TORONTO, Ontario--(BUSINESS WIRE)--KEW MEDIA GROUP INC. (“KEW” or the “Company”) (TSX:KEW and KEW.WT) today announced that its senior lenders have provided notice of an event of default under KEW’s senior credit facilities due to the inaccurate information provided to them by KEW’s former Chief Financial Officer. The senior lenders have not taken action to enforce or accelerate. The Company continues to discuss its short-term liquidity requirements with its senior lenders.
KEW previously announced that following receipt of expressions of interest from a number of parties, it had formed a special committee of independent directors to examine strategic alternatives for the Company which could include, among other things, the sale of part or all of the Company, a merger or other business combination with another party, new capital initiatives or other strategic transactions. The Company is actively engaging in discussions regarding a number of potential transactions.
About KEW MEDIA GROUP INC.
KEW MEDIA GROUP is a leading publicly listed content company that produces and distributes multi-genre content worldwide. With primary offices in London, Los Angeles, New York, Sydney and Toronto, KEW companies develop, produce and distribute more than 2,000 new hours of content every year, as well as manage a library of more than 14,000 hours of content, for almost every available viewing platform worldwide. KEW aspires to offer great content from all over the world to viewers of all ages and tastes. KEW promotes transparency, equality, respect, and inclusiveness and plans to grow with the benefit of people from a wide range of perspectives and backgrounds.
This news release may include forward-looking statements. All such statements constitute forward-looking information within the meaning of securities law and are made pursuant to the “safe harbour” provisions of applicable securities laws. Forward-looking statements include statements regarding the potential outcome of KEW’s strategic review process. Such statements are based on current expectations of the Company’s management and inherently involve numerous risks and uncertainties, known and unknown, and there can be no assurance as to the outcome of KEW’s strategic review process. In particular, there can be no assurance as to the form or timing of any transaction(s) as a result of the exploration of strategic alternatives and KEW does not intend to update the market on its progress unless or until it determines that further disclosure is appropriate or necessary.