NEW YORK and LONDON,
April 22, 2020 /PRNewswire/
-- Akazoo S.A. (NASDAQ: SONG) ("Akazoo" or the "Company")
today announced that its Board of Directors has formed a special
committee of independent directors to investigate the allegations
in a report released by Quintessential Capital Management ("QCM")
(the "Report") on April 20,
2020. The special committee has retained Latham & Watkins
LLP as its legal counsel to assist in its review.
Akazoo has no reason to believe the accuracy of this Report,
which the Company believes QCM issued in order to cause a decline
in Akazoo's stock price and profit at the expense of the Company's
shareholders. However, in order to ensure transparency and in an
overabundance of caution, the special committee will conduct a
thorough review with the assistance of its advisors.
The Company cautions that Akazoo shareholders should exercise
caution in relying on the information contained in the Report,
which asserts certain "opinions and projections" regarding the
Company, and recognize that, by its own admission, "QCM has an
economic interest in the price movement." Furthermore, the
Report specifically disclaims responsibility for the accuracy of
any data presented therein.
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.
To learn more about Akazoo, visit www.akazoo.com.
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