Amcomri Provides Update on Listing of Shares on Cboe Canada

Rhea-AI Summary

Amcomri Entertainment Inc. (Cboe CA: AMEN) (FSE: 25Y0) (OTC Pink: AMNNF) has announced that trading of its securities on Cboe Canada has been suspended as of September 3, 2024. This suspension follows the company's recent sale of its television production distribution assets and film production and distribution business, resulting in Amcomri ceasing to carry on an active business.

If the suspension is not lifted within 150 days, Amcomri's securities will be automatically delisted from Cboe Canada. The company is considering its options, including a potential voluntary delisting, which was previously approved by shareholders on August 28, 2024. Amcomri's management is evaluating the situation and will provide updates on any decisions regarding the company's listing status.

Positive

• None.

Negative

• Trading of Amcomri's securities suspended on Cboe Canada
• Company has ceased to carry on an active business
• Risk of automatic delisting if suspension not lifted within 150 days
• Sale of core business assets (TV production distribution and film production/distribution)

Vancouver, British Columbia--(Newsfile Corp. - September 4, 2024) - Amcomri Entertainment Inc. (Cboe CA: AMEN) (FSE: 25Y0) (OTC Pink: AMNNF)  ("Amcomri" or the "Company") announces that, further to the Company's news release of August 30, 2024, as a result of (a) completion of the previously announced sale of certain of the Company's assets utilized for the sale and distribution of television productions through television, streaming and other platforms, and (b) completion of the sale of the Company's film production and distribution business, the Company has ceased to carry on an active business and, accordingly, on September 3, 2024 (the "Suspension Date") the Company received notice from Cboe Canada Inc. ("Cboe Canada") that trading in the securities of the Company has been suspended pursuant to the rules of Cboe Canada.

Pursuant to the rules of Cboe Canada, if within 150 days of the Suspension Date the suspension has not been lifted, the securities of the Company will be automatically delisted without further notice.

The Company is continuing to consider all of its options at this time, including the delisting of the Common Shares from Cboe Canada (the "Delisting"), either by Cboe Canada or by the Company voluntarily. A voluntary Delisting was previously approved by shareholders of the Company ("Shareholders") at the Company's annual general and special meeting of Shareholders held on August 28, 2024.

Further details of the Company's expectations with respect to the potential Delisting can be found in the Company's management information circular dated July 28, 2024, a copy of which is available under the Company's SEDAR+ profile at www.sedarplus.com.

About Amcomri Entertainment Inc.

Amcomri Entertainment Inc. (Cboe CA: AMEN) (FSE: 25Y0) (OTC Pink: 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.sedarplus.com or visit the company's website at https://amcomrientertainmentinc.com/.

For more information please contact:

Larry Howard
Amcomri, Chief Financial Officer
Email: larry.howard@amcomri.com
Phone: +353-87-686-8255

Forward-Looking Statements

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 consummation (if at all) and timing of the delisting of the Company's securities from Cboe Canada. There can be no assurance that the proposed return of capital, windup and dissolution of the Company and, if applicable, the Company's delisting from Cboe Canada will be completed at all or on the terms and conditions contemplated therein and in this news release. Forward‐looking information and statements are 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 and statements. Such factors include, but are not limited to, risks relating to the expenses incurred to complete the delisting from Cboe Canada (if completed), general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets. 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.com. 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 of such risks and uncertainties, please see the section entitled "Risk Factors" in the Company's annual information form dated June 2, 2024, and available under the Company's profile on SEDAR+ at http://www.sedarplus.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222131

FAQ

Why was trading of Amcomri Entertainment (AMNNF) suspended on Cboe Canada?

Trading was suspended on September 3, 2024, because Amcomri ceased to carry on an active business following the sale of its television production distribution assets and film production and distribution business.

What happens if Amcomri's (AMNNF) trading suspension is not lifted within 150 days?

If the suspension is not lifted within 150 days from September 3, 2024, Amcomri's securities will be automatically delisted from Cboe Canada without further notice.

Did Amcomri (AMNNF) shareholders approve a potential voluntary delisting?

Yes, shareholders approved a potential voluntary delisting from Cboe Canada at the company's annual general and special meeting held on August 28, 2024.

What options is Amcomri Entertainment (AMNNF) considering regarding its listing status?

Amcomri is considering all options, including a potential delisting from Cboe Canada, either through automatic delisting or voluntarily as approved by shareholders.