VANCOUVER, BRITISH COLUMBIA, June 8, 2022 – Amcomri Entertainment Inc. (“Amcomri” or the “Company”) (NEO: AMEN) (Frankfurt: 25YO) (OTC: AMNNF) announced today that the Company, through its wholly-owned subsidiaries, Amcomri Productions Limited and Abacus Media Rights Limited, has acquired the library assets and associated rights of Flame Media, a global distributor and owner of factual and documentary TV content, for a total upfront cash consideration of £1.6 million and up to £100,000 of deferred consideration (approximately C$3.0 million).
Flame Media, with offices in the United Kingdom and Australia, has approximately 540 TV titles and 2,250 hours of programming in its content library. Key titles include “Outback Truckers” and “Outback Opal Hunters” from Prospero Productions, “The Moors Murders” from MAP TV, and “Life in Colour with David Attenborough” from Humble Bee Films and SeaLight Pictures. New titles in production include “New Zealand from a Train” by Making Movies and ”Ningaloo with Tim Winton” by Artemis Productions.
This latest acquisition boosts Amcomri’s TV content library to 4,750 hours of programming and follows the recently announced acquisition of Silentpoint which added over 300 feature film titles to the Company’s movie library.
The transaction follows the untimely passing of Flame Media founder and CEO, John Caldon OAM. “We have the utmost admiration for the high-quality library and senior management team that Mr. Caldon assembled over the last 12 years,” said Robert Price, CEO of Amcomri.
Mr. Price noted “This acquisition, fully aligned with our buy-and-build growth strategy, greatly strengthens our global offering in the factual and documentary TV content ownership and distribution markets, building on the remarkable success we have already enjoyed in those sectors through our subsidiary company, Abacus Media Rights. We’re planning a seamless transition to ensure that buyers and producers alike continue to receive the high level of service they’ve grown accustomed to at Flame.”
The acquisition of the Flame Media library and associated rights was financed through a £1.6 million loan from Head Gear Films, an arm’s length financier of independent film and television. The loan is repayable on the 18 month anniversary of being advanced and bears interest at a rate of 12% per annum. In connection with the loan, the Company has provided security over the assets of Amcomri Productions Limited and Abacus Media Rights Limited and each of 101 Films International Limited and 101 Films Limited have provided corporate guarantees in favour of the lender.