SAN FRANCISCO, Aug. 8, 2017 /CNW/ -- Frankly
Inc.(TSX VENTURE: TLK), a leader in transforming local
TV broadcasters and media companies by enabling them to publish and
monetize their digital content across multiple platforms, has
temporarily suspended its United
States public offering due to the commencement of a legal
action by Gannaway Entertainment, Inc. ("GEI"), Albert C. Gannaway III, and Samantha Gannaway in United States District
Court for the Northern District of California against Frankly, its CEO, CFO/COO
and others, alleging violations of United
States securities laws, fraud and breach of fiduciary
duties. On August 7, 2017, Frankly
filed a Form 10 with the United States Securities and Exchange
Commission to register its common shares in the United States under Section 12(g) of the
Securities Exchange Act of 1934, as amended (the "Exchange
Act"). Upon effectiveness of the Form 10, the Company will
become a U.S. reporting company, subject to the reporting
requirements of the Exchange Act.
"It is unfortunate that Mr. Gannaway has apparently timed his
baseless filing to maximize damage to the Company and its
shareholders," said Frankly's CEO, Steve
Chung. "Nevertheless, we will deal swiftly and forcefully to
have these claims dismissed and ensure Mr. Gannaway and his related
parties are held fully accountable for their actions. In the
meantime, we will not let this nuisance distract us from continuing
to execute on our growth plan and maximizing value for both our
customers and shareholders."
About Frankly
Frankly (TSX VENTURE: TLK) builds an integrated software
platform for brands and media companies to create, distribute,
analyze and monetize their content across all of their digital
properties on web, mobile and TV. Its customers include NBC, ABC,
CBS and FOX affiliates. Collectively, Frankly reaches nearly
80 million monthly users in the United
States. The company is headquartered in San Francisco with a major office in
New York. To learn more, visit
www.franklyinc.com.
Neither 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.
Notice Regarding Forward-Looking Statements
This release includes forward-looking statements regarding
Frankly and its business. Forward-looking events and circumstances
discussed in this release, may not occur by certain specified dates
or at all and could differ materially as a result of known and
unknown risk factors and uncertainties affecting the parties
including, without limitation, statements relating to the
registration of the Company's common shares, the Complaint, the
Company's intention to defend itself and the expected outcome of
the Complaint. No forward-looking statement can be
guaranteed. Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they
are made and Frankly undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events, or otherwise.
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SOURCE Frankly Inc.