TORONTO, ON--(Marketwired - July 15, 2016) - YANGAROO Inc. (TSX VENTURE: YOO) (OTCBB: YOOIF), the industry's leading secure digital media management and distribution company (the "Company"), is pleased to announce the voting results from the Company's Annual and Special General Meeting of shareholders held on July 13th, 2016 (the "Meeting").
The board of directors was fixed at five and the five nominees as proposed by the Company were elected to the board of directors, being Mr. Gary Moss, Mr. Anthony Miller, Mr. Howard Atkinson, Mr. Gerry Hurlow, and Mr. Philip Benson.
The shareholders approved a resolution appointing Collins Barrow Toronto LLP as auditors for the Company for the ensuing year, re-approved and ratified the Company's Shareholder Rights Plan, and re-approved and ratified the Company's 10% rolling stock option plan in accordance with the policies of the TSX Venture Exchange.
The Company is also making a correction to the press release issued on July 8, 2016 titled: "YANGAROO Announces First Closing of Private Placement" (the "July 8 Release"). With respect to the disclosure made pursuant to National Instrument 62-103 The Early Warning System and Related Take Over Bids and Insider Reported Issues, Mr. Gerry Hurlow, a director of the Company, subscribed for 1,160,000 (not 1,153,846) Units under the Private Placement (each as defined in the July 8 Release), bringing his total holdings, directly and indirectly, to 5,638,500 (not 5,632,346) Common Shares (as defined in the July 8 Release) and 1,780,000 (not 1,776,923) Warrants (as defined in the July 8 Release). As of the date of the issuance of the Common Shares and Warrants comprising the Units, Mr. Hurlow, through Meteor Capital Inc., holds 9.1% (not 10.4%) of the issued and outstanding shares of the Company on a non-diluted basis, and 11.6% (not 13.3%) on a fully-diluted basis, which percentages will decrease on final closing of the Private Placement.
The Company is also correcting the number of issued Warrants (as defined in the July 8 Release), which was 1,872,345 (not 1,872,346) due to rounding for fractional Warrants.
YANGAROO is a company dedicated to digital media management. YANGAROO's patented Digital Media Distribution System (DMDS) is a leading secure B2B digital cloud based solution focused on the music and advertising industries. The DMDS solution provides more accountable, effective, and far less costly digital management of broadcast quality media via the Internet. It replaces the physical, satellite and closed network distribution and management of audio and video content, for music, music videos, and advertising to television, radio, media, retailers, and other authorized recipients. The YANGAROO Awards platform is now the industry standard and powers most of North America's major awards shows.
YANGAROO has offices in Toronto, New York, and Los Angeles. YANGAROO trades on the TSX Venture Exchange (TSX-V) under the symbol YOO and in the U.S. under OTCBB: YOOIF. For further information, please contact Gary Moss at 416-534-0607 ext.111 or visit www.yangaroo.com.
The statements contained in this release that are not purely historical are forward-looking statements and are subject to risks and uncertainties that could cause such statements to differ materially from actual future events or results. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.