Engine Media - Update on Allinsports
TORONTO, Nov. 20, 2020 /CNW/ -- Engine Media Holdings, Inc. ("Engine" or the "Company"; TSX-V: GAME; OTCQB: MLLLF), announces that further to the Company's press release of September 28, 2020, the Company has advised the shareholders of Allinsports that the conditions of closing under the share purchase agreement amongst the parties have not been satisfied, including that the audited financial statements of Allinsports have not been delivered within the time period required under the share purchase agreement. In response, the shareholders of Allinsports have commenced arbitration in Ontario seeking, among other things, to force the Company to complete the acquisition of Allinsports without the audited financial statements, and to issue 966,667 common shares of the Company to those shareholders. The Company will defend itself vigorously in this proceeding.
Shares for Debt Transaction
The issuance of common shares in connection with the debt settlement is subject to the approval of the TSX Venture Exchange. The common shares issued pursuant to the debt settlement will be subject to a four-month hold period in accordance with applicable securities legislation.
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Cautionary Statement on Forward-Looking Information
The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. Engine does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE Engine Media Holdings, Inc.
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