TORONTO and VANCOUVER, British Columbia, April 29, 2021 (GLOBE NEWSWIRE) -- WOW! Unlimited Media Inc. (“WOW!” or the “Company”) (TSXV: WOW; OTCQX: WOWMF) is pleased to announce that the Board of Directors, working closely with Management, has commenced a process to explore potential strategic alternatives focused on maximizing shareholder value.
These alternatives could include, among other things, an acquisition, a merger or other business combination, a financing, a sale of assets, a sale of the Company, or other strategic transactions that may be available to the Company. The Company has engaged Evolution Media Capital and Cormark Securities as financial advisors.
“WOW! is at an exciting point of its evolution into a leading global, animation driven entertainment company. Our studios are running at full capacity and our production backlog is at its highest point in history. Despite the global pandemic, the number of contracted projects continues to experience attractive growth. Given the ever-increasing demand for quality content, this is the right time for the Company to explore transformational partnerships in order to maximize its long-term growth and profitability objectives” – said Michael Hirsh, Chairman and CEO.
In conjunction with the strategic review, the Company's Board has formed a Special Committee of independent directors to oversee the strategic review process. The Board is committed to fully evaluating appropriate strategic alternatives while concurrently supporting management and employees in their delivery of services to customers and partners. The Board believes that this course of action is in the best interests of the Company and its stakeholders.
The Board has not set a timetable for this process nor has it made any decisions related to any strategic alternatives at this time. There can be no assurance that the exploration and review of strategic alternatives will result in a transaction. The Company does not intend to provide announcements or updates unless or until it determines that further disclosure is required by law.
About WOW!
WOW! is creating a leading animation-focused entertainment company by producing top-end content and building brands and audiences on the most engaging media platforms. The Company produces animation in its two established studios: Frederator Studios in the USA, which has a 20-year track record; and one of Canada’s largest, multi-faceted animation production studios, Mainframe Studios, which has a 25-year track record. The Company also operates Channel Frederator Network on YouTube. The common voting shares of the Company and variable voting shares of the Company are listed on the TSX Venture Exchange (TSX-V: WOW) and the OTCQX Best Market (OTCQX: WOWMF).
Forward-Looking Statements:
This press 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.
Such statements reflect management’s current views with respect to future events and are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by WOW!, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements. In making the forward-looking statements included in this press release, the Company has made various material assumptions, including, but not limited to general business and economic conditions; the Company's ability to raise additional funding; capital expenditure programs and other expenditures by the Company and its customers; existing governmental regulations and changes in, or the failure to comply with, governmental regulations; and changes in business strategy or development plans.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.