VANCOUVER, British Columbia, June 08, 2022 (GLOBE NEWSWIRE) -- Amcomri Entertainment Inc. ("Amcomri" or the "Company") (NEO: AMEN) (Frankfurt: 25YO) (OTC: AMNNF) announced today 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 TV content, for a 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 United Kingdom 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 Colour with David Attenborough" from Humble Bee Films and SeaLight Pictures. New titles in production include "New Zealand from a Train" by Making Movies and "Ningaloo with Tim Winton" by Artemis Productions.
This latest acquisition boosts Amcomri's TV content library to 4,750 hours of programming and follows the recently announced acquisition of Silentpoint which added over 300 feature film titles to the Company's movie library.
The transaction follows the untimely passing of Flame Media founder and CEO, John Caldon OAM.
"We have the utmost admiration for the high-quality library and senior management team that Mr. Caldon assembled over the last 12 years," said Robert Price, CEO of Amcomri.
Mr. Price noted "This acquisition, fully aligned with our buy-and-build growth strategy, greatly strengthens our global offering in the factual and documentary TV content ownership and distribution markets, building on the remarkable success we have already enjoyed in those sectors through our subsidiary company, Abacus Media Rights. We're planning a seamless transition to ensure that buyers and producers alike continue to receive the high level of service they've grown accustomed to at Flame."
The acquisition of the Flame Media library and associated rights was financed through a £1.6 million loan from Head Gear Films, an arm's length financier of independent film and television. The loan is repayable on the 18 month anniversary of being advanced and bears interest at a 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 have provided corporate guarantees in favour of the lender.
This press release contains statements which constitute "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"), including statements regarding the plans, intentions, beliefs and current 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", "estimate", "expect" or similar expressions.
Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect the Company's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking statements included in this press release include, among other things, statements pertaining to the closing of the acquisitions of the Flame Media assets, the benefit of such acquisition, the availability of and ability of the Company to repay the loan from Head Gear Films. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of 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 in foreign jurisdictions; compliance with extensive government regulation; and the risks and uncertainties associated with foreign markets. These forward-looking statements may be affected by risks and uncertainties in the business of the Company 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 vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. The Company does not intend, and does not assume any obligation, to update the forward-looking statements except as otherwise required by applicable 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 for 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: 25YO) (OTC: AMNNF) 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.sedar.com or visit the company's website at www.amcomrientertainmentinc.com.
Amcomri, Chief Financial Officer
MBC Capital Markets Advisors, President
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