LUXEMBOURG and NEW YORK, March 18,
2020 /PRNewswire/ -- Akazoo
S.A. (NASDAQ: SONG) ("Company"), a
leading global music streaming platform and media technology
company with a strong international market position focused on
emerging markets, today announced that shareholders voted to
approve all of the resolutions put before the special and
extraordinary general meetings of shareholders held on March 17, 2020.
Share Repurchase Authorization
Shareholders approved a new share repurchase authorization of up
to $5 million and up to 1.0 million shares of the Company's
common stock.
Mr. Apostolos N. Zervos, Founder
& CEO of Akazoo, said, "The Share Repurchase Program reflects
the shareholders', board's and management's confidence in the
fundamental and long-term potential of the Company's business. Our
Company exhibited revenue growth of approximately 30% in 2019, has
a robust balance sheet with a strong cash position and no debt.
This enables us to continue to invest in our long-term sustainable
growth, while driving additional value for shareholders through the
repurchase program."
While the company intends to make repurchases in the near term,
subject to market conditions among other things, there is no
guarantee as to the exact number of shares, if any, that may be
repurchased by the Company under this authorization.
Special and Extraordinary Shareholder Meeting Results
Shareholders approved the authorization to repurchase shares,
the appointment of two additional independent directors, the
appointment of BDO LLP as the Company's independent registered
public accountant commencing with the year ended 31 December 2019, the amendment of the Company's
articles of association, and the omnibus equity incentive plan.
The amendments to the articles of association are expected to
become effective immediately after completion of certain corporate
formalities.
About Akazoo
Akazoo is a global, on-demand music
and audio streaming and media and A.I. technology company, founded
in 2010, with a focus on emerging markets and a presence in 25
countries. Akazoo's premium service provides subscribers with
unlimited online and offline high-quality music streaming access to
a catalogue of over 45 million songs on an ad-free basis. Akazoo
uses patented A.I. for music recommendations and offers online and
offline listening. Akazoo's free, ad-supported radio service
consists of over 80,000 stations and exists as a separate service
and application. As consumers across the globe continue to shift
their media consumption to mobile devices, Akazoo is equipped with
a world-class mobile application and user experience which works
seamlessly across a multitude of mobile devices and provides a
high-quality user experience across a range of mobile networks from
2G to 4G LTE and soon 5G.
Forward Looking Statements
This release contains
certain forward-looking statements within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995, as amended, based on the current expectations, estimates
and projections of the Company about its operations, industry,
financial condition, performance, results of operations, and
liquidity. Forward-looking statements can be identified by the fact
that they do not relate strictly to historical or current facts.
Statements containing words such as "may," "improve," "could,"
"believe," "anticipate," "expect," "intend," "plan," "project,"
"projections," "business outlook," "guidance," "estimate," or
similar expressions constitute forward-looking statements.
Forward-looking statements represent management's current
expectations or predictions of future conditions, events or
results. These forward-looking statements include, but are not
limited to, statements about, or are based upon assumptions
regarding, the Company's strategies and future financial
performance; expectations or estimates about future business plans,
corporate governance, growth, or other objectives. You are
cautioned not to place undue reliance on these forward-looking
statements, which reflect management's good faith beliefs,
assumptions and expectations only as of the date hereof. Any such
forward-looking statements are not guarantees of future performance
or results and involve risks and uncertainties that may cause
actual performance and results to differ materially from those
predicted, many of which are beyond the Company's control. Reported
results should not be considered an indication of future
performance. Except as required by law, we undertake no obligation
to publicly release the results of any revision or update to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
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SOURCE Akazoo