VANCOUVER, British Columbia, Dec. 09, 2020 (GLOBE NEWSWIRE) -- Appreciated Media Holdings Inc. ("Appreciated Media" or the "Corporation") (TSXV: AMH) (OTCQB: AMEFF) announces that Stephen Brown has resigned as a director of the Company. Stephen has been with the Company since March, 2020, and the Company thanks him for his assistances and wishes him the best in his future endeavors.
In connection with Mr. Brown’s departure, the Company has agreed to return to Brown’s holding company assets acquired by the Company in May 2020. Moreover, Mr. Brown has agreed to (i) surrender for cancellation 425,000 common shares in the capital of the Company and 200,000 stock options, (ii) forgive and release approximately $1,000,000 owed by the Company to Brown and (iii) assist and guarantee the repayment of $150,000 owing by the Company to its principal creditor, Amcomri GP BVI Limited.
About Appreciated Media Holdings Inc.
Appreciated Media (TSXV: AMH) (OTCQB: AMEFF) is a multi-faceted entertainment company based in Vancouver. The Appreciated Media team is extremely well-versed in a variety of entertainment delivery platforms and is fast becoming a top-tier entertainment company.
Neither the TSX Venture Exchange Inc. ("Exchange") nor its regulation services provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements
This press release contains forward-looking information and forward-looking statements (collectively, "forward-looking statements") as such terms are defined by applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate," "believe," "plan," "estimate," "expect," and "intend," statements that an action or event "may," "might," "could," "should," or "will" be taken or occur, or other similar expressions and include statements concerning the Company’s disposition of the assets described herein, the surrender of securities by Brown and the release of debt. Forward-looking statements are subject to a number of known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond Appreciated Media's control and Appreciated Media's actual results could well differ materially from those stated or implied in forward-looking statements due to many various factors. Although Appreciated Media believes that the expectations reflected in the forward-looking statements are reasonable, Appreciated Media cannot guarantee that the events and circumstances reflected in the forward-looking statements will be achieved or occur. The timing of events and circumstances and actual results could differ materially from those projected in the forward-looking statements. Accordingly, one should not place undue reliance on forward-looking statements. All forward-looking statements contained in this press release are made as of today's date and Appreciated Media undertakes no obligation to update or publicly revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For further details, please see the Corporation’s documents filed under the Corporation’s profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com.
61-101 Disclosure
Because Stephen Brown was a director of the Company at the time the transactions described in the second paragraph of this press release were agreed to, such transactions may be considered “related party transactions” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (61-101). As these transactions were agreed to at the time of Mr. Brown's resignation and contemplate completion during the first weeks of December, the Company could not file a material change report at least 21 days before the expected date of closing of such transactions.
For inquiries, please contact:
Larry Howard, Interim Chief Financial Officer
+353 87 6868 255