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Amcomri Provides Further Bi-Weekly Default Status Report

VANCOUVER, British Columbia, May 15, 2024 (GLOBE NEWSWIRE) -- Amcomri Entertainment Inc. (the “Company”) (Cboe CA: AMEN) (Frankfurt: 25YO) (OTC: AMNNF) is providing this further bi-weekly default status report in accordance with its obligations under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”).

As previously announced in the Company’s press releases dated April 3, 2024, April 17, 2024 and May 1, 2024, the Company is subject to a management cease trade order (“MCTO”) issued by its principal regulator, the British Columbia Securities Commission (“BCSC”), dated April 3, 2024. The MCTO prohibits the directors and executive officers and other insiders of the Company from trading in or acquiring securities of the Company until two full business days after the Company files with BCSC its consolidated audited annual financial statements, management’s discussion & analysis, related officer certifications and annual information form for the year ended December 31, 2023 (together, the “Annual Filings”) and the unaudited interim financial statements, management’s discussion & analysis and related officer certifications for the three months ended March 31, 2024 (the “Interim Filings”, and together with the Annual Filings, the “Required Documents”).

The Company expects the Interim Filings to be filed concurrently with the Annual Filings. The MCTO will remain in effect until two (2) full business days following the receipt by the BCSC of all filings the Company is required to make under Canadian securities law (including the Required Documents). The MCTO does not affect the ability of investors who are not insiders to trade in the securities of the Company.

The revised deadline for filing the Annual Filings is June 3, 2024. The Company is working diligently with its auditors to complete, and currently anticipates to file, the Required Documents on or about May 24, 2024.

The Company advises that, except as stated herein: (i) there have been no material changes to the information contained in the Company's news releases dated April 3, 2024, April 17, 2024 and May 1, 2024; (ii) it intends to continue to satisfy the provisions of the alternative information guidelines of NP 12-203; (iii) except as previously disclosed, there are no subsequent specified defaults (actual or anticipated) within the meaning of NP 12-203; and (iv) 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: [email protected]
Phone: +353-87-686-8255
Pierre Boucher        
MBC Capital Markets Advisors
Email: [email protected]
Phone: 1-514-731-0000
  

CAUTIONARY STATEMENT REGARDING FORWARDLOOKING INFORMATION:

This news release includes “forward-looking information” and “forward-looking statements” as such terms are defined under applicable Canadian securities legislation. Forward‐looking information and statements include 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 statements related to: the anticipated delay in, and expected timing of, the completion and filing of the Required Documents, timing of any future news releases of the Company in respect of the Required Documents 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 Documents and actions taken by any regulator in connection with the Required Documents 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 http://www.sedarplus.ca/.


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