SILVER SPRING, Md.,
Oct. 20, 2016 /PRNewswire/ -- RLJ Entertainment (NASDAQ:
RLJE) ("RLJE" or the "Company"), the entertainment content
distribution company which owns and operates Acorn TV, the premier
streaming service for British mystery and drama, and UMC (Urban
Movie Channel), the first urban-focused subscription streaming
service, today announced receipt of a letter from The Nasdaq Stock
Market, LLC ("NASDAQ") stating that the Company has regained
compliance with Listing Rule 5550(b).
RLJE had previously been notified by NASDAQ on April 21, 2016 that the Company did not meet the
required minimum of $2,500,000 in
stockholders' equity needed for continued listing on The NASDAQ
Capital Market under Listing Rule 5500(b). On October 17, 2016, the Company announced the
completion of transactions which resulted in stockholders' equity
in excess of the minimum requirement. The Company has been
advised by NASDAQ that NASDAQ will continue to monitor the
Company's ongoing compliance with the stockholders' equity
requirement and, if at the time of its next periodic report the
Company does not evidence compliance, that it may be subject to
delisting.
"Maintaining a listing on Nasdaq Capital Market is an
instrumental part of our overall corporate strategy," commented
Nazir Rostom, Chief Financial
Officer of RLJ Entertainment, Inc. "The Board and Senior Management
team have taken great steps to regain NASDAQ compliance and we are
grateful for our investors' continued support while overcoming this
obstacle."
About RLJ Entertainment
RLJ Entertainment,
Inc. (NASDAQ: RLJE) is an entertainment content distribution
company in primarily North
America, the United
Kingdom, and Australia. RLJ
Entertainment's titles are distributed in multiple formats
including broadcast television (including satellite and cable),
theatrical and non-theatrical, DVD, Blu-Ray, digital download, and
digital streaming.
With its popular OTT branded channels, Acorn TV (British TV) and
UMC (Urban Movie Channel), RLJ Entertainment targets distinct,
premium audiences and Urban niche audiences. The company grows
its proprietary digital channels through development, acquisition,
and distribution of exclusive rights of program franchises and
feature film content.
Through Acorn Media Enterprises, its UK development arm, RLJE
owns all rights to the hit UK mystery series Foyle's War and
is developing new programs. RLJE owns 64% of Agatha Christie
Limited, which manages the intellectual property and publishing
rights to some of the greatest works of mystery fiction, including
stories of the iconic sleuths Miss
Marple and Poirot.
For more information, please visit RLJEntertainment.com,
Acorn.TV, and UrbanMovieChannel.com.
Forward Looking Statements
This press release may
include "forward looking statements" within the meaning of the
"safe harbor" provisions of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Other than statements of historical fact,
all statements made by RLJE in this press release are
forward-looking, including, but not limited to, statements
regarding industry prospects, future results of operations or
financial position, and statements of RLJE's intent, belief and
current expectations about its strategic direction, prospective and
future results and condition. In some cases, forward-looking
statements may be identified by words such as "will," "should,"
"could," "may," "might," "expect," "plan," "possible," "potential,"
"predict," "anticipate," "believe," "estimate," "continue,"
"future," "intend," "project" or similar words.
Forward-looking statements involve risks and uncertainties
that are inherently difficult to predict, which could cause actual
outcomes and results to differ materially from RLJE's expectations,
forecasts and assumptions. Factors that might cause such
differences include, but are not limited to:
- RLJE's financial performance, including its ability to
achieve improved results from operations, and Adjusted
EBITDA;
- The effects of limited cash liquidity on operational
performance;
- RLJE's obligations under the credit agreement, including its
principal repayment obligations;
- RLJE's ability to generate sufficient cash flows from
operating activities;
- RLJE's ability to raise additional capital to reduce debt,
improve liquidity and fund capital requirements;
- RLJE's ability to fund planned capital expenditures and
development efforts;
- RLJE's inability to gauge and predict the commercial success
of its programming;
- RLJE's ability to maintain relationships with customers,
employees and suppliers, including its ability to enter into
revised payment plans, when necessary, with its vendors that are
acceptable to all parties;
- Delays in the release of new titles or other
content;
- The effects of disruptions in RLJE's supply chain;
- The loss of key personnel;
- RLJE's public securities' limited liquidity and trading;
or
- RLJE's ability to meet the NASDAQ Capital
Market continuing listing standards and maintain our
listing.
You should carefully consider and evaluate all of the
information about RLJE in this press release, including the risk
factors listed above and in RLJE's Form 10-K previously filed with
the Securities Exchange Commission (or SEC),
including "Item 1A. Risk Factors." If any of these
risks occur, RLJE's business, results of operations, and financial
condition could be harmed, the price of RLJE's common stock could
decline and you may lose all or part of your investment, and future
events and circumstances could differ significantly from those
anticipated in the forward-looking statements contained in this
press release. Unless otherwise required by law, RLJE
undertakes no obligation to release publicly any updates or
revisions to any such forward-looking statements that may reflect
events or circumstances occurring after the date of this press
release.
Readers are referred to the most recent reports filed with
the SEC by RLJE. Readers are cautioned not to place
undue reliance upon any forward-looking statements, which speak
only as of the date made, and RLJE undertakes no obligation to
update or revise the forward-looking statements, whether as a
result of new information, future events or otherwise.
Media Inquiries:
For RLJ Entertainment, Traci Otey
Blunt, 301.830.6204; tblunt@rljentertainment.com
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SOURCE RLJ Entertainment