VANCOUVER, British Columbia, June 08, 2022 (GLOBE NEWSWIRE) — Amcomri Entertainment Inc. (“Amcomri” or the “Company”) (NEO: AMEN) (Frankfurt: 25) (OTC: AMNNF) today announced that the Company, through its wholly owned subsidiaries, Amcomri Productions Limited and Abacus Media Rights Limited, has acquired the library assets and associated rights of Flame Media, a global distributor and owner of factual and documentary television content , for total upfront cash consideration of £1.6 million and up to £100,000 of deferred consideration (approximately C$3.0 million).
Flame Media, with offices in the UK and Australia, has approximately 540 TV titles and 2,250 hours of programming in its content library. Key titles include “Outback Truckers” and “Outback Opal Hunters” from Prospero Productions, “The Moors Murders” from MAP TV and “Life in Color with David Attenborough” from Humble Bee Films and SeaLight Pictures. New titles in production include “New Zealand from a Train” from Making Movies and “Ningaloo with Tim Winton” from Artemis Productions.
This latest acquisition brings Amcomri’s television content library to 4,750 hours of programming and follows the recently announced acquisition of Silentpoint which added more than 300 feature film titles to the company’s film library.
The transaction follows the untimely passing of Flame Media founder and CEO John Caldon OAM.
“We have the greatest admiration for the high quality library and management team Mr. Caldon has built over the past 12 years,” said Robert Price, CEO of Amcomri.
Mr. Price said: “This acquisition, perfectly aligned with our buy-and-build growth strategy, significantly strengthens our global offering in the factual and documentary television content ownership and distribution markets, building on the remarkable success we have already had in these areas through our subsidiary, Abacus Media Rights. We anticipate a smooth transition to ensure buyers and growers continue to receive the high level of service they have come to expect from Flame.
The acquisition of the Flame Media Library and associated rights was funded by a £1.6 million loan from Head Gear Films, an independent financier of independent film and television. The loan is repayable on the 18th anniversary month of the advance and bears interest at the rate of 12% per annum. In connection with the loan, the Company has provided security over the assets of Amcomri Productions Limited and Abacus Media Rights Limited and each of 101 Films International Limited and 101 Films Limited has provided corporate guarantees in favor of the lender.
This press release contains statements that constitute “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking statements”), including statements regarding plans, intentions, current beliefs and expectations. of the Company with respect to future business activities and operating performance. Forward-looking statements are often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, ” esteem”, “expect” or similar expressions.
Investors are cautioned that forward-looking statements are not based on historical fact but rather reflect the Company’s expectations, estimates or projections regarding future results or events based on management’s beliefs, assumptions and estimates believed to be reasonable at the date on which the declarations are made. Forward-looking statements included in this press release include, among other things, statements relating to the closing of the acquisitions of the Flame Media assets, the benefits of such acquisition, the Company’s availability and ability to repay the loan from Head Gear Movies. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve risks and uncertainties, and undue reliance should not be placed on them, as unknown or unforeseeable factors could have material adverse effects on future results, performance or achievements. 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 abroad; compliance with broad government regulations; and the risks and uncertainties associated with foreign markets. These forward-looking statements may be affected by risks and uncertainties in the Company’s business and general market conditions, including COVID-19.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may differ materially from those described herein as anticipated, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be those anticipated, estimated or expected and these changes could be material. The Company does not intend and undertakes no obligation to update any forward-looking statements, except as otherwise required by applicable law.
Investors are cautioned that trading in the Company’s securities should be considered highly speculative. For a more detailed discussion of these risks and uncertainties, please see the section titled “Risk Factors” in the Company’s Annual Information Form dated March 28, 2022 and available under the Company’s profile on SEDAR at www.sedar .com.
About Amcomri Entertainment Inc.
Amcomri Entertainment Inc. (NEO: AMEN) (Frankfurt: 25) (OTC: AMNNF) provides global distribution capabilities to independent producers of films, documentaries and television series as well as its own in-house productions. With decades of experience across all key media platforms, Amcomri is quickly becoming the go-to team for independent producers seeking the widest 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 more information about Amcomri, see its disclosure documents on SEDAR at www.sedar.com or visit the company’s website at www.amcomrientertainmentinc.com.
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MBC Capital Markets Advisors, Chairman
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