Leading Brands, Inc. (“LBIX”) Enters into a Definitive Arrangement Agreement with Liquid Media Group, Inc. (“Liquid”)...
September 18 2017 - 09:18AM
LIQUID AGGREGATES PRODUCTION SERVICE
STUDIOS TO CREATE A VERTICALLY INTEGRATED STUDIO SYSTEM FOR
PRODUCING FILM, TV AND GAMING CONTENT FROM INSPIRATION TO
DISTRIBUTION
Leading Brands, Inc. (NASDAQ:LBIX)
(the
“Company”) announces that it has entered into a Definitive
Arrangement Agreement with Liquid Media Group, Inc. (“Liquid”) of
Vancouver, Canada whereby LBIX will acquire 100% of Liquid pursuant
to a plan of arrangement.
Existing LBIX shareholders are anticipated to hold 22.637% and
Liquid Shareholders are anticipated to hold 77.363% of the
post-transaction entity. For these purposes, existing LBIX
shares were valued at $1.50 US.
Liquid is aggregating mature production service studios and
creating a vertically integrated studio system for producing film,
television and gaming content from inspiration to
distribution. Liquid is headquartered in Vancouver, Canada
where it is establishing its studio footprint and production
hub. Liquid also has satellite offices in both New York and
Los Angeles.
Liquid is led by its Chairman, Joshua Jackson, currently a star
of the Showtime series The Affair. Krysanne Katsoolis
is Liquid’s CEO, Charles Brezer, Liquid’s CSO and Daniel Cruz is
Liquid’s CFO. More detailed information on Liquid and its
management team may be found at the company’s website:
www.LiquidMediaGroup.co.
The Company anticipates that the transaction will close within
90 days, subject to all necessary approvals, including shareholder
approval. At that time, the existing LBIX board, with the
exception of Tom Gaglardi, will resign and be replaced by Messrs.
Jackson, Brezer and Cruz and Ms. Katsoolis. Those individuals
will continue their current roles as officers of LBIX.
Company Chairman & CEO Ralph McRae said: “We are pleased to
have reached an agreement with Liquid and its management. In
addition to their impressive content, experience and connections
the principals have proven a vision to aggregate the key components
necessary to produce world-class entertainment product. We
look forward to working with them to see this transaction through
to a successful conclusion as soon as practicable.”
Liquid Chairman Joshua Jackson said:
“Vancouver has long been an industry hub, with world-class
talent and production services at every level. We are excited to be
able to harness all of that ability to produce world-class
content.”
Liquid CEO Krysanne Katsoolis added: “The demand for content is
unprecedented and the opportunity to change the landscape in the
media business is exciting. We sincerely wish to thank Ralph
McRae and the Board of Leading Brands for their confidence in
Liquid.”
To clear the way for this transaction the Company recently
disposed of its legacy beverage assets. Financial terms were
not disclosed.
Forward Looking Statements
Certain information contained in this press release includes
forward-looking statements. Words such as “believe,”
“expect,” “will,” or comparable terms, are intended to identify
forward-looking statements concerning the Company’s expectations,
beliefs, intentions, plans, objectives, future events or
performance and other developments. All forward-looking
statements included in this press release are based on information
available to the Company on the date hereof. Such statements
speak only as of the date hereof. Important factors that
could cause actual results to differ materially from the Company’s
estimations and projections are disclosed in the Company’s
securities filings and include, but are not limited to, the
following: general economic conditions, weather conditions,
changing beverage consumption trends, pricing, availability of raw
materials, economic uncertainties (including currency exchange
rates), government regulation, managing and maintaining growth, the
effect of adverse publicity, litigation, competition and other risk
factors described from time to time in securities reports filed by
Leading Brands, Inc. For all such forward-looking statements, we
claim the safe harbor for forward looking statements within the
meaning of the Private Securities Litigation Reform Act of
1995.
This news release is available at
www.LBIX.com
CONTACT:
Leading Brands,
Inc.
Email: info@LBIX.com; orrmcrae@lbix.com
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