(Toronto, ON – October 24, 2017) ARHT Media Inc. (“ARHT” or the “Company”) (TSX-V: ART), creators of digital human holograms called HumaGrams™, announces that it plans to consolidate its common shares on the basis of one new common share for up to a maximum of eleven common shares outstanding.
ARHT currently has 109,723,901 common shares outstanding and, assuming a share consolidation on an eleven for one basis, will have approximately 9,974,900 common shares outstanding. The change in the number of issued and outstanding common shares that will result from the share consolidation will not materially affect any shareholder’s percentage ownership in ARHT, although such ownership would be represented by a smaller number of common shares.
The share consolidation is subject to shareholder and TSX Venture Exchange approval. A special shareholder meeting has been called for October 26, 2017 at 10am EST at 65 Queen Street West, Suite 800, Toronto, ON M5H 2M5 for shareholders to consider and vote on the share consolidation.
ARHT’s board of directors and management believe that the share consolidation is in the best interests of the Company in order to reduce the number of outstanding common shares. The benefits of the consolidation include, but are not limited to, improving the capital structure of the Company to enhance its ability to access financing, helping ARHT attract key management personnel and a higher post-consolidation share price could help generate interest in the Company among investors. Further details regarding the share consolidation are contained in the Company’s information circular dated September 25, 2017, which has been filed under ARHT’s profile on SEDAR at www.sedar.com.
The Company does not intend to change its name as part of the share consolidation.
About ARHT Media
ARHT’s patented Augmented Reality Holographic Telepresence technology is the world’s first complete end-to-end solution for the creation, transmission, and delivery of lifelike digital human holograms, known as HumaGrams™. The company’s technology is protected by U.S. Patent No. 9,581,962.
Connect with ARHT Media
ARHT Media trades under the symbol “ART” on the Toronto Venture Stock Exchange.
ARHT Media Public Relations
+1 416 861 5875
ARHT Media Press Contact
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the proposed share consolidation; the benefits of the share consolidation; and the Company’s technology. Generally, forward looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic and competitive uncertainties; regulatory risks; risks inherent in technology operations; and other risks of the technology industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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