VANCOUVER, April 29, 2019 /CNW/ - Axion Ventures Inc.
("Axion Ventures" or the "Company") (TSX VENTURE: AXV; OTCQX:
AXNVF) announces that, subject to final TSX Venture Exchange (the
"Exchange") approval, the terms of the performance escrow agreement
dated May 11, 2016 (the "Escrow
Agreement") in respect of an aggregate of 33,000,000 common shares
of the Company (the "Escrowed Shares") will be amended to
extend the release period by two years (the "Amendment"). The
Amendment received disinterested shareholder approval at the
Company's annual general and special meeting held on December 17, 2018 and conditional approval by the
Exchange on January 14, 2019.
Other terms of the Escrow Agreement remain in full force and
effect and the Escrowed Shares are to be released to certain of the
Company's shareholders subject to the following financial
performance targets (the "Financial Performance Targets")
being attained by Axion Games Limited ("Axion Games"):
- Axion Games generating EBITDA (earnings before interest, taxes,
depreciation and amortization) in excess of US$6,000,000 in either of the audited fiscal
years ending December 31, 2019 or
2020; or
- Axion Games generating game pre-sales revenue in excess of
US$10,000,000 in either audited
fiscal year ending December 31, 2019
or 2020.
In the event the Financial Performance Targets are not met by
Axion Games, the Escrowed Shares shall be cancelled and returned to
the treasury of the Company.
A detailed discussion can be found under "Particulars of
Other Matters to be Acted Upon – Amendment to Performance Escrow
Agreement" on pages 26-29 of the Company's Management Information
Circular dated November 16, 2018 and
filed on www.sedar.com on November 20,
2018.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Axion Ventures Inc.