YANGAROO Inc. (the “Company”) (TSX-V:YOO)
(OTC:YOOIF), the industry's leading secure digital media management
and distribution company, today announced that Cliff Hunt, Chief
Operating Officer and Corporate Secretary, will be retiring from
these positions with YANGAROO effective immediately.
Cliff Hunt will continue to work with the
Company as a consultant in a business development capacity on an
ongoing basis for a period of 2 years, effective as of the date of
his departure as an officer.
The company is also pleased to appoint Adam Hunt
as Senior Vice President, YANGAROO Entertainment effective
immediately, subject to the approval of the TSX Venture Exchange.
Adam Hunt has been with YANGAROO for 10 years in his role as
Vice President Sales, Entertainment Division and is currently
responsible for the Entertainment division’s sales and day to day
operations. The position of Chief Operating Officer has been
eliminated and Gary Moss, President, CEO and a director of the
Company, will act as Corporate Secretary.
The Company also announces the grant of options
(the “Options”) to Adam Hunt to acquire a total of 75,000 common
shares of the Company for a period of five years from the date of
grant at a price of $0.12 per share. Following 10% of the Options
vesting on the date of grant, the remaining 90% will vest as to a
third on each 6-month anniversary following the date of grant.
Cliff Hunt, who is a co-founder of YANGAROO and
previously served as Chairman of the Board for 13 years, was
responsible for driving market penetration within the Entertainment
Division. Under his leadership, YANGAROO has become the
market leader for digital distribution of music video and audio
content, and provides a digital voting and submission solution for
10 of the top 12 awards shows. Prior to YANGAROO, Cliff Hunt spent
over 25 years in the music business, first as a musician and
recording artist and subsequently as an agent, manager and
producer, working with some of Canada’s most successful artists
both domestically and internationally.
“We are fortunate to have someone with Adam’s
broad based and relevant experience to lead the Entertainment
Division,” said Gary Moss. “Adam has a good grasp of the ever
changing business environment in the music industry and we are
confident that he has the ability to identify and convert growth
opportunities. We all would like to recognize the
contributions Cliff has made to YANGAROO as both a founder of the
business and over his tenure as COO. We wish him success in
his retirement and future endeavours and look forward to working
with him in this new capacity.”
About YANGAROO:
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.
THE TSX VENTURE EXCHANGE HAS NOT
REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
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.
For YANGAROO Investor Inquiries:
Gary Moss
Phone: (416) 534-0607
gary.moss@yangaroo.com
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