TORONTO, Aug. 25, 2017 (GLOBE NEWSWIRE) -- YANGAROO Inc. (the “Company”) (TSX-V:YOO) (OTC:YOOIF), the industry's leading secure digital media management and distribution company, today announced that Cliff Hunt, Chief Operating Officer and Corporate Secretary, will be retiring from these positions with YANGAROO effective immediately.
Cliff Hunt will continue to work with the Company as a consultant in a business development capacity on an ongoing basis for a period of 2 years, effective as of the date of his departure as an officer.
The company is also pleased to appoint Adam Hunt as Senior Vice President, YANGAROO Entertainment effective immediately, subject to the approval of the TSX Venture Exchange. Adam Hunt has been with YANGAROO for 10 years in his role as Vice President Sales, Entertainment Division and is currently responsible for the Entertainment division’s sales and day to day operations. The position of Chief Operating Officer has been eliminated and Gary Moss, President, CEO and a director of the Company, will act as Corporate Secretary.
The Company also announces the grant of options (the “Options”) to Adam Hunt to acquire a total of 75,000 common shares of the Company for a period of five years from the date of grant at a price of $0.12 per share. Following 10% of the Options vesting on the date of grant, the remaining 90% will vest as to a third on each 6-month anniversary following the date of grant.
Cliff Hunt, who is a co-founder of YANGAROO and previously served as Chairman of the Board for 13 years, was responsible for driving market penetration within the Entertainment Division. Under his leadership, YANGAROO has become the market leader for digital distribution of music video and audio content, and provides a digital voting and submission solution for 10 of the top 12 awards shows. Prior to YANGAROO, Cliff Hunt spent over 25 years in the music business, first as a musician and recording artist and subsequently as an agent, manager and producer, working with some of Canada’s most successful artists both domestically and internationally.
“We are fortunate to have someone with Adam’s broad based and relevant experience to lead the Entertainment Division,” said Gary Moss. “Adam has a good grasp of the ever changing business environment in the music industry and we are confident that he has the ability to identify and convert growth opportunities. We all would like to recognize the contributions Cliff has made to YANGAROO as both a founder of the business and over his tenure as COO. We wish him success in his retirement and future endeavours and look forward to working with him in this new capacity.”
About YANGAROO:
YANGAROO is a company dedicated to digital media management. YANGAROO’s patented Digital Media Distribution System (DMDS) is a leading secure B2B digital cloud based solution focused on the music and advertising industries. The DMDS solution provides more accountable, effective, and far less costly digital management of broadcast quality media via the Internet. It replaces the physical, satellite and closed network distribution and management of audio and video content, for music, music videos, and advertising to television, radio, media, retailers, and other authorized recipients. The YANGAROO Awards platform is now the industry standard and powers most of North America’s major awards shows.
YANGAROO has offices in Toronto, New York, and Los Angeles. YANGAROO trades on the TSX Venture Exchange (TSX-V) under the symbol YOO and in the U.S. under OTCBB: YOOIF.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
Cautionary Note Regarding Forward-looking Statements
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes.
Forward looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of YANGAROO, that may cause the actual results, level of activity, performance or achievements of YANGAROO to be materially different from those expressed or implied by such forward looking statements, including but not limited to: the use of proceeds of the offering, receipt of all necessary approvals of the offering, general business, economic, competitive, political and social uncertainties; negotiation uncertainties and other risks of the technology industry. Although YANGAROO has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause YANGAROO’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, neither YANGAROO assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.