Appreciated Completes Management and Board Restructuring and Enters Into Forbearance Agreement
VANCOUVER, British Columbia, Nov. 27, 2020 (GLOBE NEWSWIRE) -- Appreciated Media Holdings Inc. ("Appreciated Media" or the "Corporation") (TSXV: AMH) (OTCQB:
AMEFF) is pleased to announce that the board of directors of the Corporation (the “Board”) has negotiated a forbearance agreement with Amcomri GP BVI Limited
(“Amcomri”) until January 5, 2020. As a condition to the receipt of forbearance, the Board has approved a reorganisation of the Corporation’s management and Board, effective
Pursuant to the reorganisation, the Board has appointed Robert Price as the Chief Executive Officer of the Corporation to replace Stephen Brown and appointed Larry Howard as the Corporation’s Interim Chief Financial Officer to replace Mark Groenewald, effective immediately. In addition, Messrs. Price and Howard have each been appointed to the Board.
Mr. Price is the former Managing Director of Twentieth Century Fox Home Entertainment – UK/Nordics, and was also the Chairman of the British Association for Screen Entertainment and has also held senior marketing positions at media, gaming and entertainment companies located throughout the United Kingdom.
Mr. Howard is a Director of Amcomri Media Group (“AMG”) and serves on its board of directors. Mr. Howard is responsible for all of the company’s worldwide sales and operations, including end-to-end management of AMG’s investments. He led the acquisition of Metrodome, Tartan Palisades and Hollywood Classics as well as the formation of Amcomri Film Partners and 101 International Limited.
Further, in connection with the reorganisation, Stephen Brown and Mark Groenewald have ceased to be officers of the Corporation. Following the reorganisation, the Board is comprised of Michael Walker, Andy Lyon, Stephen Brown, Larry Howard and Robert Price.
In connection with the appointment of Mr. Price and Mr. Howard as directors and officers of the Corporation, the Corporation entered into a forbearance agreement (the “Forbearance Agreement”) with Amcomri pursuant to which Amcomri has agreed to forbear on the enforcement of its rights against the Corporation until January 5, 2021 and to provide $100,000 of bridge financing to the Corporation (the “Bridge Loan”) to cover the Corporation’s payroll and to allow sufficient time and resource for management and the Board to complete a strategic review of the Corporation, its assets and its liabilities. For additional details regarding the obligations of the Corporation to Amcomri and Amcomri’s associated rights against the Corporation, please see the Corporation’s press release dated November 26, 2020 which is available under the Corporation’s profile on SEDAR at www.sedar.com.