The Wonderfilm Media Corporation (TSXV:WNDR, OTCQB:WDRFF) (“Wonderfilm” or the “Company”), further to its news release dated May 14, 2019, Wonderfilm has acquired 50.1% ownership in the joint venture to be named Wonderfilm Global Sales Limited (“WGSL”).
The Wonderfilm Media Corporation (TSXV:WNDR, OTCQB:WDRFF) (“Wonderfilm” or the “Company”), further to its news release dated May 14, 2019, Wonderfilm has acquired 50.1% ownership in the joint venture to be named Wonderfilm Global Sales Limited (“WGSL”). WGSL has the management experience and industry relationships to act is the main distribution and financing arm for Wonderfilm’s upcoming productions.
Pursuant to the terms of the agreement, 2,000,000 Wonderfilm common shares with a deemed price of $0.25 per share were issued to five arms length parties to the joint venture agreement and an additional 2,000,000 common shares are to be issued on a performance milestone of achieving CAD$1,000,000 in audited EBITDA of WGSL.
Amcomri GP BVI Limited (General Partner of Amcomri Limited Partnership) from Tortola, British Virgin Islands will be issued 1,200,200 Wonderfilm shares and 1,200,200 performance shares totalling 2,400,400 common shares representing 6.2% issued and outstanding shares of Wonderfilm. The balance of the shares and performance shares were issued to other Principals of 101 International Ltd.
About Amcomri Limited Partnership
Amcomri Limited Partnership, a UK based family office with a number of entertainment industry interests. Amcomri Limited Partnership is the majority shareholder in UK film distributors, 101 Films, Metrodome, Tartan Palisades as well as the International Sales Agency, Hollywood Classics International and the live act promotions company, Industry Entertainment.
About 101 International Ltd
101 International Ltd, a sister company to 101 Films Limited, one of the UK’s largest independent all rights UK publishers. 101 Films Limited was founded in 2011 by industry veterans Andy Lyon and Adam Lacey, 101 is now co-owned by its founders and and Paul McGowan’ and Larry Howard’ investment group, Amcomri Entertainment Group Limited.
About Wonderfilm Media
Wonderfilm is a leading publicly traded (TSX Venture Exchange) entertainment company with production offices in Los Angeles and corporate offices in Vancouver. The Company’s core business is producing market-driven independent feature films and quality television series for multi-platform global exploitation. Wonderfilm is a producer and distributor only for the projects disclosed. The legal ownership of movie productions are held in a special purpose legal entity held at arm’s length to the Company to facilitate for the qualification of various levels of domestic and foreign government tax credit incentives that are customary in the film and production business.
Neither the TSX Venture Exchange Inc. (“Exchange”) nor its regulation services provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking statements as defined by applicable securities laws.. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein, including disclosure regarding possible events, conditions, timing or financial performance that are based on assumptions about future economic conditions and courses of action; and the plans for completion of the Private Placement, expected use of proceeds and business objectives, are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; reliance on key personnel; the volatility of the Company’s share price and volume and the additional risks identified as “risk factors” in the Company’s most recently filed Management Discussion and Analysis or in other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulators. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including the assumptions that (1) all necessary approvals and consents in respect of the Private Placement will be obtained in a timely manner and on acceptable terms; and (2) general business and economic conditions will not change in a materially adverse manner. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.