Reflects expedited advancement in the business combination process; transaction on track to close during the second half of 2023
Filing provides additional information on Allrites’ business model, its cutting-edge proprietary CaaS technology, and unique first mover advantage in a market ripe for disruption
Transaction is expected to enable further investment in growth and new product development and positions Allrites to capitalize on favorable demand for entertainment and media through organic growth in CaaS and B2B segments
Allrites to benefit from its generation of recurring revenues, well positioned for rapid and sustainable scale
Allrites is a profitable global B2B content marketplace and the owner of cutting-edge proprietary CaaS technology for buyers of film & TV content including established and emerging broadcasters and streaming platforms and sellers such as major studios, independent producers, and production companies around the world. Allrites is disrupting what is currently a long and painful process for producers and distributors, solving a pain point with their sales efforts. With Allrites’ CaaS technology, content creators and studios can sell and monetize film and TV content and generate recurring revenues in less time and with greater ease. Allrites benefits from a first mover advantage as one of the initial digital marketplaces providing service via a CaaS model with the total addressable market (“TAM”) for film and TV content distribution estimated to reach
The Registration Statement notably includes the most important key highlights of the Allrites’ model, including:
- The business case for solving “problems” for media content buyers and sellers/creators
- As more buyers and sellers join the platform, the volume of content transaction increases, vastly expanding revenue potential
- Allrites’ platform current offerings include:
- More than 140,000 hours of global TV and Film content
- Content in 40+ languages and dialects in more than 80 different genres
- Various formats including TV series, movies and interactive content
- Highly addressable new markets and customer segments for expansion
- Customers include streaming and broadcasting platforms, telcos and internet service providers
- Allrites’ product roadmap includes an artificial intelligence (“AI”) engine that will use anonymized viewership data for content on the platform to create smart recommendations for Buyers and map performance of content in one country and audience demographic to share with another country and its audience demographic taking out the guess work for buyers when they are selecting content
- Proven product-market fit with successful commercialization across diversified and proven customer bases
- In 2022, Allrites served more than 30 customer accounts with a total contract value of
$9.9 million - Since inception, Allrites has achieved significant revenue growth, growing topline 191% year-over-year in 2022
- Attractive growth plan of its subscription model, proven and further fueled by historical short term topline growth
- Founder and leadership industry expertise to successfully take Allrites to the next stage of growth
On
About
Allrites is a global B2B one-stop-shop content marketplace to buy and sell the best of global film, TV & Sports rights headquartered in
About
AFAR is a blank check company listed on the Nasdaq formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. In
Important Information About the Proposed Business Combination and Where to Find It
For additional information on the proposed transaction, see AFAR’s Current Report on Form 8-K, which will be filed concurrently with this press release. In connection with the proposed transaction, AFAR intends to file relevant materials with the
Participants in the Solicitation
AFAR and certain of its directors, executive officers and other members of management and employees may, under
Information about AFAR’s directors and executive officers and their ownership of AFAR ordinary shares is set forth in AFAR’s final prospectus for its for its initial public offering dated
Allrites and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of AFAR in connection with the proposed business combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination will be included in the proxy statement/prospectus for the proposed business combination.
Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests is included in the proxy statement/prospectus filed with the
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements may include, but are not limited to, statements with respect to (i) trends in the streaming TV and film industry, including changes in demand and supply related to Allrites’ products and services; (ii) Allrites’ growth prospects and Allrites’ market size; (iii) Allrites projected financial and operational performance including relative to its competitors; (iv) new product and service offerings Allrites may introduce in the future; (v) the potential transaction, including the implied enterprise value, the expected post-closing ownership structure and the likelihood and ability of the parties to consummate the potential transaction successfully; (vi) the risk the proposed business combination may not be completed in a timely manner or at all, which may adversely affect the price of AFAR’s securities; (vii) the failure to satisfy the conditions to the consummation of the proposed business combination, including the approval of the proposed business combination by the shareholders of AFAR; (viii) the effect of the announcement or pendency of the proposed business combination on AFAR’s or Allrites’ business relationships, performance and business generally; (ix) the outcome of any legal proceedings that may be instituted against AFAR or Allrites related to the proposed business combination or any agreement related thereto; (x) the ability to maintain the listing of AFAR on Nasdaq; (xi) the price of AFAR’s securities, including volatility resulting from changes in the competitive and regulated industry in which Allrites operates, variations in performance across competitors, changes in laws and regulations affecting Allrites’ business and changes in the combined capital structure; (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed business combination and identify and realize additional opportunities; and (xiii) other statements regarding AFAR’s or Allrites’ expectations, hopes, beliefs, intentions and strategies regarding the future.
In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject, are subject to risks and uncertainties.
You should carefully consider the risks and uncertainties described in the “Risk Factors” section of AFAR’s final prospectus dated
No Offer or Solicitation
This press release relates to a proposed business combination between AFAR and Allrites, and does not constitute a proxy statement or solicitation of a proxy and does not constitute an offer to sell or a solicitation of an offer to buy the securities of AFAR or Allrites, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
Investor Relations Contact:
AFAR
Attn: Mr.
Email: investor@fatprojects.com
+61452670069
Allrites
Attn:
Allrites@mzgroup.us
+1 203-741-8811
Source: AFAR and Allrites
Source: Allrites
2023 GlobeNewswire, Inc., source