Acquisition enhances profitability and solidifies rights to over 750 hours of feature films and TV content.
VANCOUVER, British Columbia, July 11, 2022 (GLOBE NEWSWIRE) — Amcomri Entertainment Inc. (“Amcomri” or the “Company”) (NEO: AMEN) (Frankfurt: 25YO) (OTC: AMNNF) announced today that Positivor Limited, an entity jointly owned by the Company and Bohemia Media Limited (the “Purchaser”) has acquired several high-quality Screen Media library assets for the UK and Ireland. Following the acquisition, the assets comprising the library will be distributed by Amcomri’s subsidiary, 101 Films in those territories.
“These acquisitions are in keeping with our high-margin business model, and build on our proven success in content acquisition,” said Robert Price, chief executive officer of Amcomri. “Having previously licensed the UK and Ireland distribution rights for this library, we already know how marketable these assets are. By acquiring the library assets, we increase our share of revenue and extend our distribution rights for the long-term.”
Andy Lyon, chief executive officer of 101 Films, added: “We are pleased to have secured long-term distribution rights for the UK and Ireland for these assets which include titles starring many of Hollywood’s and prime time’s finest celebrities, from Charlize Theron, Daniel Craig, and Jason Momoa to Kelsey Grammer, Leonardo DiCaprio, and Courtney Cox.”
Phil Hunt, founder of Bohemia Media Limited and Head Gear Films, commented: “The forming of this strategic alliance to purchase the Screen Media library assets for the UK and Ireland, further strengthens the mutually beneficial relationship we have enjoyed with Amcomri over the past three years.”
The Purchaser is majority-owned by Amcomri Productions Limited. The Purchaser is funding the purchase price with the proceeds of a loan from Head Gear Films, a financier of independent film and television. In connection with the loan the Purchaser has granted the lender security over the several Screen Media library assets that the Purchaser acquired.