TORONTO, June 27, 2012 /CNW/ - YANGAROO Inc. ("YANGAROO") (TSX-V: YOO) (OTC: YOOIF), the industry's leading secure digital media distribution company, is pleased to announce that it has received another tranche of the funds expected for a private placement, which YANGAROO is currently undergoing (the "Private Placement").
While the Private Placement was previously announced to close on or about May 28, 2012, YANGAROO now anticipates it to close on or about July 31st, 2012. "Due to various factors outside of YANGAROO's control, the Private Placement has taken longer than originally estimated to close," said Gary Moss, President and Chief Executive Officer, YANGAROO Inc. "But we have been assured that the investors are committed to investing the outstanding balance of committed funds imminently, and the latest tranche is evidence of that commitment which has provided the company with more than adequate funding for the near term."
For clarity, the debt offering previously announced on December 7, 2011 and again referenced on January 4, 2012 has been replaced with the current Private Placement, which was initially announced on April 17, 2012.
In addition, YANGAROO has been re-classified from Tier 1 to Tier 2 on the TSX Venture Exchange (the "Exchange") effective June 27, 2012. This re-classification was in large part a result of the delayed closing, but will have no material impact on YANGAROO's business.
"This re-classification was not unexpected, and we fully anticipate applying to the Exchange and moving to Tier 1 once the six-month minimum time frame has elapsed," stated Mr. Moss. "We do not foresee this re-classification affecting YANGAROO's operations, growth or profitability."
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 powers many of North America's major awards shows.
Named one of Canada's Top 100 Tech Companies by Canadian Business, YANGAROO has offices in Toronto, New York, Los Angeles, and Dallas. YANGAROO trades on the TSX Venture Exchange (TSX-V) under the symbol YOO and in the U.S. under OTCBB: YOOIF.
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. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information:
please contact Gary Moss at 416-534-0607 ext.111 or visit www.yangaroo.com