Toronto, Ontario--(Newsfile Corp. - July 22, 2024) - YANGAROO Inc. (TSXV: YOO) (OTC Pink: YOOIF), ("Yangaroo", "Company"), a software leader in media asset workflow and distribution solutions, is pleased to announce the acceptance by the TSX Venture Exchange (the "Exchange") of its application for reinstatement to trading of its common shares, as well as the appointment of Frank Guo as Chief Financial Officer (CFO).
Reinstatement to Trading
Further to the Company's news releases dated June 28th and July 19th, 2024, the Exchange has accepted the Company's application for reinstatement to trading of the Company's common shares, which will resume trading on July 23, 2024.
CFO Appointment
Frank Guo, who was formerly Yangaroo's Chief Financial Officer and currently serves as Yangaroo's Financial Advisor, brings a wealth of experience and a proven track record in financial leadership to the role. His appointment comes as part of Yangaroo's strategic efforts to strengthen its financial management and support the Company's growth initiatives.
Grant Schuetrumpf, who has been serving as interim CFO, has resigned from the interim Chief Financial Role and continues to lead Yangaroo as Chief Executive Officer.
Mr. Schuetrumpf commented: "We are delighted that Frank has been reinstated as CFO. Frank's financial expertise has proven to be invaluable as we continue to drive our strategic objectives and enhance shareholder value. His leadership will be instrumental in navigating the Company through its next phase of growth."
Mr. Guo expressed his enthusiasm about rejoining Yangaroo as Chief Financial Officer: "I am excited to be reinstated as CFO at Yangaroo and work with the talented team here. I look forward to contributing to the Company's success and supporting our financial and operational goals."
The Company has granted 500,000 restricted share units (each an "RSU", collectively the "RSUs") to Mr. Guo in accordance with the terms and conditions of the Company's Omnibus Incentive Plan (the "Plan"). The RSUs vest 100% on July 22, 2026 and will be payable in cash or common shares, or a combination of both, at the discretion of the Company, upon vesting. Following this grant, 500,000 RSUs will be outstanding and 3,870,600 RSUs remain available for grant under the Plan.
Yangaroo remains focused on its long-term strategy and growth objectives. The Company is committed to leveraging its industry-leading technology and innovative solutions to deliver exceptional value to its clients and stakeholders.
About YANGAROO
Yangaroo is a technology provider in the media and entertainment industry, offering a cloud-based software platform for the management and distribution of digital media content. Yangaroo's Digital Media Distribution System ("DMDS") platform is a patented cloud-based platform that provides customers with a centralised and fully integrated workflow directly connecting radio and television broadcasters, digital display networks, and video publishers for centralised digital asset management, delivery and promotion. DMDS is used across the advertising, music, and entertainment awards show markets.
YANGAROO Inc. is a publicly listed company incorporated on July 28, 1999 under the laws of Ontario as Musicrypt.com Inc. and changed to its present name on July 17, 2007. YANGAROO trades on the TSX Venture Exchange ("TSX-V") under the symbol YOO and in the U.S. under OTCPK: YOOIF.
The address of the Company's corporate office and principal place of business is 360 Dufferin Street, Suite 203, Toronto, Ontario, M6K 3G1.
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For YANGAROO Investor Inquiries: Grant Schuetrumpf Ph: (416) 534 0607 investors@yangaroo.com
Neither the TSX Venture Exchange nor Its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy of this release.
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes.
Forward looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of YANGAROO, that may cause the actual results, level of activity, performance or achievements of YANGAROO to be materially different from those expressed or implied by such forward looking statements. Yangaroo is making forward-looking statements with respect to: the role of CFO; the terms of the RSUs and remaining RSUs available for grant; and the date for reinstatement to trading of the Company's common shares.
Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause YANGAROO's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, neither YANGAROO assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.
