– Termination of Nomination Rights Agreement
Montreal, Quebec, Canada, June 24, 2024 – Stingray Group Inc. (“Stingray” or the “Corporation”) (TSX: RAY.A; RAY.B) is pleased to announce that Mr. Ian Lurie has been appointed to the Board of Directors of the Corporation (the “Board”). The Corporation also announces that Mr. Frédéric Lavoie has resigned from the Board, effective as at the close of business on June 21, 2024. Mr. Lavoie also served as a member of the Audit Committee of the Board. Mr. Lavoie will continue to serve as special advisor to the Board and the Corporation wishes to thank Mr. Lavoie for his service as a board member.
Ian Lurie is Executive Chairman of Stingray Radio Inc. and oversees Stingray’s radio operations. Prior to joining Stingray as President of Stingray Radio Inc. in late 2018, Mr. Lurie was Chief Operating Officer at Newcap Radio from 2015 until its sale to Stingray. Mr. Lurie’s experience in the media landscape goes back to the 1980s when he was Chief Financial Officer of Standard Radio Inc. Following Astral Media’s purchase of Standard Radio in 2008, Mr. Lurie was appointed Chief Operating Officer of Astral’s English language radio operations. On Bell Media’s purchase of Astral, he became Senior Vice-President of English Radio at Bell. In all these positions, Mr. Lurie oversaw the growth of these operations as well as the maintenance of industry-leading profit margins. Mr. Lurie is a CPA and holds two business Bachelor’s degrees from the University of Witwatersrand in Johannesburg, South Africa.
Further to the Corporation’s announcement on June 19, 2024 that Télésystème Média Can Inc. had voluntarily converted the 5,000,000 multiple voting shares of the Corporation held by it into subordinate voting shares of the Corporation, the Corporation has been advised that the Telesystem Investors (as that term is defined in the Nomination Rights Agreement) no longer hold more than 2.5% of the voting rights attached to all of the outstanding shares of Stingray. As such, the nomination rights agreement dated as of June 3, 2015, as amended, between the Corporation, Eric Boyko, 8242003 Canada Inc., 8978832 Canada Inc., Boyko Investments Corporation and Télésystème Ltée (the “Nomination Rights Agreement”) has been terminated in accordance with its terms.
About Stingray
Stingray (TSX: RAY.A; RAY.B), a global music, media, and technology company, is an industry leader in TV broadcasting, streaming, radio, business services, and advertising. Stingray provides an array of music, digital, and advertising services to enterprise brands worldwide, including audio and video channels, over 100 radio stations, subscription video-on-demand content, FAST channels, karaoke products and music apps, and in-car and on-board infotainment content. Stingray Business, a division of Stingray, provides commercial solutions in music, in-store advertising solutions, digital signage, and AI-driven consumer insights and feedback. Stingray Advertising is North America’s largest retail audio advertising network, delivering digital audio messaging to more than 30,000 major retail locations. Stingray has close to 1,000 employees worldwide and reaches 540 million consumers in 160 countries. For more information, visit www.stingray.com.
For more information, please contact:
Mathieu Péloquin
Senior Vice-President, Marketing and Communications
Stingray Group Inc.
1 514-664-1244, ext. 2362
[email protected]