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Acquisition enhances profitability and solidifies rights to over 750 hours of feature films and TV content
VANCOUVER, British Columbia, July 11, 2022 (GLOBE NEWSWIRE) -- Amcomri Entertainment Inc. (“Amcomri” or the “Company”) (NEO: AMEN) (Frankfurt: 25YO) (OTC: AMNNF) announced today that Positivor Limited, an entity jointly owned by the Company and Bohemia Media Limited (the “Purchaser”) has acquired several high-quality Screen Media library assets for the UK and Ireland. Following the acquisition, the assets comprising the library will be distributed by Amcomri’s subsidiary, 101 Films in those territories.
“These acquisitions are in keeping with our high-margin business model, and build on our proven success in content acquisition,” said Robert Price, chief executive officer of Amcomri. “Having previously licensed the UK and Ireland distribution rights for this library, we already know how marketable these assets are. By acquiring the library assets, we increase our share of revenue and extend our distribution rights for the long-term.”
Andy Lyon, chief executive officer of 101 Films, added: “We are pleased to have secured long-term distribution rights for the UK and Ireland for these assets which include titles starring many of Hollywood’s and prime time’s finest celebrities, from Charlize Theron, Daniel Craig, and Jason Momoa to Kelsey Grammer, Leonardo DiCaprio, and Courtney Cox.”
Phil Hunt, founder of Bohemia Media Limited and Head Gear Films, commented: “The forming of this strategic alliance to purchase the Screen Media library assets for the UK and Ireland, further strengthens the mutually beneficial relationship we have enjoyed with Amcomri over the past three years.”
The Purchaser is majority-owned by Amcomri Productions Limited. The Purchaser is funding the purchase price with the proceeds of a loan from Head Gear Films, a financier of independent film and television. In connection with the loan the Purchaser has granted the lender security over the several Screen Media library assets that the Purchaser acquired.
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 assets, the benefit of such acquisition, the availability of and ability of the purchaser 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, Appreciated Media Global, Amcomri Productions and Abacus Media Rights.
About Bohemia Media
Bohemia Media is a London-based production and distribution company, representing film, TV, performance and theatre arts. Launched by Phil Hunt, managing director of UK-based Bankside Films and Head Gear Films, and producer Lucy Fenton, it focuses on projects made by under-represented groups.
Amcomri, Chief Financial Officer
MBC Capital Markets Advisors, President