Liquid Media Announces Letter of Intent to Acquire iNDIEFLIX
May 10 2021 - 9:00AM
Liquid Media Group Ltd. (“the Company” or “Liquid”) (Nasdaq: YVR)
today announced the signing of a letter of intent (the “LOI”) to
acquire iNDIEFLIX Group Inc. (“iNDIEFLIX”).
iNDIEFLIX is a global subscription
video-on-demand streaming service focused on content with a
purpose. iNDIEFLIX has evolved its initial offering, by expanding
into the “Live” social impact space, and transforming into an
‘edutainment’ company with a foundation to further support its
mission and vision. CEO and Co-founder Scilla Andreen is an
award-winning Producer, Director, Costume Designer and author.
Under the terms of the LOI, Liquid would acquire
iNDIEFLIX for up to 1.67M common shares of Liquid, which are
scheduled to be paid out to iNDIEFLIX investors across specific
performance milestones in five equal tranches of 333,333 common
shares each (the “Consideration Shares”). The first tranche of
Consideration Shares is payable upon closing, with four remaining
milestones triggered by iNDIEFLIX revenues totalling US$65M in the
years ahead. Additional cash will be invested in iNDIEFLIX’s
ongoing operations, beginning with immediate availability of a
secured bridge loan in the amount of $500K, to be applied towards
working capital and production of original content for iNDIEFLIX’
education and other channels.
“In recent years, iNDIEFLIX wisely expanded,
adding B2B to their foundational B2C service, and is now
established in distributing social impact-based film programming
and curriculum to an impressive array of audiences and markets -
including corporate, government, education and others worldwide,”
said Ronald Thomson, CEO of Liquid. “Scilla’s vision has grown
iNDIEFLIX into a market leader in the social impact category of the
edutainment sector. iNDIEFLIX’s operations now go well beyond just
video content and into publication of educational materials and
other areas complementary to their content.”
“We are extremely excited about our future with
Liquid Media Group. Our streaming service of content for a purpose
and mission to provide monetization to content creators, is
perfectly in line with Liquid’s mission to create a comprehensive
solution to taking amazing IP from creation to monetization.
iNDIEFLIX will continue to operate as its own business with all of
the people and resources we have developed over the years so we can
continue our good work to create and deliver positive impact
programming in the world,” said iNDIEFLIX CEO & Co-Founder
Scilla Andreen.
“This transaction is an excellent first step and
consistent with Liquid’s acquisition strategy going forward; with
performance-based payment of the purchase price, and an outstanding
fit with Liquid’s end-to-end IP creation, financing, production and
monetization solution,” added Thomson.
Final terms of the acquisition will be
conclusively determined in a binding definitive agreement to be
entered on or prior to closing. Completion of the acquisition is
subject to customary due diligence and documentation provisions and
any necessary share issuance requirements and approvals.
About iNDIEFLIX:
iNDIEFLIX Group Inc is a global 'edutainment'
streaming service that creates, promotes and supports social impact
films to create positive change in the world.
Additional information is available at www.iNDIEFLIX.com
Linkedin / Twitter / Instagram / Facebook
About Liquid Media Group
Ltd.
Liquid Media Group Ltd. (Nasdaq: YVR) is a
business solutions company empowering independent IP creators.
Liquid’s end-to-end solution will enable professional video
(film/TV and video game) creation, packaging, financing, delivery,
and monetization, empowering IP creators to take their professional
content from inception through the entire process to monetization.
The new Liquid Media Token Strategy will empower its users to
capitalize and monetize all four pillars of IP: Creation,
Use/Subscription, Financing, and Licensing/Protection.
Additional information is available at
www.LiquidMediaGroup.co.
Further information:
Primoris Group+1 (416)
489-0092pg@liquidmediagroup.co
Media requests:
Investor:Adam BelloMedia &
Analyst Relations ManagerPrimoris Group Inc.+1 (416) 489-0092 x
226media@primorisgroup.com
Industry:Jane OwenJane Owen
PR+1 (323) 819-1122 jane@janeowenpr.com
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