NOT FOR DISTRIBUTION TO UNITED STATES OF AMERICA WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES OF AMERICA
TORONTO, Feb. 11, 2015 /CNW/ - LiveReel Media Corporation (OTC: LVRLF.PK) (the "Company") announced that at a special meeting of shareholders held today, shareholders authorized the Company to file Article of Dissolution to dissolve the Company. The dissolution was approved by shareholders holding 20,898,653 common shares, representing 88.8% of the issued and outstanding shares of the Company.
The Company has entered into a Distribution and Winding-Up Agreement whereby its major shareholder, being the only creditor of the Company, will agree to forgive all of its existing indebtedness of approximately $330,584 in exchange for the assets of the Company. The Company's business activities are inactive and it has no cash or assets and accordingly, there will be no distribution made to shareholders.
Despite taking an active approach to examining business opportunities within and outside of the entertainment industry that could enhance shareholder returns, management has not been successful in attracting any new investment opportunity or business.
The Company's largest shareholder, which it has relied upon for financial support, has indicated that it is no longer willing to finance the Company. As a result, the board of directors concluded that an orderly dissolution of the Company makes imminent sense in light of the other options available.
The Company has requested that the OTC Bulletin Board cease trading its shares, as management believes they have no value.
SOURCE LiveReel Media Corporation
For further information: Henry Kneis, CFO, (416) 649-5085