VANCOUVER, British Columbia--(BUSINESS WIRE)--$READ--Legible Inc. (CSE: READ) (FSE: D0T) (OTC: LEBGF) ("Legible” or the “Company”), announces that, further to its October 20, 2022 News Release, it has increased the size of its private placement of units (“Units”) from up to $500,000 to $694,566 (the “Private ‎Placement”).‎

In addition, Legible announced that it has completed the closing of the Private Placement. Legible issued 6,945,656 Units at a price of $0.10 per Unit for gross proceeds of $694,566 (less the finder’s fee of $3,447 for net proceeds of $691,119; $328,153 of which was the settlement of outstanding indebtedness). All securities issued in connection with the Private Placement are subject to a hold period that expires on March 22, 2023. The Company intends to use the proceeds from the Private Placement for ongoing technology development, marketing, and general working capital ‎‎purposes.‎

“We are very pleased to be able to announce oversubscribing our Offering in these challenging markets,” said Legible CEO Kaleeg Hainsworth. “We deeply appreciate the support shown by both our investors and creditors.”

“Legible Publishing has received unsolicited inquiries from authors and content providers to explore conversion of conventional ePubs into Legible Original Living Books, following our release last week of bestselling author T. Harv Eker’s first in a series, Don’t Believe a Thought You Think,” said Angela Doll, Legible’s Chief Publishing Officer. “Legible is excited to expand our capacity to deliver on this unique differentiator for our Company, along with our other revenue streams.”

Mr. David Van Seters, a director of Legible, subscribed for 127,975 Units and Ms. Shannon Kaustinen, also a director of Legible, subscribed for 120,000 Units under the Private ‎Placement. Legible has determined that exemptions from the various requirements of Multilateral Instrument 61-101 are ‎available for the issuance of the Units (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair ‎Market Value Not More Than $2,500,000).

Each Unit consists of one common share of the Company (“Common Share”) and one common share purchase warrant (“Warrant”). Each Warrant entitles the holder to purchase one Common Share at a price of $0.15 for a period of one (1) year from closing, provided that if, at any time, after the date that is four months and one day following the closing, the volume weighted average trading price of the common shares on the Canadian Securities Exchange (the “CSE”) is at least $0.45 per share for a period of 5 consecutive trading days. The expiry date of the Warrants may be accelerated by the Company to a date that is not less than 21 days after the date that notice of such acceleration is provided to the Warrant holders, which notice may be by way of general press release.

As noted above, finders acting in connection with the Private Placement received fees in the aggregate amount of $3,447 and 34,472 finder’s warrants. Each finder’s warrant may be exercised to acquire one Common Share at a price of $0.10 per share for a period of one (1) year from the closing; provided that if, at any time, after the date that is four months and one day following the closing, the volume weighted average trading price of the Common Shares on the CSE is at least $0.45 per share for a period of 5 consecutive trading days, the expiry date of the finder’s warrants may be accelerated by the Company to a date that is not less than 21 days after the date that notice of such acceleration is provided to the finder’s warrant holders, which notice may be by way of general press release.

Legible also announced that, further to its December 23, 2021 News Release, it has amended the terms of the engagement with Red Cloud Securities Inc., a company that provides market-making services to Legible, to increase the monthly fee to $7,000 from July 1, 2022 to March 31, 2023.

About Legible Inc.

Legible Inc. is a book entertainment and media company with a mission: millions of books for billions of readers, globally. Legible has developed two high-value verticals: a browser-based mobile-first B2C ebook entertainment platform delivering a global online bookstore and reading system for the emerging web with high-growth potential called Legible.com, which offers beautiful, accessible & immersive reading for next-generation readers; and second, a global B2B ebook conversion and production service with high revenue potential called Legible Publishing — a world-class high-volume digital conversion service for publishers and organizations and a remediation service of ebook content for the accessibility community. Legible Publishing also creates multimedia ebooks, branded as Living Books, that empower authors and publishers to deliver dynamic and unique content.

Founded and led by a team of technologists, authors, ebook publishers, designers, and publishing industry insiders, Legible is transforming the digital publishing industry and gaining market share through innovative, 21st century publishing and global reading experiences. Legible provides innovative e-reading experiences to anyone anywhere with an internet-enabled device. Legible embraces sustainability, accessibility, and global literacy.

Please visit Legible.com and discover the place where ebooks come to life.

Cautionary Note Regarding Forward Looking Information

This press release contains certain statements which constitute forward-looking statements or information (“forward-‎looking statements”), including statements regarding Legible’s business and the Private ‎Placement. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond ‎Legible's control, including the impact of general economic conditions, industry conditions, ‎currency fluctuations, the lack of availability of qualified personnel or management, ‎stock market volatility and the ability to access sufficient capital from internal and external sources. Although Legible believes ‎that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions ‎concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently ‎available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could ‎influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or ‎implied in the forward-looking information. As such, readers are cautioned not to place undue reliance on the forward-‎looking information, as no assurance can be provided as to future results, levels of activity or achievements. The forward-‎looking statements contained in this document are made as of the date of this document and, except as required by ‎applicable law, Legible does not undertake any obligation to publicly update or to revise any of the included forward-looking ‎statements, whether as a result of new information, future events or otherwise. The forward-looking statements ‎contained in this document are expressly qualified by this cautionary statement.‎

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN UNITED STATES

Legible Inc.

Deborah Harford
EVP, Global Strategic Partnerships
1 (672) 514-2665
(CSE: READ) (FSE: D0T) (OTC: LEBGF)
deborah@legible.com

Breakthrough: A Growth Revolution Suggests Government, Business and Workers Adopt “Growth and Fairness Agenda” to Drive Long-Term Prosperity

TORONTO--(BUSINESS WIRE)--Martin Fleming, leading economist and Chief Revenue Scientist for award-winning SaaS company Varicent, offers his multi-point prescription for strong and sustained economic growth in his new book Breakthrough: A Growth Revolution, published by Business Expert Press.

“Martin’s economic expertise and insights are invaluable to the Varicent team. He has shown us how to take complex data and extract trends and insights, giving both Varicent and our customers best practices and advice they can act on. Martin’s findings have shaped the way our solutions are designed to help our customers improve operational efficiency and allow leaders to focus on revenue growth,” says Marc Altshuller, CEO, Varicent. “Breakthrough is a must-read for any leader looking for advice on how to navigate our current economic climate and continue leading their teams to success.”

Formerly IBM’s Chief Economist, Martin joined Varicent in 2020 and has been instrumental in helping to shape Varicent’s future roadmap, vision, and strategy. As Varicent’s Chief Revenue Scientist, he advises both leadership and clients with macroeconomic insights and analysis. He has published many eBooks, blogs, and other thought pieces with Varicent outlining research results, key trends and tips for sales leaders. Martin been a long-time champion of the deployment of technology across business processes and has a deep-rooted understanding of the critical role data and technology play in the future of sales performance management.

The book, Breakthrough, provides readers with a deep analysis of current economic and societal trends, along with a rich history of the four major industrial revolutions. Topics in Breakthrough explore the key principles of Martin’s Growth and Fairness Agenda, including:

• increased investment in small- and medium-sized enterprises,
• artificial intelligence (AI) and analytics tools that are easier-to-use and more widely adopted,
• government incentives that support workforce education and training, along with tax provisions that encourage investment in both tangible and intangible capital, and
• deeper engagement between business executives and their workforces, including a willingness to embrace new skills requirements and ways of working.

The book proposes that adopting AI and analytics tools is one key to driving growth post-pandemic. Business and sales leaders must prioritize go-to-market resources to maximize return on sales investments. Varicent has developed technology that delivers powerful predictive and prescriptive insights using a cloud-based, no-code platform. From quotas to sales and compensation, Varicent enables companies to drive high performance and maximize revenue by providing vital data, insights, and tools through its suite of solutions.

“While the near-term economic impact of Covid, the war in Europe and climate change might be unnerving, history shows that pandemics are often followed by strong economic and productivity growth,” explains Martin Fleming, Chief Revenue Scientist, Varicent. “In addition, businesses are dramatically increasing their spending on software, services and emerging technologies, confirming that the Fourth Industrial Revolution is well underway. This confluence of events creates fertile conditions for transforming our economy and driving more equitable income distribution.”

Breakthrough: A Growth Revolution is available in digital and paperback formats from Amazon and Barnes & Noble, or directly from Business Expert Press.

To learn more about Varicent’s solutions and how they can empower go to market teams with insights to create a repeatable revenue engine, please visit www.varicent.com.

About Varicent™

Varicent is an award-winning SaaS company that helps businesses fuel growth. Its suite of solutions support a company’s entire revenue journey, from results-driven planning and predictability to growth. With Varicent, companies worldwide can set smarter goals and territories to maximize revenue potential. Varicent enables teams with AI-driven insights to make better decisions and outdo previous performance, and to create incentive strategies that motivate the right behaviors to achieve revenue goals. To learn more about Varicent, visit www.Varicent.com.

Varicent, Varicent and design, and Symon are trademarks or registered trademarks of Varicent in the USA, Canada, and other countries.

Media:
Marcus Hearne
Chief Marketing Officer, Varicent
mhearne@varicent.com

Groundbreaking rich media ebook showcases the future of reading on the Legible platform

VANCOUVER, British Columbia--(BUSINESS WIRE)--#MindFrick--Legible Inc. (CSE: READ) (FSE: D0T) (OTC: LEBGF) ("Legible” or the “Company”) is delighted to release Don’t Believe a Thought You Think, the first in a series of multimedia “Living Books” the Company is developing for New York Times bestselling author T. Harv Eker.

Legible’s publishing services division leveraged the rich media functionality of Legible’s browser-based reading platform to develop the Living Book, which features original video and audio of Mr. Eker sharing comments and resources, dynamic interactive elements, animated graphics, and of course Mr. Eker’s signature insights on ways to achieve the life and success you want.

“I am thrilled to partner with Legible’s innovative platform and creative team to make this amazing ebook available,” said Mr. Eker. “Legible’s highly accessible platform allows the transformational work that I do to reach many more people via a new and highly engaging medium.”

Don’t Believe a Thought You Think is exclusively available on Legible.com, Legible’s mobile-first reading platform and online bookstore. This multimedia ebook demonstrates the creative potential for the browser-based reading environment that Legible is pioneering, providing readers anywhere with a smart device a preview into the future of e-reading, and demonstrating how Legible works with authors to build and showcase their content in the compelling Living Book format.

“We are excited and proud to introduce readers to the results of our work with this trailblazing author who has been so influential to people and businesses alike,” said CEO Kaleeg Hainsworth. “We believe that this publication will drive traffic and brand awareness to our multimedia eReading entertainment platform, while bringing Mr. Eker’s unique brand of wisdom to a whole new audience.”

Mr. Eker has sold more than five million books, has two million followers, and has changed countless lives through his decades of inspirational teaching. Author of best-sellers Secrets of the Millionaire Mind — which reached #1 on the New York Times, Wall Street Journal and USA Today bestseller lists — and SpeedWealth, he is also a coach and trainer who has developed highly-acclaimed courses such as The Millionaire Mind Intensive, Life Directions, Wizard Training, Train the Trainer, and the world-famous Enlightened Warrior Training.

Legible and Mr. Eker are delighted to offer the Living Book for a special introductory price of $6.49 for a limited time.

About Legible Inc.

Legible Inc. is a book entertainment and media company with a mission: millions of books for billions of readers, globally. Legible has developed two high-value verticals: a browser-based accessible B2C ebook entertainment platform for the emerging web with high-growth potential called legible.com - a global ebook entertainment platform delivering beautiful, accessible & immersive reading for next-generation readers; and second, a global B2B ebook conversion and production service with high-revenue potential called Legible Publishing — a world-class high-volume digital conversion service for publishers and organizations and a remediation service of ebook content for the accessibility community. Legible Publishing creates multimedia ebooks, branded as Living Books, that empower authors and publishers to deliver dynamic and unique content.

Founded and led by a team of technologists, authors, ebook publishers, designers, and publishing industry insiders, Legible is transforming the digital publishing industry and gaining market share through innovative, 21st century publishing and global reading experiences. Legible provides innovative e-reading experiences to the masses through any browser-enabled device. Legible is committed to providing access to readers that value immersive entertainment experiences through well-constructed and dynamic books. Legible embraces sustainability, accessibility, and global literacy.

Please visit Legible.com and discover the place where ebooks come to life.

Cautionary Note Regarding Forward-Looking Information

Certain statements in this press release are forward-looking statements and are prospective in nature. Forward-looking ‎statements are not based on historical facts, but rather on current expectations and projections about future events, many ‎of which, by their nature, are inherently uncertain and outside of the Company’s control and are therefore subject to risks ‎and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the ‎forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative ‎thereof or similar variations. These statements include forward looking statements regarding new revenue sources and growth plans for the Company. Those assumptions and factors are based on information currently available to the Company. Although management of the ‎Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as ‎anticipated, estimated or intended. Among the key factors that could cause actual results to differ materially from those ‎projected in the forward-looking information and statements are the following: changes in general economic, business and political conditions, ‎including changes in the financial markets; changes in applicable laws; ‎and the diversion of management time. Should one or more of these risks, uncertainties or ‎other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, ‎actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or ‎expected. There can be no assurance that such statements will prove to be accurate, as actual results and future events ‎could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-‎looking statements and forward-looking information. The forward-looking information contained in this release is made as of ‎the date hereof and the Company assumes no obligation to update or revise any forward-looking statements or forward-‎looking information that are incorporated by reference herein, whether as a result of new information, future events or ‎otherwise, except as required by applicable securities laws. The foregoing statements expressly qualify any forward-looking ‎information contained herein. All subsequent written and oral forward-looking information and statements attributable to the ‎Company or persons acting on its behalf is expressly qualified in its entirety by this notice.‎

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN UNITED STATES

Legible Inc.
Deborah Harford
EVP, Global Strategic Partnerships
1 (672) 514-2665
(CSE: READ) (FSE: D0T) (OTC: LEBGF)
deborah@legible.com

HALIFAX, Nova Scotia--(BUSINESS WIRE)--Forget recipes, workouts and diet tips, DEFY magazine is all about validating women’s anger and frustration by exposing how misogyny infiltrates the workplace.

DEFY’s Founder and Editor-in-Chief, Julie Lawrence, is the former Editor of a national health and wellness magazine for women.

“The magazine was for women run by middle-aged men. It was incredibly eye-opening when I realized that these men were deciding how women should feel and what they should care about, despite my insistence to the contrary,” said Lawrence. “My skills, experience and the fact that I was actually a woman meant little compared to the opinions of other middle-aged men. It was infuriating.”

That experience formed the genesis of DEFY, a purely digital magazine that will tackle the ways misogyny shows up at the workplace, give practical skills from industry experts on how to deal with these challenges, and showcase brilliant women who are defying the odds, expectations and convention by stepping outside of the patriarchy.

“DEFY isn’t just a magazine, it’s a movement. It’s a call for women to show up unapologetically as themselves and thrive,” said Kelley Bonner, expert Company Culture Strategist who has served on the Gender Policy Committee for the White House as well as the International Women’s Economic Security Council. “DEFY is the magazine I wish I had when I started my professional career. This magazine is going to revolutionize the way women take up space whether in the boardroom or at home."

DEFY relies heavily on its advisory board to lend their expertise and experience to the issues covered in the magazine. Along with Bonner, the advisory board includes: Jennifer Ettinger, Canada’s first Social Media Correspondent; Karen Laos, Corporate Communications and Confidence expert; Kirsten Miller, New York Times bestselling author of The Change; Priya Sam, former CTV morning show host and current host of the podcast Turning Point; Makini Smith, award winning entrepreneur, mindset coach and founder of A Walk in My Stilettos; Dr, Lisa Petty, women’s well-being researcher and author; and Marci Warhaft, body image expert and host of the podcast How to Ruin Your Own Reputation.

The inaugural issue of the magazine was released this week and can be found at https://www.defymagazine.ca/defy-magazine-issue-1/.

Julie Lawrence
Founder and Editor-in-Chief
E: julie@defymag.ca
T: 902-818-5175

TORONTO--(BUSINESS WIRE)--Postmedia Network Canada Corp. (“Postmedia” or the “Company”) today announced Mary Anne Lavallee, has been appointed Executive Vice President, Chief Financial Officer and Chief Transformation Officer. Ms. Lavallee was previously Executive Vice President. Chief Operating Officer & Interim Chief Financial Officer.

“Mary Anne has been an integral part of our executive team since joining the Company in 2014,” said Andrew MacLeod, President and Chief Executive Officer, Postmedia. “Our transformation strategy for fiscal 2023 and beyond is a broad mandate and critical for the future of our Company. Mary Anne has the right combination of passion, inclusive leadership, deep knowledge of the business and data-driven decision making to lead both Postmedia’s finance operations and our transformation portfolio.”

“I look forward to working more closely with all areas of the business to accelerate our strategy,” said Ms. Lavallee. “Our focus is on alignment across the organization and the transformation required to support a profitable and sustainable business into the future.”

Ms. Lavallee CPA, CA received her Honours Bachelor’s Degree in Accountancy Studies from the University of Waterloo. She is a member of the Chartered Professional Accountants of Canada (CPA Canada).

About Postmedia Network Canada Corp.

Postmedia Network Canada Corp. (TSX:PNC.A, PNC.B) is the holding company that owns Postmedia Network Inc., a Canadian newsmedia company representing more than 130 brands across multiple print, online, and mobile platforms. Award-winning journalists and innovative product development teams bring engaging content to millions of people every week whenever and wherever they want it. This exceptional content, reach and scope offers advertisers and marketers compelling solutions to effectively reach target audiences Our expertise in home delivery and expanding distribution network powers Postmedia Parcel Services. For more information, visit www.postmedia.com, www.postmediasolutions.com and www.postmediaparcelservices.com.

For more information:

Media
Phyllise Gelfand
Vice President, Communications
(647) 273-9287
pgelfand@postmedia.com

Investors
Mary Anne Lavallee
Executive Vice President, Chief Financial Officer and Chief Transformation Officer
(416) 442-3448
mLavallee@postmedia.com

VANCOUVER, British Columbia--(BUSINESS WIRE)--#AI--Lucidea announces that museum expert Rachael Cristine Woody’s latest book, Museum Digital Projects and You. Where to Begin? is now available. The latest publication from Lucidea Press offers pragmatic advice from Ms. Woody, a seasoned museum expert and consultant with significant experience as both a practitioner and advisor.

In this guide, Ms. Woody covers the components of a successful museum digital project, how to create and manage a successful digital project, how to choose the right tools for museum digital projects, evaluating the museum DAMS vs CMS, how much museum digital projects cost, and creating a museum digital project workflow that works.

Ms. Woody is the Owner of Rachael Cristine Consulting, and provides services to museums, libraries, and archives. She specializes in museum collections management systems, digitization technology, digital project management, and digital usership, having successfully launched multiple digital projects that included advanced digitization technology, collaborative portals, and the migration of collection information into collections management systems. She is also a popular guest author for Lucidea’s Think Clearly Blog, and her previous books for Lucidea Press, Survivor’s Guide to Museum Grant Writing and How to Select, Buy and Use a Museum CMS, were extremely well received.

Special Offer:

Both Kindle and print versions are available for purchase at Amazon.com, but for the moment you can get a free PDF copy in advance, courtesy of Lucidea here.

About Lucidea:

Lucidea offers a full portfolio of market-leading Collections Management, KM, and ILS applications, including Argus, and ArchivEra, delivering applications that optimize access to organizational knowledge, with solutions for museums, archives, nonprofits, corporations, law firms and government agencies—of all sizes and budgets, worldwide. www.lucidea.com

Mark Maslowski
Marketing Manager
604-278-6717
mmaslowski@lucidea.com

TORONTO--(BUSINESS WIRE)--Postmedia Network Canada Corp. (“Postmedia” or the “Company”) today released financial information for the three months and year ended August 31, 2022 which include the results of the daily and weekly newspapers, digital properties and parcel delivery business acquired from J. D. Irving, Limited on March 25, 2022 (the “BNI Acquisition”).

“As with our industry peers and all Canadian businesses we are operating in a challenging environment exacerbated by recessionary headwinds,” said Andrew MacLeod, President and Chief Executive Officer, Postmedia. “We are managing proactively to meet the challenges ahead and taking the opportunity to accelerate our transformation to digital and growth in our parcel business.”

Fourth Quarter Operating Results

Revenue for the quarter was $117.0 million as compared to $107.7 million in the same period in the prior year, representing an increase of $9.4 million or 8.7%. Excluding the impact of the BNI Acquisition, revenue for the three months ended August 31, 2022 was $102.2 million, a decrease of $5.4 million (5.1%) relative to the prior year. The revenue decline, excluding the impact of the BNI Acquisition, was primarily due to decreases in print circulation revenue of $4.8 million (11.6%) and print advertising revenue of $1.2 million (3.3%).

Total operating expenses excluding depreciation, amortization, impairment and restructuring increased $8.7 million or 8.1% for the quarter ended August 31, 2022, relative to the same period in the prior year. Excluding the impact of the BNI Acquisition, total operating expenses excluding depreciation, amortization, impairment and restructuring decreased $8.1 million or 7.5%. The decrease relates to compensation, production and other operating expenses partially offset by increases in newsprint and distribution expenses. The decrease in compensation expense was partially offset by a reduction in the compensation expense recovery related to the Canada Emergency Wage Subsidy (“CEWS”) of $5.0 million.

Operating income before depreciation, amortization, impairment and restructuring in the quarter was $1.2 million, an increase of $0.7 million relative to the prior year. Excluding the impact of the BNI Acquisition, operating income before depreciation, amortization, impairment and restructuring in the quarter was $3.1 million, an increase of $2.6 million relative to the prior year. The increase is due to the decrease in operating expenses excluding depreciation, amortization, impairment and restructuring, partially offset by a decrease in total revenues.

Net loss in the quarter ended August 31, 2022 was $31.4 million, as compared to $28.6 million in the same period in the prior year. The increase in net loss was primarily the result of increases in impairment and restructuring expenses partially set by an increase in operating income before depreciation, amortization, impairment and restructuring, a decrease in loss on derivative financial instruments and financial assets at fair value through profit and loss.

Fiscal 2022 Operating Results

Revenue for the year ended August 31, 2022 was $458.2 million as compared to $442.3 million in the prior year, an increase of $15.9 million or 3.6%. Excluding the impact of the BNI Acquisition, revenue for the year ended August 31, 2022 was $432.0 million as compared to $442.3 million in the prior year, a decrease of $10.4 million or 2.3%. The revenue decline was primarily due to decreases in print circulation revenue of $18.9 million or 11.0% and decreases in print advertising revenue of $8.3 million or 5.5%, partially offset by increases in digital revenue of $14.3 million or 13.9% and other revenue of $2.5 million or 15.8%.

Total operating expenses excluding depreciation, amortization, impairment, settlement gain and restructuring increased $40.0 million or 9.9% for the year ended August 31, 2022, relative to the same period in the prior year. Excluding the impact of the BNI Acquisition, total operating expenses excluding depreciation, amortization, impairment, settlement gain and restructuring increased $11.1 million or 2.7%. The change primarily relates to increases in compensation expense as a result of a reduction in the compensation expense recovery related to CEWS of $21.4 million and production costs related to the increase in digital revenue.

Operating income before depreciation, amortization, impairment, settlement gain and restructuring of $13.0 million in the year ended August 31, 2022 represents a decrease of $24.1 million relative to the prior year. Excluding the impact of the BNI Acquisition, operating income before depreciation, amortization, impairment, settlement gain and restructuring for the year ended August 31, 2022 was $15.6 million, a decrease of $21.4 million relative to the prior year. The decrease is due to a decrease in total revenues and an overall increase in total operating expenses excluding depreciation, amortization, impairment, settlement gain and restructuring.

Net loss in the year ended August 31, 2022 was $74.7 million, as compared to net earnings of $33.7 million in the same period in the prior year. The change was primarily the result of a non-cash settlement gain related to employee benefit plans of $63.1 million in the year ended August 31, 2021, the decrease in operating income depreciation, amortization, impairment, settlement gain and restructuring, and losses on derivative financial instruments and financial assets at fair value through profit and loss, debt refinancing and foreign exchange, partially offset by a decrease in impairment expense.

COVID-19 Update

The COVID-19 pandemic resulted in governments worldwide enacting emergency measures to combat the spread of the virus which included travel bans, self-imposed quarantine periods and social distancing that caused disruption to businesses resulting in an economic slowdown. On April 11, 2020, the Government of Canada passed CEWS to support employers facing financial hardship as measured by certain revenue declines as a result of the COVID-19 pandemic. CEWS provided a reimbursement of compensation expense to October 23, 2021, provided the applicant has met the applicable criteria. During the year ended August 31, 2022, the Company filed and received all the remaining claims available under the program and during the three months and year ended August 31, 2022, recognized a recovery of compensation expense of nil and $1.6 million, respectively, related to CEWS (2021 - $5.0 million and $23.0 million, respectively) and in total recognized $64.9 million related to CEWS since the program was announced.

Acquisition of Brunswick News Inc.

On February 17, 2022 the Company entered into a purchase agreement with J. D. Irving, Limited (“JDI”) to purchase all of the issued and outstanding shares of Brunswick News Inc. (“BNI”). The acquisition closed on March 25, 2022 and included BNI’s daily and weekly newspapers, digital properties and parcel delivery business. The purchase price consisted of cash consideration of $7.5M and share consideration of 4,282,920 Class NC variable voting shares (“Variable Voting Shares”) with a fair value of $7.6 million.

Debt Repayment and Refinancing

Subsequent to August 31, 2022, the Company has drawn $15.0 million on the senior secured asset-based revolving credit facility (“ABL Facility”) and obtained consent of the lender to increase the ABL Facility to $25.0 million. All other terms of the ABL Facility remain unchanged.

During the three months and year ended August 31, 2022, the Company redeemed $1.4 million of First-Lien Notes with the proceeds of asset sales. After this redemption, the Company has $47.1 million of First-Lien Notes outstanding of the original $225.0 million that was issued in October 2016.

On April 7, 2022, the Company completed a refinancing transaction (“Refinancing Transaction”) that included a voluntary redemption of $15.0 million of 8.25% Senior Secured Notes due 2023 (“First-Lien Notes”) and accrued interest of $0.5 million and extended the maturity of its First-Lien Notes and 10.25% Senior Secured Notes due 2024 (‘Second-Lien Notes”) by approximately three and a half years to February 17, 2027 and August 17, 2027, respectively, on substantially similar terms to the existing terms of the original First-Lien Notes and Second-Lien Notes. In connection with the extension of the maturity of the First Lien Notes, the Company issued 794,630 Variable Voting Shares to the holders of the First Lien Notes with a fair value of $1.4 million. The Company also extended the maturity of ABL Facility by three years to October 1, 2025.

There was no excess cash flow redemption required for the six months ended August 31, 2022 as a result of the $15.0 million voluntary redemption described above.

Business Transformation Initiatives

During the three months ended August 31, 2022, the Company implemented cost reduction and transformation initiatives related to compensation expense reductions, real estate rationalization, production efficiencies and other programs, which are expected to result in approximately $5 million of net annualized cost savings.

In F23 the Company intends to focus on key growth areas of Digital Advertising, Digital Subscriptions and Parcel Services.

Additional Information

Additional information, including financial statements and management’s discussion and analysis can be found on the Company’s website at www.postmedia.com or on SEDAR at www.sedar.com.

Note: All dollar amounts are expressed in Canadian dollars unless otherwise specified.

About Postmedia Network Canada Corp.

Postmedia Network Canada Corp. (TSX:PNC.A, PNC.B) is the holding company that owns Postmedia Network Inc., a Canadian newsmedia company representing more than 130 brands across multiple print, online, and mobile platforms. Award-winning journalists and innovative product development teams bring engaging content to millions of people every week whenever and wherever they want it. This exceptional content, reach and scope offers advertisers and marketers compelling solutions to effectively reach target audiences Our expertise in home delivery and expanding distribution network powers Postmedia Parcel Services. For more information, visit www.postmedia.com, www.postmediasolutions.com and www.postmediaparcelservices.com.

Forward-Looking Information

This news release may include information that is “forward-looking information” under applicable Canadian securities laws. The Company has tried, where possible, to identify such information and statements by using words such as “believe,” “expect,” “intend,” “estimate,” “anticipate,” “may,” “will,” “could,” “would,” “should” and similar expressions and derivations thereof in connection with any discussion of future events, trends or prospects or future operating or financial performance. Forward-looking statements in this news release include statements with respect the implementation and results of the Company’s transformation initiatives, continued benefits of historical results into future periods, the realization of anticipated cost savings and the identification and undertaking of ongoing cost savings initiatives. By their nature, forward-looking information and statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These risks and uncertainties include, among others: competition from digital and other forms of media; the effect of economic conditions on advertising revenue; the ability of the Company to build out its digital media and online businesses; the failure to maintain current print and online newspaper readership and circulation levels; the realization of anticipated cost savings; possible damage to the reputation of the Company’s brands or trademarks; possible labour disruptions; possible environmental liabilities, litigation and pension plan obligations; fluctuations in foreign exchange rates and the prices of newsprint and other commodities.

For a complete list of our risk factors please refer to the section entitled “Risk Factors” contained in our annual management’s discussion and analysis for the years ended August 31, 2022 and 2021. Although the Company bases such information and statements on assumptions believed to be reasonable when made, they are not guarantees of future performance and actual results of operations, financial condition and liquidity, and developments in the industry in which the Company operates, may differ materially from any such information and statements in this press release. Given these risks and uncertainties, undue reliance should not be placed on any forward-looking information or forward-looking statements, which speak only as of the date of such information or statements. Other than as required by law, the Company does not undertake, and specifically declines, any obligation to update such information or statements or to publicly announce the results of any revisions to any such information or statements.

Media Contact
Phyllise Gelfand
Vice President, Communications
(647) 273-9287
pgelfand@postmedia.com

Investor Contact
Mary Anne Lavallee
Executive Vice President, Chief Operating Officer and Interim Chief Financial Officer
(416) 442-3448
mLavallee@postmedia.com

Legible Also Announces Proposed $500,000 Unit Offering Private Placement

VANCOUVER, British Columbia--(BUSINESS WIRE)--Legible Inc. (CSE: READ) (FSE: D0T) ("Legible” or the “Company”) is excited to announce that it has completed onboarding hundreds of thousands of new titles from Ingram Content Group (“Ingram”)’s CoreSource®, one of the largest digital asset management and distribution platforms in the world.

“This milestone achievement builds on Legible’s contracts with key major publishers as well as smaller publishing houses to significantly bolster the depth, breadth, and richness of Legible’s eBook catalogue available to readers via Legible’s browser-based, mobile-first bookstore,” said Angela Doll, Legible’s Chief Publishing Officer.

One of Legible’s core business strategies is to provide highly curated and merchandised storefront content, and this catalogue expansion provides the Company enhanced capacity to curate dedicated lists for readers such as holiday, seasonal, award winners, new and noteworthy, sustainable living, mystery, sci-fi, young adult, and other popular topics and themes.

Legible is also pleased to announce an offering of Units of the Company at $0.10 per Unit for gross proceeds of up to $500,000 (the "Offering"), to be issued by way of a private placement pursuant to exemptions from applicable Canadian securities laws.

Each Unit will consist of one common share of the Company (“Common Share”) and one Common Share purchase warrant (“Warrant”) with each Warrant entitling the holder to purchase one additional Common Share at a price of $0.15 at any time prior to 5:00 p.m. (Vancouver time) on the date that is one (1) year from the Closing Date; provided that if, at any time, after the date that is four months and one day following the Closing Date, the volume weighted average trading price of the Common Shares on the CSE is at least $0.45 per share for a period of 5 consecutive trading days, the expiry date of the Warrants may be accelerated by the Company to a date that is not less than 21 days after the date that notice of such acceleration is provided to the Warrant holders, which notice may be by way of general press release.

The Company reserves the right to increase the maximum aggregate gross proceeds under the Offering to an amount greater than $500,000. The Offering is expected to close on or about October 31, 2022, subject to customary closing conditions and may be closed in tranches.

The Company intends to expend the proceeds of the Offering on ongoing technology development, marketing, and general working capital purposes.

About Legible Inc.

Legible is a book entertainment and media company with a mission: millions of books for billions of readers, globally. Legible has developed two high-value verticals: a browser-based accessible B2C ebook entertainment platform for the emerging web with high-growth potential called Legible.com - a global ebook entertainment platform delivering beautiful, accessible & immersive reading for next-generation readers; and second, a global B2B ebook conversion and production service with high-revenue potential called Legible Publishing - a world-class high-volume digital conversion service for publishers and organizations and a remediation service of ebook content for the accessibility community. Legible Publishing creates multimedia ebooks, branded as Living Books, that empower authors and publishers to deliver dynamic and unique content.

Founded and led by a team of technologists, authors, ebook publishers, designers, and publishing industry insiders, Legible is transforming the digital publishing industry and gaining market share through innovative, 21st century publishing and global reading experiences.

Legible provides innovative e-reading experiences to the masses through any browser-enabled device. Legible is committed to providing access to readers that value immersive entertainment experiences through well-constructed and dynamic books. Legible embraces sustainability, accessibility, and global literacy.

Visit Invest.Legible.com / Legible.com and discover the place where ebooks come to life.

Cautionary Note Regarding Forward-Looking Information

Certain statements in this press release are forward-looking statements and are prospective in nature. Forward-looking ‎statements are not based on historical facts, but rather on current expectations and projections about future events, many ‎of which, by their nature, are inherently uncertain and outside of the Company’s control and are therefore subject to risks ‎and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the ‎forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative ‎thereof or similar variations. These statements include forward looking statements regarding new revenue sources and growth plans for the Company. Those assumptions and factors are based on information currently available to the Company. Although management of the ‎Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as ‎anticipated, estimated or intended. Among the key factors that could cause actual results to differ materially from those ‎projected in the forward-looking information and statements are the following: changes in general economic, business and political conditions, ‎including changes in the financial markets; changes in applicable laws; ‎and the diversion of management time. Should one or more of these risks, uncertainties or ‎other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, ‎actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or ‎expected. There can be no assurance that such statements will prove to be accurate, as actual results and future events ‎could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-‎looking statements and forward-looking information. The forward-looking information contained in this release is made as of ‎the date hereof and the Company assumes no obligation to update or revise any forward-looking statements or forward-‎looking information that are incorporated by reference herein, whether as a result of new information, future events or ‎otherwise, except as required by applicable securities laws. The foregoing statements expressly qualify any forward-looking ‎information contained herein. All subsequent written and oral forward-looking information and statements attributable to the ‎Company or persons acting on its behalf is expressly qualified in its entirety by this notice.‎

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN UNITED STATES

Deborah Harford
EVP, Global Strategic Partnerships
Legible Inc.
+1 (672) 514-2665
deborah@legible.com

MONTREAL--(BUSINESS WIRE)--Valnet Inc. (or “Valnet”) has successfully completed the acquisition of SN&CK Media Ltd. (or “Snack Media”) a leading digital sports publishing network based out of the UK. With this acquisition, Valnet establishes a firm foothold in the Sports Category of owned and operated websites with flagship brands such as GiveMeSport.com, FootballFanCast.com and FootballLeagueWorld.com. In addition to the publishing operation, Snack Media operates a specialized Ad Network that serves over 400 publishing properties and has one of the largest sports Facebook pages with 25M+ followers.

Snack Media CEO and Founder Niall Coen, remarked "The business is in a great position and ready for a huge period of growth. We are excited about the benefits this acquisition can bring to our partners, the Snack Media business and the industry generally. For my part, I'm extremely pleased to be able to hand the reins to Valnet who share very similar values and strategy, therefore I have total trust in their abilities to guide the business through to its full potential."

As per Martin Crawford, Snack Media's Director of Content and one of the founding members:

“We are delighted to be joining the Valnet family who bring an array of talent, proprietary technology and expertise to the team that will supercharge our growth - building upon the strong foundations that our founder and the wider Snack Media team have built during the last 15 years, we can’t wait to embark on an exciting new era.”

Angel Berrocal, Group President at Valnet said:

“We are more than excited to welcome Snack Media into the family. Snack's team is extremely talented and shares our values of being "humble and hungry"; together we will continue to grow all Snack brands exponentially and consolidate their position in the football and sports categories. Snack’s acquisition follows the purchase of Pocket-lint.com earlier this year, which helps us strengthen our presence in the UK and pave the way for additional growth in international markets.”

About Valnet Inc.

Driven by passion and performance, Valnet’s overarching goal is to create and distribute content to millions of users daily across its brands. With c.4 billion sessions per year, Valnet is the leading digital media investment company that owns and operates a diversified portfolio of premier digital publishing assets across multiple verticals. During the last year, Valnet successfully completed 8 transactions in the digital publishing space.

www.valnetinc.com

About Snack Media

Snack Media was founded in 2007 and is one of the UK's largest digital sport networks, operating a portfolio of over 400 websites and 30m social followers. Under their mantra of ‘Make content count and ‘Honour the fan’ they built huge online communities by fueling and facilitating their insatiable appetite for authentic content, connection and discussion.

www.snack-media.com

Rony Arzoumanian
Head of M&A
Contact: rony.a@valnetinc.com | 514-497-7787
Website: valnetinc.com

Highly respected and trusted companies join Looka’s growing affiliate program

• PartnerStack offers an ecosystem platform that features partner relationship management (PRM) that supports software companies driving their sales and accelerating their growth through partnerships
• Looka grew its affiliate program to drive one-third of profits using PartnerStack

TORONTO--(BUSINESS WIRE)--#PartnerStack--Looka Inc., a leading AI-powered graphic design company, accelerates its growth momentum across the company’s affiliate programs through PartnerStack – a top-rated ecosystem platform for SaaS software.

Using PartnerStack, Looka built an automated affiliate program with a tiered reward system that keeps its partners engaged. Looka and the team at PartnerStack rebuilt the company’s affiliate program into a significant profit generator – Looka currently has 10,000+ registered partners and has driven over 33% of the company’s gross profits through its affiliate program.

“Anyone who joins Looka’s affiliate program is given ample collateral, copy assets, guides, and helpful resources, to assist partners to succeed in the onboarding and sales process with Looka,” said Matthew Sison, Growth Manager at Looka. “In addition, we consistently carry out pulse check surveys that we routinely monitor. This creates a periodic dialogue with our partners and enables us to adapt and adjust our services for optimal partner success.”

Inspired by PartnerStack’s channel platform, Looka’s marketplace creates an ecosystem with its own growth loop. Looka’s users are offered exclusive value from its select partners (including trusted brands such as Xero and Microsoft), therefore growing the demand side and word-of-mouth from Looka users – a win-win-win for Looka, Looka’s customers, and Looka’s partners.

“At Looka, we’re committed to developing an advanced global partner ecosystem and have made significant improvements to drive value for our partners and fuel Looka’s growth and expansion globally,” said Dawson Whitfield, CEO & Founder Looka Inc.

“The success that Looka has seen so far with their affiliate program is a testament to the amazing work that the team at Looka has done since the launch of their program on PartnerStack. We look forward to continuing to work with the team to support the development of the company’s global partner ecosystem through our ecosystem platform and exclusive partner network,” said Andrew Kim, Director of Network Growth at PartnerStack.

Looka’s Partner Marketplace features exclusive offers from select partners. These services assist customers, entrepreneurs and small business owners in growing their businesses. The company aims to add more partners to its program this year. Learn more and join Looka’s affiliate program.

About Looka Inc.:

Looka is an AI-powered logo maker that provides business owners with a quick and affordable way to create a beautiful brand. Since launching as Logojoy in 2016, the company has served over nine and a half million people in 188 countries. Looka provides businesses with logos, social media assets, business card designs, and websites. Learn more at www.looka.com.

About PartnerStack:

PartnerStack is the only platform to recruit, engage, and scale your entire ecosystem of partners — from affiliates to referral and reseller partners — so you can grow your brand, sell to more customers, and earn more revenue on every dollar you spend. Learn more at www.partnerstack.com.

Media:

Jay Sachdev
CEO, Founder
Breathe Purpose Media
Mobile: 647-203-3595
Email: jay@breathepurposemedia.com

MELBOURNE, Australia--(BUSINESS WIRE)--#cgspectrum--Film and game industry trainer CG Spectrum welcomes award-winning leader Anne Bosman as Chief Executive Officer.

Bosman brings 20 years of experience managing small and high-growth startups and new ventures, turning nascent ideas into fully operational multi-million dollar organizations. Prior to joining CG Spectrum, she held leadership positions as the GM of Career Fellowships at startup On Deck, GM of General Assembly’s US campus business, and Product Manager of executive education courses at HBX, Harvard Business School's online education initiative. In 2018, Bosman was recognized by BostInno with the '50 on Fire' award in Boston, MA and Providence, RI for managing a rapidly growing company within tech education.

“Anne’s proven success in EdTech, business growth and organizational design makes her the perfect choice to lead CG Spectrum’s global expansion,” says Co-Founder Nick Fredin. “With her leadership, we look forward to building upon our offerings and growing into new sectors.”

“I am thrilled to join the outstanding team at CG Spectrum and honored to have the opportunity to help them take their growing business to the next level,” says Bosman. “After a decade of organic high-growth and world-class quality, the future of CG Spectrum is very bright. I look forward to expanding and deepening our global impact for many years to come as the leader of training, upskilling and reskilling in the creative tech industries and beyond.”

In her early career, Bosman worked in operations and general management of social ventures, with a focus on growing entrepreneurial business ideas that had a positive impact on relevant environmental and/or social justice issues. After completing her MBA at Babson College (while running her own business and serving as the Director of Operations & Strategy at coworking space Workbar), she transitioned into the education industry.

“I believe education has the widest and most profound impact on everyday people, and this impact trickles throughout entire communities and economies,” says Bosman. “EdTech, in particular, has been an interesting pursuit as the industry is ripe for innovation. Through technology, education has the power to evolve with modern times and help people realize their own potential faster and more effectively. I believe CG Spectrum is poised to help people prepare for exciting new careers in the digital creative space, as well as to partner with companies on expanding the capabilities of their current talent to stay fresh, competitive and relevant as technology continues to shape the future of our world.”

About CG Spectrum

CG Spectrum is a global top-ranked training provider for the film, game and creative industries. Offering specialized programs and personalized mentorship from industry professionals, CG Spectrum trains individuals and supports major studios with upskilling their teams. CG Spectrum is an Unreal Authorized Training Center, Unreal Academic Partner, SideFX Certified Training Provider, and Toon Boom Authorized Training Center delivering programs worldwide. Learn more at cgspectrum.com.

Media: Nadia Stefyn
nadiastefyn@cgspectrum.com

TORONTO--(BUSINESS WIRE)--StackAdapt (www.stackadapt.com), the leading self-serve programmatic advertising platform, today announced the offering of a new digital out-of-home (DOOH) channel at a global level through their partnership with Vistar Media, the leading global provider of software for DOOH. Eligible StackAdapt clients can now leverage this partnership with Vistar to run various media through the platform with ease, allowing them to scale and meet the needs of their clients.

By adding digital out-of-home advertising to its already robust multi-channel capabilities, StackAdapt enhances its ability to provide scalability and a future-proof differentiated solution, along with a new channel to target users and drive new net growth. Other benefits delivered to StackAdapt clients from its Vistar partnership include:

• Increased brand awareness and user reach with a new format
• Additional inventory that helps form a holistic approach for a client’s digital marketing plan
• Private marketplace capabilities with priority access to high-demand inventory
• New user reach that may not be as digitally active compared to other demographics

DOOH includes billboards, wallscapes, and posters seen while "on the go." It also includes place-based media seen in convenience stores, medical centers, salons and other brick and mortar venues. Clients can choose specific locations where they’d like to show their ads in a DOOH ad slot and work with StackAdapt to make that happen.

“In today's market, it’s important to stay on top of innovative ways to reach the target user,” said Michael Shang, vice president, partnerships and business solutions at StackAdapt. “Reaching users at scale at specific geo locations will provide a more holistic offering for our clients to pair with our platform’s leading digital solutions. We are always aiming to cater to our clients’ needs with a robust multi-channel offering at global scale.”

"Advertisers today are eager to take advantage of the high-impact, real-world media of DOOH, extending digital strategies to reach audiences in new ways,” said Chris Allison, VP, DSP Partnerships at Vistar Media. “StackAdapt is well-positioned to take advantage of this market trend as programmatic DOOH enters a new stage of maturation. We're excited to see StackAdapt's clients lean in on this new format and we look forward to the continued growth of the partnership."

To learn more about StackAdapt, please visit: https://www.stackadapt.com/

About StackAdapt

StackAdapt is a self-serve programmatic advertising platform used by hundreds of brands and agencies around the world. StackAdapt’s data-driven platform combines state-of-the-art machine learning with a clean and intuitive user interface to provide media buyers with an easy way to plan, execute and drive the best performance across all devices, inventory and publishing partners. StackAdapt has been recognized as one of the fastest-growing technology companies in North America and is rated the number 1 demand-side platform (DSP) on G2 and is the highest performing and easiest to use platform. For further information, visit www.stackadapt.com.

Luke Gillespie
luke@purposenorthamerica.com

News Media Canada launches Champions, a custom font highlighting the power of words and the people behind the press who use them each and every day to help uphold Canadian democracy

TORONTO--(BUSINESS WIRE)--#ChampionsOfTheTruth--Yesterday marked the official start of the 82^nd National Newspaper Week, an annual opportunity to recognize the critical role that newspapers play in an active and healthy democracy. To celebrate, News Media Canada commissioned the creation of a custom font entitled Champions, available to all Canadians for free download. Designed with both print and digital platforms in mind, the Champions font honours newspapers' history while looking forward to a bright and multi-platformed future.

“The Champions font was designed to honour the long and rich history of the people behind the pages who are truly real-life superheroes and among the defenders of democracy,” said Paul Deegan, President and CEO of News Media Canada, the association that represents the Canadian news media industry. “Canadians rely on the countless journalists, editors, fact-checkers, photographers, and so many others who use the power of words to bring important issues to light and serve our communities. This is why we are thrilled to be celebrating them this National Newspaper Week.”

Developed in partnership with typography studio Canada Type, the Champions font is a geo-humanist font that incorporates both humanistic traits—which mimic hand motions reflecting the craft and artistry that go into developing valuable news each day—and highly geometric shapes—which represent the structure and rigour of fact-checking, editing, and producing high-quality credible content newspapers are known for.

This National Newspaper Week, News Media Canada is encouraging Canadians to show their support for Canadian newspapers and their digital platforms by downloading and using the free Champions font available at nationalnewspaperweek.ca.

“Nothing can replace newspapers' ability to provide diverse, local and factual content,” said Deegan. “Among the nine in 10 Canadians reading newspapers each week across Canada, 95 per cent of them are accessing content online.”

This year's National Newspaper Week program will be supported by print and digital ad campaigns in newspapers across the country, as well as social media influencer and media relations.

National Newspaper Week runs until this Saturday, October 8, 2022, and is celebrated across North America to reflect on the essential services provided by the news media industry.

About News Media Canada

News Media Canada is the voice of the print and digital news media industry in Canada and represents hundreds of trusted titles in every province and territory. News Media Canada is an advocate in public policy for daily and community media outlets and contributes to the ongoing evolution of the news media industry by raising awareness and promoting the benefits of news media across all platforms. For more information, visit www.newsmediacanada.ca or follow us on Facebook, Twitter, Instagram and YouTube.

For more information:
Bronte Wright, Craft Public Relations
bronte@craftpublicrelations.com
647-539-3994