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VANCOUVER, British Columbia, Nov. 29, 2022 (GLOBE NEWSWIRE) — Amcomri Entertainment Inc. (“Ankang” or”company”) (NEO: AMEN) (Frankfurt: 25YO) (OTC: AMNNF) is pleased to announce that the company has entered into a partnership with Oranmore Limited (“lender”), whereby lenders will provide up to $750,000 in financing (“credits)) to the company for marketing and promotion of the company’s film projects, “Left Behind: The Rise of the Antichristwill be released in 1,100 theaters across the United States beginning January 2023.
Amounts drawn under the Credit Facility are repayable at any time without penalty and are due and payable upon request by the Lender and one year from the first drawdown under the Credit Facility, whichever is earlier. The Company and the Lender have agreed that the Credit Facility shall be accrued at an interest rate of 3.0% per month and shall be secured by the assets of the Company.
Robert Price, CEO of Amcomri, commented: “This credit facility, combined with the marketing funds already allocated, means we are able to invest a significant amount of publicity in Left Behind: Rise of the Antichrist Invest. With the film opening in the US on January 26, 2023, we are perfectly positioned for success. The latest Left Behind film starring Kevin Sorbo and Neal McDonough builds on incredible popularity, 3 million social media fans and the more than $200 million in sales of previous films in the franchise.”
The lender Oranmore Limited is an entity beneficially owned and controlled by Paul McGowan, Chairman of the Company. The credit arrangement constitutes a “related party transaction” as defined in Multilateral Instrument 61-101— Protection of Minority Security Holders in Special Transactions (“MI 61-101“) because the lender is an entity beneficially owned and controlled by the company’s chairman, Paul McGowan.
With respect to the requirements of MI 61-101, Amcomri relies on the exemption from the formal valuation and minority approval requirements set out in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, because neither the subject matter Neither the fair market value nor the fair market value of the credit facility consideration exceeds 25% of the market value of Amcomri.
forward-looking statement
This press release contains statements that constitute “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking statements”), including statements about the Antichrist’s intentions in connection with the release of the Left Behind: Rise film , the company’s intentions to draw down and repay the line of credit, and future business activities in relation to the line of credit. Forward-looking statements are often identified by words such as “may,” “would,” “may,” “should,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” etc., ” expected” or similar expressions.
Investors are cautioned that forward-looking statements are not based on historical facts, but reflect the Company’s expectations, estimates or projections of future results or events based on opinions, assumptions and estimates believed to be reasonable by management on the date the statements are made. 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 on these statements because unknown or unpredictable factors may have a negative impact on future results, performance or achievements have a material adverse effect on the company.Key factors that could cause actual results to differ materially from those projected in forward-looking statements are as follows: changes in general economic, business and political conditions, including changes in financial markets; changes in applicable laws and regulations in local and foreign jurisdictions; compliance with broad governmental regulations; risks and uncertainties related to foreign markets; and the risks and uncertainties described in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 23, 2022, which and Uncertainty can be found in the company profile on SEDAR www.carder.com. These forward-looking statements may be subject to risks and uncertainties in the company’s business and general market conditions, including COVID-19.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may differ from those described herein as expected, planned, expected, believed, estimated or Expected results vary significantly. Although the company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be other factors that cause results to differ from expectations, estimates or expectations, and such changes could be material. All forward-looking statements contained in this press release are qualified by the foregoing cautionary statements and there can be no assurance that our anticipated results or developments will be achieved or that, even if substantially achieved, they will have the desired effect on our business, financial consequences or effects of conditions or results of operations. Unless otherwise indicated or the context otherwise requires, the forward-looking statements contained herein are made as of the date of publication, and the company does not intend and undertakes no obligation to update forward-looking statements, except as otherwise required by applicable law.
Investors should note that trading in the Company’s securities 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 March 23, 2022, which can be found in the Company’s profile on SEDAR at www.carder.com.
About Amcomri Entertainment Inc.
Amcomri Entertainment Inc. (NEO: AMEN) (Frankfurt: 25Y0) provides global distribution capabilities to independent film, documentary and television producers and their in-house productions. With decades of experience across all major media platforms, Amcomri is fast becoming the team of choice for independent producers seeking the widest possible audience for their work. 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 more information on Amcomri, please see its disclosure on SEDAR at www.carder.com or visit the company website https://amcomrientertainmentinc.com/
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