TORONTO, March 5 /CNW/ - KNIGHTSCOVE MEDIA CORP (TSXV: KC/OTCQX: KCMDF)
("Knightscove", "The Company" www.knightscove.com) is pleased to announce that
the TSX Venture Exchange has issued final approval authorizing a capital
reorganization of the Company.
Knightscove has amended its Article of Incorporation to exchange each
issued and outstanding common share of the Company for one-half of a Multiple
Voting Share and one-half of a Subordinate Voting Share. Both classes will
commence trading on TSX Venture Exchange at the opening on March 5, 2008, and
the common shares of the Company will be de-listed at such date. As of March
5th, 2008, an unlimited number of Multiple Voting Shares and an unlimited
number of Subordinate Voting Shares have been authorized with no par value of
which 9,747,904 shares of each class are issued and outstanding. The stock
symbols for the Subordinate and Multiple Voting Shares are 'KC.A' and 'KC.B'
respectively. Both classes are fully participating and the Multiple Voting
will carry 50 votes per share and the Subordinate Voting class will carry one
vote per share.
Knightscove believes that this capital reorganization is critical to its
ongoing business operations as a film producer and distributor. Knightscove
has access to certain distribution and production incentives in the
entertainment industry available only to Canadian controlled companies from
entities such as the Canadian Feature Film Fund, The Canadian Television Fund,
the Canadian film tax credits and a distribution envelop administered by
In order to access these and other public television and film funds as
well as to produce Canadian content for Canadian television broadcasters, the
Company must be Canadian-controlled with not less than 80 per cent of all the
issued and outstanding voting shares of the corporation are held by Canadians.
As Knightscove grows, it is increasingly relying on international equity
investors to fund its growth and corporate acquisitions. Additionally, as
Knightscove implements its international sales business strategy which
involves the export of film and television library product and the creation of
viable international markets for the Company, management anticipates the
support of more international investors.
This new capital structure will give Knightscove more flexibility to
pursue international equity financings while continuing to adhere to the
Canadian ownership restrictions of the Broadcasting Act (Canada) and retain
the Company's status as a Canadian corporation in the film industry.
Additional information may be found on www.knightscove.com, on SEDAR at
www.sedar.com and on www.OTCQX.com. The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Ali Mahdavi or Kevin O'Connor, Tel: (416)
962-3300, firstname.lastname@example.org or email@example.com; Knightscove Media Corp.:
Leif Bristow, President and CEO, (416) 444-7900 x222; Annette Grot, VP
Finance, (416) 444-7900 x231