Complaint Filed Against Frankly Inc.
SAN FRANCISCO, July 26, 2017 /PRNewswire/ -- Frankly Inc. (TSX VENTURE: TLK), a leader in transforming local TV broadcasters and media companies by enabling them to publish and monetize their digital content across multiple platforms, acknowledges that a Complaint has been filed, but not yet served, by Gannaway Entertainment, Inc. ("GEI"), Albert C. Gannaway III, and Samantha Gannaway in United States District Court for the Northern District of California against Frankly, its CEO, CFO/COO and others alleging violations of United States securities laws, fraud and breach of fiduciary duties, and seeking in excess of USD $15 million in damages, arising out of Frankly's acquisition of Gannaway Web Holdings, LLC ("Worldnow") from GEI and other parties in 2015.
Frankly is reviewing the Complaint with its counsel and believes that the claims are without merit. If and when served with the Complaint, Frankly intends to defend the claims vigorously.
Frankly (TSX VENTURE: TLK) builds an integrated software platform for brands and media companies to create, distribute, analyze and monetize their content across all of their digital properties on web, mobile and TV. Its customers include NBC, ABC, CBS and FOX affiliates. Collectively, Frankly reaches nearly 80 million monthly users in the United States. The company is headquartered in San Francisco with a major office in New York. To learn more, visit www.franklyinc.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice Regarding Forward-Looking Statements
This release includes forward-looking statements regarding Frankly and its business. Forward-looking events and circumstances discussed in this release, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the parties including, without limitation, statements relating to the Complaint, the Company's intention to defend itself and the expected outcome of the Complaint. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Frankly undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE Frankly Inc.
Released July 26, 2017