Media Central Announces Cancellation of Special Meeting of Shareholders

Toronto, Ontario--(Newsfile Corp. - November 25, 2020) - Media Central Corporation Inc. ("Media Central" or the "Corporation") announced today the cancellation of the special meeting of shareholders of the Corporation (the "Meeting"), scheduled for December 30, 2020.

Cancellation of the Meeting

The Meeting was announced further to a requisition (the "Requisition") submitted by certain shareholders of the Corporation (the "Concerned Shareholders"), in order to change the board of directors (the "Board") of the Corporation. Following discussions between the Concerned Shareholders and the Corporation, on November 19, 2020, the incumbent directors of the Corporation tendered their resignations and were replaced by three new directors, Emmanuel Manos Pavlakis, Jay Vieira and David Daniels.

For further information regarding the new Board, see the Corporation's press release dated November 19, 2020, filed under Media Central's SEDAR profile on www.sedar.com. Given the reconstitution of the Board, the Concerned Shareholders have agreed to withdraw the Requisition, and as a result the Meeting will not be convened.

Early Warning Reporting

The Concerned Shareholders, together with certain other shareholders of the Corporation, filed early warning reports pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("NI 62-103") on October 16, 2020 and October 22, 2020, stating that they may be considered to be acting jointly or in concert in connection with the Requisition and the subject matter thereof. As the Requisition has been withdrawn, the above-mentioned shareholders may no longer be considered joint actors, and will be filing an early warning report (the "Early Warning Report") pursuant to NI 62-103 under the Corporation's SEDAR profile on www.sedar.com.

Prior to the withdrawal of the Requisition, the Concerned Shareholders and other shareholders collectively beneficially owned or exercised control or direction over an aggregate of 60,108,736 common shares of the Corporation, representing 17.77% of the outstanding number of common shares. After withdrawal of the Requisition, on an individual basis, each shareholder beneficially owns or exercises control or direction over less than 10% of the outstanding common shares of the Corporation.

There has been no trade in any Common Shares, and no transaction involving a change of ownership or control of common shares that has triggered the requirement to file the Early Warning Report. For further information and to obtain a copy of the Early Warning Report, please contact Massimo Giovannetti, one of the Concerned Shareholders, by email at mgiovannetti@rogers.com.

About Media Central Corporation Inc.

Media Central Corporation Inc. (CSE: FLYY) (FSE: 3AT) is an alternative media company situated to acquire and develop high-quality publishing assets starting with the recent acquisition of Vancouver Free Press Corp., the purchase of NOW Communications Inc. and the launch of digital cannabis platform CannCentral.com and ESports outlet ECentralSports.com. MediaCentral is consolidating and digitally monetizing the over 100 million coveted and premium consumers of the approximately 100 alternative urban publications across North America, creating the most powerful audience of influencers.

For further information:
Investor Relations:
Investors@mediacentralcorp.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/69015