TORONTO, Dec. 20, 2018 (GLOBE NEWSWIRE) -- YANGAROO Inc. (the “Company”) (TSX-V: YOO, OTC: YOOIF), the industry's leading secure digital media management and distribution company, is pleased to announce that the TSX Venture Exchange (the “TSX-V”) has accepted the Company’s application for a normal course issuer bid (the "Bid") for up to 3,066,957 of its common shares (the "Shares"), representing 5% of the issued and outstanding shares of the Company.
The Company has received approval from the TSX-V to commence the Bid on January 2, 2019 and to continue until December 31, 2019, or earlier in the event that the Company has acquired the maximum Shares that may be purchased under the Bid. The Company may also terminate the Bid earlier if it feels it’s appropriate to do so.
The Bid will be made through the facilities of the TSX-V and the purchase and payment for the Shares will be made in accordance with TSX-V requirements at the market price of the Shares at the time of acquisition. All Shares purchased by the Company under the Bid will be cancelled.
The Company has engaged Echelon Wealth Partners as its broker to conduct the Bid transactions.
Management of the Company believes that the Shares have been trading in a price range which does not adequately reflect their value and that the purchase of the Shares under the Bid is in the best interests of the Company, a desirable use of its available cash, and will enhance shareholder value in general.
To the knowledge of the Company, no director, senior officer or other insider of the Company currently intends to sell any Shares under the Bid.
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.
For YANGAROO Investor Inquiries:
Phone: (416) 534-0607
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.