Appreciated Files Amended and Restated Financial Statements

By Staff 3 years ago

Vancouver, British Columbia–(Newsfile Corp. – July 23, 2021) – Appreciated Media Holdings Inc. (TSXV: AMH) (OTCQB: AMEFF) (“Appreciated” or the “Company“) has filed amended and restated interim financial statements (the “Financial Statements“), together in each case with an amended and restated corresponding management’s discussion and analysis (the “MD&A” and, together with the Financial Statements, the “Amended Financial Reports“) for the interim periods ended September 30, 2020 and December 31, 2020 (collectively, the “Financial Periods“).

In connection with the Company’s application for the revocation of the dual cease trade order issued by the British Columbia Securities Commission and the Ontario Securities Commission on November 4, 2020 (the “CTO“) as a result of the Company’s failure to file its audited annual consolidated financial statements, MD&A and associated officer certificates for Appreciated’s financial year ended June 30, 2020, the Company has identified and corrected certain errors that are identified below. For further details regarding the CTO, please see the Company’s press releases dated November 5, 2020 and February 17, 2021 which are available under the Company’s profile on SEDAR at www.sedar.com.

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In connection with the amendment and restatement of the Company’s financial statements and MD&A for the interim period ended December 31, 2020, the Amended Financial Reports for the Financial Period ended December 31, 2020:

  1. Include more fulsome disclosure regarding the assignment of various receivables and liabilities to third parties in connection with the Company’s internal restructuring pursuant to which a number of assets together with their associated liabilities have been transferred to certain third parties. For further information pertaining to the restructuring, please see the Company’s press release dated February 17, 2021 and the Financial Statement, both of which are available under the Company’s profile on SEDAR at www.sedar.com;

  2. Correct the comparative period for the balance sheet to June 30, 2020 rather than December 31, 2019;

  3. Correct the statement of changes in equity to provide a comparative year-to-date period of the immediate preceding financial year;

  4. Correct the comparative period for the statement of cash flows to reflect the six months ended December 31, 2019 and not December 31, 2020;

  5. Amend Note 5 to include transactions for the year to date period of the six months ended December 31, 2020;

  6. Update the subsequent event note to provide a more comprehensive overview of subsequent events;

  7. Remove certain language that was subjective and promotional;

  8. Reconcile cash from operating activities and the cash from financing activities in the December 31, 2020 interim MD&A to the corresponding amounts in the statement of cash flows; and

  9. Provide more fulsome disclosure regarding certain related party transactions that were undertaken by the Company.

In connection with the amendment and restatement of the Company’s financial statements and MD&A for the interim period ended September 30, 2020, the Amended Financial Reports for the Financial Period ended December 31, 2020:

  1. Correct the comparative period for the balance sheet to June 30, 2020 rather than December 31, 2019;

  2. Correct the statement of changes in equity to provide a comparative year-to-date period of the immediate preceding financial year;

  3. Remove certain language that was subjective and promotional; and

  4. Provide more fulsome disclosure regarding certain related party transactions that were undertaken by the Company.

For further information regarding each of the foregoing matters, please see the Company’s press releases, the Annual Financial Statements, Interim Financial Statements and associated MD&A all of which are available under the Company’s profile on SEDAR at www.sedar.com.

About Appreciated

Appreciated is a worldwide film and television media production-packaging company whose core business is producing independent films and television movies for global business-to-business distribution.

Additional Information

For further information regarding Appreciated, please refer to the Amended Financial Reports all of which are available under Appreciated’s SEDAR profile on SEDAR at www.sedar.com.

For more information, please contact:

Larry Howard, Director
Email: larry.howard@amcomri.com
Phone: +353-87-686-8255

Cautionary Note Regarding Forward-Looking Information

This press release contains statements which constitute “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking statements”), including statements regarding the plans, intentions, beliefs and current expectations of Appreciated with respect to future business activities and operating performance. Forward-looking statements are often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding the application for the revocation of the CTO.

Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect Appreciated’s management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Appreciated believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the resulting issuer. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are the following: the ability to obtain the revocation of the cease trade order in a timely fashion. These forward-looking statements may be affected by risks and uncertainties in the business of Appreciated and general market conditions, including COVID-19.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Appreciated has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. Appreciated does not intend, and do not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/91113

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