BFS Entertainment & Multimedia Limited
TSX VENTURE : BFS

BFS Entertainment & Multimedia Limited

April 23, 2015 18:13 ET

BFS Entertainment & Multimedia Limited Announces Termination of Letter of Intent

RICHMOND HILL, ONTARIO--(Marketwired - April 23, 2015) - BFS Entertainment & Multimedia Limited ("BFS") (TSX VENTURE:BFS) of Richmond Hill, Ontario, has announced that the non-binding Letter of Intent it entered into with MonteCristo International Entertainment, LLC and with MonteCristo Fund, LLC (the "MonteCristo Group") on or about December 31, 2014 has been terminated due to the parties' failure to reach agreement as to the terms and conditions of the proposed business combination. BFS issued a formal notice of termination to the MonteCristo Group effective April 20, 2015.

"Unfortunately and despite extensive efforts of both BFS and of the MonteCristo Group, we could not conclude the contemplated transaction in a manner which made commercial sense to BFS. BFS will continue to seek other business opportunities which will benefit its on-going operations," said Denis Donnelly, CEO of BFS.

Separately BFS announces that Michael McGee has resigned from the Board of Directors of BFS. The Board of Directors would like to thank Mr. McGee for his contribution to BFS and wish him well in his future endeavours.

BFS Entertainment & Multimedia Limited is a recognised independent North American entertainment company focusing on the acquisition, distribution and production of film and television media. Programming includes classic dramas, mystery, comedy, sports, documentaries and health and wellness. North American retail distribution is through national retailers, distributors, mail order companies, Collectables Direct (BFS' direct to consumer division) and e-commerce websites. BFS' strategy is to continue to acquire new programming and to expand its proprietary programme development, international distribution and direct to consumer delivery, including electronic delivery and streaming.

(SEC Rule 12g exemption #82-4245)

Contact Information

  • BFS Entertainment & Multimedia Limited
    John Grzybowski, MBA, CPA, CA
    Chief Financial Officer
    (905) 884-2323
    (905) 884-8292 (FAX)
    ir@bfsent.com
    www.bfsent.com