the Annual Filings and expects to file the Annual Filings on or about April 15, 2024.
If an MCTO is granted, the Company's directors and senior officers and other insiders will not be able to trade the Company's securities while the MCTO is in effect. The Company confirms that it will comply with the provisions of the alternative information guidelines as set out in NP 12-203 for so long as the default remains in effect, including the issuance of bi-weekly default status reports by way of news release.
The Company confirms, as of the date hereof, that: (i) it is not subject to any insolvency proceeding; and (ii) there is no other material information concerning the affairs of the Company that has not been generally disclosed.
About Amcomri Entertainment Inc.
Amcomri Entertainment Inc. (Cboe CA: 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, Amcomri Productions, Appreciated Media Global, Amcomri Productions and Abacus Media Rights.
For further information about Amcomri, see its disclosure documents on SEDAR+ at www.sedarplus.ca or visit the company's website at https://amcomrientertainmentinc.com/
For more information, please contact:
| Larry Howard Amcomri, Chief Financial Officer Email: larry.howard@amcomri.com Phone: +353-87-686-8255 | Pierre Boucher MBC Capital Markets Advisors Email: pierre@maisonbrison.com Phone: 1-514-731-0000 |
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes"forward-looking information"as defined under applicable Canadian securities legislation. Forward-looking information and statements include, but are not limited to, disclosure regarding possible events, that are based on assumptions about future economic conditions and courses of action, and, in certain cases, can be identified by the use of words such as"potential","propose","aim","depend","seeks","plans","expects","is expected","intends","anticipates", or"believes", or variations of such words and phrases or statements that certain actions, events or results"may","can","could","should","shall","would","might"or"will", or the negative forms of any of these words and other similar expressions. Forward looking statements in this news release include, but are not limited to: the timing of the Company's filing of the Annual Filings, remediation of the issues to complete the Company's audit and the Company's ability to provide meaningful assistance in that remediation, timing of any future news releases of the Company in respect of the Annual Filings or the MCTO, management's ability to have the MCTO revoked and interruptions to the Company's business, any action by any regulator (including the Company's stock exchange), together with any other resulting consequences of the MCTO. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, matters concerning filing of the Required Filings and actions taken by any regulatory in connection with the Required Filings and the MCTO. Actual results and future events could differ materially from those anticipated in such forward looking information. Accordingly, readers should not place undue reliance on forward-looking information. All forward looking information in this news release is made as of the date hereof and qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR+ at www.sedarplus.ca. The Company disclaims any intention or obligation to update or revise such forward-looking information, whether as a result of new information, future events or otherwise, except as required by 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.sedarplus.ca.
