TORONTO, Feb. 22, 2022 (GLOBE NEWSWIRE) -- ARHT Media Inc. [TSXV:ART] [OTCQB: ARHTF], the global leader in the development, production and distribution of high-quality, low latency hologram and digital content, today announced it has closed a private placement with a group of strategic investors, led by Samacha Capital Inc., an investment company controlled by Jonathan Pollack, pursuant to which the Company has issued $10 million of units of the Company (“Units”) at a price of $0.275 per Unit in a non-brokered private placement (the “Offering”). In connection with the closing of the Offering, Jonathan Pollack, the former Chief Financial Officer of technology companies AcuityAds and Kaboose has joined the board of directors of ARHT Media as Vice Chair. Deborah Beatty, currently the VP Corporate Strategy at PointClickCare and the former Head of Strategy for the Middle East and Africa for Apple, has also joined the board of directors as an additional independent director.
The Company will use the net proceeds of the Offering:
“This sizeable investment, being completed at a premium to the current share price, represents validation of the significant underlying value of our technology, product offering and growth initiatives,” said Larry O’Reilly, Chief Executive Officer of ARHT Media. “This infusion of growth capital will allow us to expedite the implementation of our existing business plan, particularly with an accelerated rollout of expanded locations including our WeWork partnership. In addition, this capital will allow ARHT Media to enter additional markets with new and innovative products that significantly broaden the use case and accessibility of our core technology. We are particularly pleased to add Jonathan Pollack and Deborah Beatty to our Board as both have substantial business, financial and strategic experience, primarily in the technology sector, to assist us in accelerating our growth.”
“I am very excited to be joining the Board of ARHT Media and working closely with Larry and his world-class team to increase the Company’s market penetration, revenue growth and financial position,” said Jonathan Pollack.
Terms of the Unit
Each Unit is comprised of one common share (a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share at a price of $0.40 for a period of three years from the date of issuance. The securities issued under the Offering have a hold period of four months and one day from the date of issuance.
Jonathan Pollack is the President of Samacha Capital Inc, a private investment firm. Previously, he was the Chief Financial Officer of AcuityAds Holdings Inc. (TSX/NASDAQ), the Chief Financial Officer of Kaboose Inc. (TSX) and the Executive Vice President of API Technologies (NASDAQ), as well as an investment banker in New York. Mr. Pollack serves on the board of several public and private companies, as well as numerous philanthropic organizations. Mr. Pollack received a Master of Science degree in Finance from the London School of Economics and a Bachelor of Commerce degree from McGill University.
Deborah Beatty is the Vice President of Corporate Strategy at PointClickCare, Canada’s leading private-equity-backed healthcare technology company. Deborah has extensive experience helping businesses build robust growth strategies leveraging new technologies, across several geographies. Previously, Deborah was the Head of Strategy for Middle East & Africa for Apple Inc., COO of Monitor Company in MENA, Vice President of Digital at Astral Media (TSE) and Corus Entertainment (TSE/NYSE), and a strategy consultant at Monitor Company based in New York and London. Deborah has an MBA from INSEAD and a BA from Princeton University.
The Company has engaged Cormark Securities Inc. ("Cormark") to provide financial advisory services to the Company. Pursuant to the terms of the engagement, and subject to receipt of all necessary regulatory approvals, including but not limited to, approval of the TSX Venture Exchange, the Company has agreed to pay Cormark $75,000 in Common Shares of the Company as consideration for the services provided by Cormark under the engagement. In addition, the Company has agreed to pay Cormark a cash fee equal to 4% of the gross proceeds of the Offering and that number of compensation options of the Company ("Compensation Options") equal to 4% of the Units sold pursuant to the Offering. Each Compensation Option is exercisable into one Unit at a price of $0.275 for a period of three years from issuance.
About ARHT Media
ARHT Media's patented HoloPresence technology is a complete end-to-end solution that creates a sense of presence for audiences – as though the holographic presenter was actually live in the room. With no noticeable latency, ARHT Media makes two-way live communication with a 3D holographic presenter anywhere in the world possible. We can also playback pre-recorded content and 3D animations on our HoloPresence displays to deliver rich holographic experiences. Add to this our capability to stream the same content online on our premium Virtual Global StageTM.
ARHT Media trades under the symbol "ART" on the TSX Venture Exchange and “ARHTF” on the OTCQB.
Samacha Capital Inc.
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