Adds 330 Feature Films and over 350 Hours of Tv and Feature Film Content to Its UK & Ireland Distribution Library
Toronto, Ontario--(Newsfile Corp. - January 25, 2022) - Amcomri Entertainment Inc. (NEO: AMEN) ("Amcomri") has today completed the acquisition of 100% of the share capital of Silentpoint Limited ("Silentpoint"), a company registered in the Republic of Ireland, which holds the UK & Ireland distribution rights for over 800 hours of movie and TV content.
Silentpoint owns the distribution rights to the "Sonar" library, recently rebranded as Halcyon Studios. The library includes 330 feature films, 20 TV series spanning 170 hours and 50 mini-series with over 200 hours of viewing content.
Silentpoint is being acquired from an entity controlled by Paul McGowan, the Chairman of Amcomri, for a cash payment obligation of US$503,000 and the assumption of Silentpoint's ongoing obligations to Screen Media Ventures LLC in respect of the library. Following the acquisition, Amcomri intends to rename Silentpoint as "Amcomri Productions Limited" and it will then act as the central content library for the Amcomri group of companies.
Robert Price, CEO of Amcomri, said "We are pleased to be able to add this important library to our distribution business in the UK and Ireland. The focus on high quality talent makes this library highly marketable in those territories and it will provide our subsidiary, 101 Films, in particular, with additional opportunities to maximise its appeal to the major networks and platforms across the UK and Ireland."
The Halcyon Studios library features performances by a great variety of talent, including Kelsey Grammer, Richard Dreyfuss, David Tennant, James McAvoy, Jeremy Irons, Helen Mirren, Jeremy Renner, Sigourney Weaver, Courtney Cox, and Jeff Goldblum.
Notable titles included in the library are Taboo starring Tom Hardy, Frank Herbert's Children of Dune, The Escape Artist, Journey To The Centre of the Earth, Poseidon Adventure and Tin Man.
Andy Lyon, Director at Amcomri and CEO of 101 Films, said, "With the acquisition of Silentpoint our movie distribution rights library has reached in excess of 1,800 movies and 750 TV hours of content in addition to the [1,600] hours of documentary and TV content held by Abacus Media Rights. Demand for quality content is at an all-time high due to the growth of streaming, subscription channels and AVOD platforms around the globe. At Amcomri we continue to add to our library to service this thirst for quality material. "
The acquisition of Silentpoint constitutes a "related party transaction" as such term is defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") because Larry Howard, the Chief Financial Officer of Amcomri, is the sole director of Silentpoint and Paul McGowan, the Chairman of Amcomri, is a director of Silentpoint and indirectly owns Silentpoint.
In respect of the requirements of MI 61-101, Amcomri has relied on the exemptions from the formal valuation and minority approval requirements set forth in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the acquisition, exceeds 25% of the market capitalization of Amcomri.
ABOUT AMCOMRI ENTERTAINMENT INC
Amcomri Entertainment Inc. (NEO: AMEN) provides a global distribution capability for independent movie, documentary and TV series producers as well as its own productions. Exploiting a network of distribution channels around the world, Amcomri's companies deliver a premium, transparent and trustworthy route to market. With decades of experience across all the key media markets, the Amcomri team is fast becoming the go-to team for independent producers seeking the widest possible audience for their productions. Amcomri's network is built on strong, trustworthy partners. Arranging strong pre-sale partners in the major markets, the teams can often provide the assurance that lenders need in order to provide production finance.
The Amcomri Entertainment Inc. group of companies includes 101 Films, 101 Films International, Hollywood Classics International, Amcomri Productions, Appreciated Media Global and the documentary, drama and non-fiction series focused Abacus Media Rights.
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Cautionary Note Regarding Forward-Looking Statements
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 Amcomri 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 and includes information regarding the acquisition of the library and the associated benefits thereof and expectations for other economic, business, and/or competitive factors.
Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect Amcomri's management'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. Although Amcomri 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 resulting issuer. These forward-looking statements may be affected by risks and uncertainties in the business of Amcomri and general market conditions, including COVID-19 and those other risks and uncertainties which are included in the management information circular dated for November 18, 2021.
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 Amcomri 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. Amcomri does not intend, and do not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.
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