Appreciated Media Acquires Celebrity Face Off
Vancouver, British Columbia--(Newsfile Corp. - July 2, 2020) - Appreciated Media Holdings Inc. (TSXV: AMH) (OTCQB: AMEFF) ("Appreciated Media" or the "Company") is pleased to announce that the Company has closed its previously announced acquisition of the pilot, concept, plots, themes, formats, characters, title and other elements and aspects for a television show entitled "Celebrity Face Off" (the "Show").
In addition to the acquisition of the Show, Appreciated Media is also pleased to announce that it has also co-developed a new game show called "Cyclone" which is a vertical show that pits contestants against the elements and the audience.
Both shows are expecting to go into production by October 2020.
THE GAME SHOWS
The Celebrity Face Off Show was created by Doug Magallon and is a combination of both Jeopardy and the Wheel of Fortune where the contestants have to solve a trivia question and a puzzle at the same time…Behind the façade of the renowned Red Carpet.
The Show will be hosted by Greg Grunberg. Mr. Grunberg is an American television and film actor best known for starring as Eric Weiss in the ABC series Alias and as Matt Parkman in the NBC series Heroes. On the big screen, Mr. Grunberg has appeared as Temmin "Snap" Wexley in the Star Wars sequel trilogy, and Phil in A Star Is Born. In addition, he has also appeared in Felicity which was created by J. J. Abrams and Matt Reeves as Sean Blumberg.
The Show is co-produced by Douglas Magallon and Steve Perry. Steve Perry who was a co-producer for Lethal Weapon 2, 3 and 4 along with other films such as Road House, Action Jackson, Die Hard 2, Speed 2: Cruise Control and Under Siege 2: Dark Territory, to mention a few.
The Cyclone Show will be produced by Appreciated Media and Stephen Brown along with Doug Magallon, the creator of the show, will act as Executive Producers. Appreciated Media is currently in negotiations with a top celebrity to host the show.
Pursuant to the definitive agreement dated July 2, 2020 (the "Agreement"), the Company acquired the Show (the "Transaction") from Douglas Magallon for an aggregate purchase price of $225,000 (the "Purchase Price").
The Purchase Price is payable through the issuance of 1,500,000 common shares in the capital of Appreciated Media (the "Common Shares") at a deemed price of $0.15 per Common Share. All Common Shares issued to Douglas Magallon will be issued pursuant to exemptions from the prospectus requirements of applicable securities laws and subject to a four-month statutory hold period. No finder's fees are payable in connection with the Transaction.
As previously announced, the Transaction is not an "Arm's Length Transaction" as such term is defined in Policy 1.1 - Interpretation of the TSX Venture Exchange (the "Exchange") and 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 Douglas Magallon, a director of the Company, is the vendor of the Show.
In respect of the requirements of MI 61-101, the Company has relied on the exemptions from the formal valuation and minority approval required under MI 61-101. The Company relied on the exemptions set forth in Sections 5.5(a), 5.5(b) and 5.7(a) of MI 61-101, respectively, as no securities of the Company are listed on the specified markets outlined therein and neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the Transaction, exceeds 25% of the market capitalization of the Company.
As the Agreement was finalized and entered into immediately prior to the closing of the Transaction, the Company was not in a position to file a material change report more than twenty-one days in advance of the closing of the Transaction.
About Appreciated Media Holdings Inc.
Appreciated Media (TSXV: AMH) (OTCQB: AMEFF) is a multi-faceted entertainment company based in Vancouver. The Appreciated Media team is well-versed in a variety of entertainment delivery platforms and is fast becoming a top-tier entertainment company.
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 information and forward-looking statements (collectively, "forward-looking statements") as such terms are 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. Forward-looking statements are subject to a number of known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond Appreciated Media's control and Appreciated Media's actual results could well differ materially from those stated or implied in forward-looking statements due to many various factors. Although Appreciated Media believes that the expectations reflected in the forward-looking statements are reasonable, Appreciated Media cannot guarantee that the events and circumstances reflected in the forward-looking statements will be achieved or occur. The timing of events and circumstances and actual results could differ materially from those projected in the forward-looking statements. Accordingly, one should not place undue reliance on forward-looking statements. All forward-looking statements contained in this press release are made as of today's date and Appreciated Media undertakes no obligation to update or publicly revise any forward- looking statements, whether as a result of new information, future events or otherwise.
For further details, please see the Company's documents filed under the Company's profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com.
For investor inquiries, please contact:
Stephen Brown, Chief Executive Officer
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59027