VANCOUVER, British Columbia, April 03, 2024 (GLOBE NEWSWIRE) -- Amcomri Entertainment Inc. (the Company) (Cboe CA: AMEN) (Frankfurt: 25YO) (OTC: AMNNF) announces that its principal regulator, the British Columbia Securities Commission, has accepted the Company's application for, and has granted, a management cease trade order (the MCTO) dated April 3, 2024. As previously announced on March 19, 2024, the application for the MCTO was made by the Company due to a delay in the filing of 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) by the filing deadline of April 2, 2024. The delay in completing the Annual Filings is to permit sufficient time for the Company's auditor, MNP LLP, to complete its customary quality reviews with respect to significant risk areas for purposes of the Annual Filings.
During the currency of the MCTO, the general investing public, who are not insiders of the Company, will continue to be able to trade in the Company's listed shares. However, the Company's directors and senior officers and other insiders will not be able to trade the Company's shares until such time as the Annual Filings have been filed by the Company and the MCTO has been lifted.
The Company's board of directors and its management are working expeditiously to meet the Company's obligations relating to the filing of the Annual Filings. At this time, the Company anticipates being able to complete the Annual Filings on or about April 15, 2024.
During the MCTO, the Company confirms that it will comply with the provisions of the alternative information guidelines set out in National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a news release.
The Company also confirms that there are no other material developments 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 | Pierre Boucher |
| Amcomri, Chief Financial Officer | MBC Capital Markets Advisors |
| Email: larry.howard@amcomri.com | Email: pierre@maisonbrison.com |
| Phone: +353-87-686-8255 | 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. Forwardlooking 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 the completion of the Company's Annual Filings on or by April 15, 2024, timing of any future news releases of the Company in respect of the Annual Filings 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. Forwardlooking 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 forwardlooking 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 Annual Filings and actions taken by any regulatory in connection with the Annual Filings 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 forwardlooking 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 forwardlooking 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 www.sedarplus.ca.