VANCOUVER, British Columbia, June 27, 2023 (GLOBE NEWSWIRE) -- Amcomri Holdings Limited, a company controlled by Mr. Paul McGowan, acquired 1,298,985 common shares (“Common Shares”) in the capital of Amcomri Entertainment Inc. (the “Company”) (the “Transaction”). The Transaction was completed in connection with a private sale pursuant to a share purchase agreement.

Immediately prior to the completion of the Transaction, Mr. McGowan, a director of the Company, had control and direction over an aggregate of 29,239,436 Common Shares, representing approximately 39.7% of the Company’s issued and outstanding Common Shares. Following the completion of the Transaction, Mr. McGowan directly and indirectly exercises control or direction over 30,538,421 Common Shares, representing approximately 41.5% of the Company’s issued and outstanding Common Shares. This represents a 2.25% increase in Mr. McGowan’s control or direction over the Company’s Common Shares since the date of the early warning report filed by Mr. McGowan on January 10, 2022. The acquired Common Shares were purchased at a price of $0.13 per share for total consideration of $168,868.07.

In addition to holding the Common Shares directly and through Amcomri Holdings Limited, Mr. McGowan also holds Common Shares through Amcomri Media Group Limited, Amcomri GP BVI Limited, and Oranmore Limited.

The acquired Common Shares were acquired by Mr. McGowan for investment purposes given the strong positive financial performance of the Company during the first quarter of 2023 and the fact that such financial performance has not been recognized in the market.

Mr. McGowan currently does not have any plans to acquire or dispose of additional securities of the Company. However, Mr. McGowan may acquire additional securities of the Company, dispose of some or all of the existing or additional securities he holds or will hold, or may continue to hold his current position, depending on market conditions, reformulation of plans and/or other relevant factors.

The foregoing disclosure is being disseminated pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting. Copies of the associated early warning report with respect to the foregoing will be filed on the Company's profile on SEDAR at www.sedar.com.

For more information, please contact:

Inca Ross, Company Secretary
Email: inca.ross@amcomri.com