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TORONTO, Oct. 04, 2024 (GLOBE NEWSWIRE) -- ARHT Media Inc. (TSX-V:ART), (OTCQB:ARHTF) (the “Company” or “ARHT”) has announced that it has filed for bankruptcy under the Bankruptcy and Insolvency Act (the "BIA"). MNP Ltd. has been appointed as the Licensed Insolvency Trustee. The Company has laid off its employees and contractors, and its operations ended today.

This process will also impact the Company’s subsidiaries – ARHT Media USA, Inc. (a California company), Be There Networks Inc. (a California company), ARHT Media UK Limited (a UK company), ARHT Media Singapore Pte Ltd. (a Singapore company) and ARHT Asia Limited (a Hong-Kong company).

While ARHT has been successful in reducing its overall cost structure, it has been unable to secure the additional financing required to fund the operations until such time as it achieves large scale rollouts of its holographic products. Subsequent to the filing of the assignment into bankruptcy, the Licensed Insolvency Trustee may request certain key employees to provide assistance with its administration. Contemporaneously with the filing the board of directors of ARHT has resigned.

For Further Information, please contact:Sheldon TitleSenior Vice PresidentMNP Ltd416 263 6945

About ARHT

ARHT is a pioneer and the global leader in live hologram technology. Thanks to its patented end-to-end technology, executives, medical experts, educators, entertainers, and thought leaders can travel at the speed of light to any destination.

ARHT was founded in 2014 and is publicly traded on the TSX Venture Exchange.

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.

NEWS RELEASE TRANSMITTED BY Globe Newswire