Amcomri Entertainment Provides Progress Report
Busy start to first quarter as a public company
VANCOUVER, British Columbia, April 12, 2022 (GLOBE NEWSWIRE) -- Amcomri Entertainment Inc. (“Amcomri” or the “Company”)) (NEO: AMEN) (Frankfurt: 25YO) is pleased to provide a progress report after completing its initial quarter as a publicly traded company.
Amcomri, a global producer and distributor of independent movies, TV series and documentaries, underwent a major transformation during the first quarter of 2022. The Company closed a reverse takeover in early January and was listed for trading on the NEO Exchange in Toronto.
“The reverse takeover of Appreciated Media and move to the NEO Exchange was quite a start to our year,” said Robert Price, CEO of Amcomri. “We had been negotiating the reverse takeover for more than 12 months, so it was gratifying to finally get it over the line and ring the virtual bell for the opening of the Exchange on January 7th.”
“In March, we confirmed that our subsidiary, Trinity Pictures Distribution, which forms the main part of our non-production operations, had generated record sales ($13.7 million) and EBITDA ($8.7 million) for fiscal 2021. Additionally, we’re on track to secure an OTC listing in the first half of 2022. Of course, we know we’re just at the beginning of the hard work to deliver on our strategic plan.”
A major part of the strategic plan involves growing Amcomri’s content library through the acquisition of independent library distribution rights for markets around the world. In the first quarter of 2022, the Company increased its library through the acquisition of Silentpoint Limited, an Irish-registered owner of feature films and TV series.
Amcomri also entered into an all-rights distribution deal with Artist View Entertainment, which delivers movies in the UK and Ireland. In addition, the Company closed a distribution deal with Shout! Factory for diverse movies and TV content. As a result, Amcomri has amassed a library with over 2,500 films and 750 hours of TV and documentary content.
“We are mainly focused on library acquisitions in the early phase of our life as a public company,” Mr. Price added. “Amcomri’s movie and TV teams, led by Andy Lyon and Jonathan Ford, have extensive experience in global distribution and their reputations have brought a wide variety of independent producers to the table.”
Amcomri is not only distributing third-party content on a global basis, but it is also building its own production pipeline. Amcomri expects to release two in-house productions in time for the 75th annual Cannes Film Festival: “Left Behind—Rise of the Antichrist” and “A Home for the Holidays.” Both movies were directed and produced in Calgary, Alberta.
The Cannes Film Festival, a gathering of who’s who in the global movie industry, will be held from May 17-28, 2022.
“We’re delighted to launch these two movies under the Amcomri banner for the very first time. These films will allow us to have a strong representation at Cannes,” Mr. Price concluded. “The timing is right to showcase these movies, sign distribution deals and network with the major players in the industry.”
Amcomri will release its first quarter results for fiscal 2022 on or about May 15, 2022.
About Amcomri Entertainment Inc.
Amcomri Entertainment Inc. (NEO: AMEN) 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.sedar.com or visit the company’s website at www.amcomrientertainmentinc.com.
For more information, please contact:
Amcomri, Chief Financial Officer
Cautionary Note Regarding Non-IFRS Measures
This news release refers to certain financial performance measures that are not defined by and do not have a standardized meaning under International Financial Reporting Standards (termed "Non-IFRS measures"). Non-IFRS measures are used by management to assess the financial and operational performance of Trinity. The Company believes that these Non-IFRS measures, in addition to conventional measures prepared in accordance with International Financial Reporting Standard, enable investors to evaluate the Company’s operating results, underlying performance and prospects in a similar manner to the Company's management. As there are no standardized methods of calculating these Non-IFRS measures, the Company’s approach may differ from those used by others, and accordingly, the use of these measures may not be directly comparable. Accordingly, these Non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with International Financial Reporting Standards.
The Company defines EBITDA as earnings before interest tax depreciation and amortisation. EBITDA is intended to provide a proxy for the Company’s operating cash flow and is widely used by industry analysts to compare companies:
Reconciliation of Profit to EBITDA
Depreciation & Amortisation
Note: Amounts have been converted from British Pounds Sterling at a rate of £1.00 to C$1.71.
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. 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.