/NOT FOR DISTRIBUTION TO UNITED STATES OF AMERICA WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES OF AMERICA/
TORONTO, March 22, 2013 /CNW/ - LiveReel Media Corporation (OTC: LVRLF.PK) announced that it has entered into a Loan Agreement in the principal amount of $150,000 (the "Loan") with Difference Capital Funding Inc., an arms-length party. The Loan is unsecured, has a term of 12 months, bears interest at 12% per annum, payable on maturity or termination, as the case may be, and may be repaid in advance without penalty.
The Corporation intends to use the proceeds of the Loan to pay out all of its existing indebtedness and the balance for working capital purposes.
The Loan was unanimously approved by the board of directors of the Corporation, who agreed that in light of the current financial position of the Corporation, the Loan was transacted on favourable commercial terms.
Following entering into of the Loan, the Corporation announced the appointment of Michael Wekerle and Henry Kneis who joined the board of directors following the resignation of Janice Barone and Diana van Vliet. The Board currently consists of three directors, Henry Kneis, Michael Wekerle and Jason Meretsky. Mr. Meretsky resigned as Chief Executive Officer and was replaced by Michael Wekerle. Steve Wilson, the Corporation's Chief Financial Officer resigned and was replaced by Henry Kneis.
Mr. Wekerle has over 25 years of experience in the investment industry and is currently the Executive Chairman of Difference Capital Funding Inc., a publicly listed merchant bank focused on creating shareholder value through strategic investments in, and advisory services for, growth companies, particularly in the technology and media sectors, as well as opportunistic investments in undervalued financial assets and real property. The Globe and Mail described Mr. Wekerle as one of Bay Street's legendary investment traders. He was a partner and co-founder of Griffiths McBurney & Partners' (GMP) sales and trading operations. He served as Vice Chairman of Institutional Trading at GMP Securities until August 2011, where he was widely considered a leading investment advisor in Canada. During his time, he helped establish the firm's hedge fund, institutional trading desk and a reputation for assisting clients in profiting from large-scale transactions.
Mr. Kneis has 25 years of experience specializing in alternative assets including hedge fund investment management, structured product development, equity derivatives and proprietary arbitrage trading. Mr. Kneis is currently Chief Operating Officer and Chief Financial Officer of Difference Capital Funding Inc. Previously, he was the Founder, CEO and Chief Investment Officer of Abria Financial Group, where he managed three portfolios of hedge funds. Abria was the inaugural winner in 2004 of the Canadian Investment Awards "Best Fund of Hedge Funds". Prior to founding Abria, Mr. Kneis was the CEO of Maple Securities Ltd., a privately held, $100 million investment dealer and Toronto Stock Exchange member. He managed proprietary trading portfolios for Maple and its affiliates with aggregate balance sheet assets of $3 billion.
Established in 1997, LiveReel Media Corporation is an entertainment company engaged in the financing, development, licensing, production and distribution of feature films, television series, television movies and non-fiction programming.
SOURCE: LiveReel Media Corporation
For further information:
Henry Kneis, CFO