Genius Brands Announces Buyback of Common Shares in Private Transaction
October 17 2022 - 2:00PM
Genius Brands International, Inc. (NASDAQ: GNUS), today announced
that it has repurchased 419,336 shares of common stock in a private
transaction from an entity owned by Harold and Jennifer Chizick,
former executives of the Company. This share repurchase was made in
connection with a comprehensive settlement agreement resolving
certain employment-related claims by Harold and Jennifer Chizick
against the Company as well as the counterclaim by the Company
against the Chizicks.
A Genius Brands spokesperson commented: “We believe the buyback
of these outstanding shares is beneficial to our company and our
shareholders, in that it takes shares out of the marketplace. Also,
the significant premium to the market price, $1.99 per share,
underscores our confidence in our rapidly growing business and the
future. This was an amicable settlement, and we are pleased with
the outcome of this lawsuit.”
Harold Chizick commented, “Jennifer and I are excited to have
this chapter behind us and are looking forward to moving on with
positivity and play.”
About Genius Brands International Genius Brands
International, Inc. (Nasdaq: GNUS) is a leading global kids media
company developing, producing, marketing and licensing branded
children’s entertainment properties and consumer products for media
and retail distribution. The Company’s IP portfolio of
family-friendly content features the Stan
Lee brand, Stan Lee’s Superhero Kindergarten, starring
Arnold Schwarzenegger, on Kartoon Channel!; Shaq’s Garage,
starring Shaquille O’Neal, coming to Kartoon Channel!; Rainbow
Rangers on Kartoon Channel! and Netflix; Llama Llama,
starring Jennifer Garner, on Netflix and more. Recently, Genius
Brands entered into an agreement to acquire Canada’s WOW! Unlimited
Media (TSX-V: WOW), which includes 2,500 channels under the Channel
Federator Network, and has also made a strategic investment in
Germany’s Your Family Entertainment AG (FRA:RTV), one of Europe’s
largest distributors and broadcasters of high-quality programs for
children and families.
Genius Brands’ Kartoon Channel! is a globally
distributed entertainment platform with 100% penetration in the
U.S. television market and international expansion with launches in
key markets around the world. The channel is available in the U.S.
via a broad range of distribution platforms, including Comcast,
Cox, DISH, Amazon Prime, Amazon Fire, Apple
TV, Apple iOS, Android TV, Android Mobil, Google
Play, Roku, YouTube, KartoonChannel.com, Samsung Smart and LG
TVs, the JetBlue Inflight platform and more. Genius Brands is now
rolling out the subscription-based Kartoon Channel! Kidaverse,
featuring metaversal content and exclusive titles.
For additional information, please
visit www.gnusbrands.com.
Forward Looking Statements: Certain statements
in this press release constitute "forward-looking statements"
within the meaning of the federal securities laws. Words such as
"may," "might," "will," "should," "believe," "expect,"
"anticipate," "estimate," "continue," "predict," "forecast,"
"project," "plan," "intend" or similar expressions, or statements
regarding intent, belief, or current expectations, are
forward-looking statements. While the Company believes these
forward-looking statements are reasonable, undue reliance should
not be placed on any such forward-looking statements, which are
based on information available to us on the date of this release.
These forward looking statements are based upon current estimates
and assumptions and are subject to various risks and uncertainties,
including without limitation, our ability to generate revenue or
achieve profitability; our ability to obtain additional financing
on acceptable terms, if at all; the potential issuance of a
significant number of shares, which will dilute our equity holders;
fluctuations in the results of our operations from period to
period; general economic and financial conditions; our ability to
anticipate changes in popular culture, media and movies, fashion
and technology; competitive pressure from other distributors of
content and within the retail market; our reliance on and
relationships with third-party production and animation studios;
our ability to market and advertise our products; our reliance on
third-parties to promote our products; our ability to keep pace
with technological advances; our ability to protect our
intellectual property and those other risk factors set forth in the
“Risk Factors” section of the Company’s most recent Annual Report
on Form 10-K and in the Company's subsequent filings with the
Securities and Exchange Commission (the "SEC"). Thus, actual
results could be materially different. The Company expressly
disclaims any obligation to update or alter statements whether as a
result of new information, future events or otherwise, except as
required by law.
MEDIA CONTACT
:pr@gnusbrands.com
INVESTOR RELATIONS CONTACT
:
ir@gnusbrands.com
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