TORONTO, Oct. 16, 2020 /CNW/ - Certain shareholders of Media Central Corporation Inc. ("Media Central" or the "Corporation") announced today that they have requisitioned a meeting (the "Meeting") of holders of common shares (the "Common Shares") in the capital of the Corporation.

Media Central's head office is located at 27 Roytec Road, Vaughan, Ontario L4L 8E3. Media Central's Common Shares are listed on the Canadian Securities Exchange under the symbol FLYY and on the Frankfurt Stock Exchange under the symbol 3AT.

The purpose of the requisition (the "Requisition") submitted by the said shareholders (together, the "Concerned Shareholders") is to change the Board of Directors (the "Board") of the Corporation. Specifically, the Concerned Shareholders are seeking to elect David Daniels, Angelo Grossi, Massimo Giovannetti and Emmanuel Manos Pavlakis to the Board. The Requisition results from the Corporation's prolonged underperformance and its leadership's resistance to meaningful change, following various attempts by the Concerned Shareholders to engage in a constructive dialogue with the Board regarding concerns about the Corporation's performance.

The Concerned Shareholders may be considered to be acting jointly or in concert in connection with the Requisition and the subject matter thereof, and are therefore filing a report under Form 62-103F1 (the "Early Warning Report") on the Corporation's SEDAR profile on www.sedar.com.  For greater certainty, the Concerned Shareholders have not otherwise entered into any agreement, commitment or understanding under which they may be considered "joint actors".

The Concerned Shareholders, their ownership or control of Common Shares of Media Central, and their percentage ownership of outstanding Common Shares is as follows:

The Concerned Shareholders beneficially own or exercise control or direction over an aggregate of 30,889,544 Common Shares of the Corporation, representing 9.13% of the outstanding number of Common Shares. Certain other shareholders of the Corporation may also be considered to be acting jointly or in concert with the Concerned Shareholders in connection with the Requisition and the subject matter thereof, including Rachelle Grossi (who owns or controls 4,434,346 Common Shares representing 1.31%) and Michael Grossi (who owns or controls 10,784,846 Common Shares representing 3.19%). Together with the Concerned Shareholders, this group beneficially owns or exercises control over an aggregate of 46,108,736 Common Shares of the Corporation, representing 13.63% of the outstanding number of Common Shares.

There has been no trade in any Common Shares, and no transaction involving a change of ownership or control of Common Shares that has triggered the requirement to file the Early Warning Report.

A copy of this press release is being filed on Media Central's SEDAR profile on www.sedar.com.

SOURCE Shareholders of Media Central Corporation Inc.

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