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Radiko Announces Approval of Name Change, New Board Members and Update on Financial Statement Filings

Friday, 03 July 2020 08:40 PM

LOS ANGELES, CA / ACCESSWIRE / July 3, 2020 / Radiko Holdings (CSE:RDKO) (the "Company") is pleased to announce it has formally changed its name to "Radiko Holdings Corp." All necessary approvals of the name change have now been obtained, including the approval of shareholders, which was obtained at the annual and special meeting of shareholders held on June 29, 2020 ("AGM"). No further action will be required by shareholders of the Company and certificates will continue to be valid despite the name change.

The Company is also pleased to announce that in addition to the existing Board, the shareholders of the Company elected two new board members at the AGM - Renee Gagnon and Gregory Ross. Ms. Gagnon is a serial entrepreneur and cannabis pioneer. She is both the first transgender CEO of a publicly traded cannabis company and the first female one. Emerald Health (CSE: EMH.v) was the 4th Federally sanctioned Licensed Producer in Canada, and at its peak broke $1B CAD market cap. Ms. Gagnon has made use of her decade of Federal licensing experience (four licenses to date), and most recently founded a Canadian psychedelic startup. Mr. Ross is an investor, owner, and entrepreneur. He was Co-Founder and Chief Operating Officer of Ross Aviation, a leading provider of aviation fuel, ground handling services and hangar facilities for private aviation across the United States. His focus with Ross Aviation was on acquisitions, bottom-line growth and operating efficiencies. Mr. Ross has an MBA from Dalhousie University in Halifax, Nova Scotia and BAs in both Law and Economics from the University of Western Ontario. Greg held board positions with the Epilepsy Foundation of Colorado and the Front Range Amateur Hockey Association. His investment focus began with a medical marijuana processing segment in Ohio, and he subsequently became involved in the grow and processing aspects of the business in California. Both Mr. Ross and Ms. Gagnon bring tremendous cannabis-related experience and resources to the Company and will be a critical part of the Company's future growth.

Furthermore, the Company at this time is providing a bi-weekly default status report (the "Default Status Report") in accordance with National Policy 12-203 - Management Cease Trade Orders ("NP 12-203").

On June 1, 2020, the Company announced (the "Default Announcement") that, for the reasons disclosed in the Default Announcement, the filing of its audited annual financial statements, accompanying management discussion and analysis and related CEO and CFO certifications for the year ended December 31, 2019 (the "Annual Filings") would not be completed by the prescribed filing deadline.

As a result of these delays and as further disclosed in the Company's press release dated June 18, 2020, the Company proactively applied to its principal regulator, the Alberta Securities Commission ("ASC"), for a management cease trade order ("MCTO"), and the ASC granted the MCTO to the Company. The MCTO restricts all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer and the Chief Financial Officer of the Company until such time as the Annual Filings have been filed by the Company. The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities.

The Company's board of directors and its management confirms that they are working expeditiously to meet the Company's filing obligations and expect to file the Annual Filings on or before July 15, 2020.

As required by the alternative information guidelines specified by NP 12-203, the Company reports that since the Default Announcement and any subsequent press release disclosure there have not been any changes to the information set out in the Default Announcement that would reasonably be expected to be material to an investor nor any failure by the Company to fulfill its intentions as stated therein with respect to satisfying the provisions of the alternative information guidelines, and there are no additional defaults or anticipated defaults subsequent to the disclosure therein, other than the delay in filing the Annual Filings. Further, there is no additional material information concerning the affairs of the Company that has not been generally disclosed and there are no insolvency proceedings against the Company as of the date of this Default Status Report.

Until the Annual Filings have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines set out in NP 12-203 by issuing bi-weekly default status reports in the form of further press releases, which will also be filed on SEDAR. To the extent applicable, the Company is scheduled to file its next default status report in two weeks from the date hereof.

About Radiko Holdings

Radiko Holdings Corp., formerly International Cannabrands Inc. (RDKO) is a CBD and cannabis-focused brand portfolio, leveraging the potential of the plant by offering best of breed products that naturally complement today's consumer lifestyles. The Corporation's mission is to build and market a diversified portfolio of cannabis and CBD brands, with strategic manufacturing and distribution partnerships to support better EBITDA and margins. RDKO markets products with THC content where that practice has been legalized at the state level through either medicinal or recreational use. RDKO also markets products containing CBD in the US and internationally. The Corporation believes as the legal cannabis and CBD markets evolve, high-quality, unique products will increasingly capture market share and provide a valuable platform for growth.

For further information:

Steve Gormley
Chief Executive Officer
Radiko Holdings Corp.
12655 W Jefferson Blvd
Los Angeles, CA, 90066
Ph: +1-(323)-828-4321 or [email protected]

Investor Relations Contact:

Dave Burwell
Vice President
The Howard Group
#350, 318 - 11 Avenue SE
Calgary, AB T2G 0Y2
Ph: +1-(403)-221-0915 or [email protected]

Media Inquiries: [email protected]

Forward Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein relating to the timing of the filing of financial statements constitutes forward-looking statements. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.


SOURCE: Radiko Holdings Corp.

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