VANCOUVER, BC--(Marketwired - December 07, 2016) - Movit Media Corp. (TSX VENTURE: MV) (the "Company" or "Movit") wishes to provide the following corporate update:
Annual and Special Meeting of Shareholders
The Company has scheduled an annual and special meeting of shareholders to be held on December 30, 2016 (the "Meeting"), at 10:00 a.m. at the Company's office located at Richmond, British Columbia. The Notice of Meeting and Information Circular for the Meeting have been mailed to the shareholders and is available on SEDAR. Items of business include:
- Election of Directors;
- Re-appointment and remuneration of Auditor;
- Re-approval of the Company's existing Stock Option Plan;
- Approval of a share consolidation at a ratio of up to a 50-for-1 basis (the "Consolidation").
The Board has concluded that the Consolidation would be in the best interests of the Shareholders as it could lead to increased interest by a wider audience of potential investors and could better position the Company to obtain financing and pursue acquisition opportunities. Notwithstanding the foregoing, the Board may determine not to implement the Consolidation at any time after the Meeting and after receipt of necessary regulatory approvals without further action on the part of the Shareholders. The Board, in its sole discretion, may also revoke the resolution approving the Consolidation and abandon the Consolidation without further approval, action by, or prior notice to Shareholders. The Consolidation is subject to Shareholder and regulatory approval, including the approval of the TSX Venture Exchange. As at November 25, 2016, the Company has 109,414,615 common shares issued and outstanding. The number of common shares which would be issued and outstanding after giving effect to the Consolidation would be 2,188,292. The name of the Company will not be changed. The Board and management recommends shareholders approve the Consolidation..
Assuming the Consolidation is approved at the Meeting, registered Shareholders are advised not to mail in the certificate(s) representing their common shares until they receive a letter of transmittal and confirmation from the Company by way of news release that the board of directors of the Company has decided to implement the Consolidation.
Changes in Directors
The Company wishes to announce that Messrs Chris Lang and Fraser Clarke have resigned from the Board of Directors of Movit, taking effect from May 4, 2016 and October 24, 2016 respectively.
Mr. Stephen D. Inouye was appointed to the board of directors on May 4, 2016. Mr. Inouye has worked with the Company since December 2010, first appointed as Chief Financial Officer in June 2013 and then acting Chief Executive Officer in August 2015.
Mr. Jason Pamer was appointed to the board of directors on October 24, 2016. Mr. Pamer previously served as Vice President - Product Development between January 2008 and January 2015. Since January 2015, Mr. Pamer has been providing independant business and technology consultation services to various clients in North America.
The Board and management of Movit would like to thank Messrs. Lang and Clarke for their time and dedication to Movit and wish them well in their future business ventures.
Termination of MOVIT App Contracts
On October 31, 2016, the Company issued a 60-day termination notice to Intregen (S) Pte Ltd. ("Intregen") under its service agreement. Intregen's service agreement was a monthly commitment of $30,000 CAD for services related to the MOVIT App.
On November 19, 2016, the Company issued a termination notice under its Exclusive Patent License Agreement (the "Licence Agreement") with Spiritage SA (Pty) Ltd. of South Africa ("Spiritage") with immediate effect, due to Spiritage's failure to fulfil the terms of the Licence Agreement.
Both Intregen and Spiritage have been instructed to immediately cease making any representations to third parties based on these agreements, either regarding the Company or the MOVIT App.
With the termination of these contracts, the Company has halted all efforts to develop and/or market the MOVIT App at this time. The Company is evaluating various options regarding its intellectual property including the outright sale of the patent rights related to the MOVIT App.
Update on Previously Announced Private Placement
The Company wishes to provide an update on its previously announced private placement. Further to its news release of December 3, 2015, no further tranches were placed subsequent to the closing of the first tranche of a proposed $500,000 private plaement. The Company has raised $375,000 in aggregate, for a total of 7,500,000 units ("Unit") at a price of $0.05 per Unit. Each Unit consisted of one common share and one common share purchase warrant, exercisable at a price of $0.10 per common share for a period of 24 months upon issuance.
ON BEHALF OF THE BOARD
"Stephen D. Inouye"
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.