Vancouver, British Columbia–(Newsfile Corp. – August 30, 2024) – Amcomri Entertainment Inc. (Cboe CA: AMEN) (FSE: 25Y0) (OTC Pink: AMNNF) (“Amcomri” or the “Company”) is excited to announce the successful completion of two significant asset sales. As previously disclosed in the Company’s news release on June 26, 2024, the Company, along with its wholly-owned subsidiaries Trinity Pictures Distribution Limited (“Trinity”) and Amcomri Productions Limited (“APL”), has finalized the sale of assets related to its television production distribution operations (the “Television Sale Transaction”). Additionally, following the announcement on July 29, 2024, Trinity has completed the sale of the Company’s film production and distribution business (the “Film Sale Transaction”). These transactions received shareholder approval during the annual general and special meeting held on August 28, 2024.

In connection with the Television Sale Transaction, the total consideration received amounted to CAD $18.3 million in cash. This also included the assumption of specific production loans from Abacus and APL, totaling approximately GBP £1.67 million and USD $3.21 million. The cash proceeds were strategically utilized as follows: CAD $4.26 million was allocated to repay long-term debts of Abacus and APL, CAD $2.09 million was used to settle a film loan, and approximately CAD $0.124 million was directed towards the cost of representation and warranty insurance procured by the Purchaser. Consequently, Amcomri netted approximately CAD $11.83 million in cash proceeds from this transaction.

Regarding the Film Sale Transaction, the Company received a total consideration of USD $900,000 in cash. Additionally, certain obligations and liabilities of 101 Films International Limited, APL, and Positivor Limited were assumed, amounting to approximately CAD $4.03 million.

These strategic transactions are part of Amcomri’s ongoing efforts to optimize its asset portfolio and strengthen its financial position. The successful completion of these sales underscores the Company’s commitment to enhancing shareholder value and focusing on core business operations.