Icarus Capital Eyes Full Ownership of Yuk Yuk's with Letter of Intent to Acquire Canadian Iconic Comedy Brand

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[{"type":"text","content":"Icarus Capital Eyes Full Ownership of Yuk Yuk's with Letter of Intent to Acquire Canadian Iconic Comedy Brand\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Richmond, BC (October 29,\n2024)\n \n\n –\n \n\n TheNewswire –\n \n\n Icarus Capital Corp. (Icarus – TSX-V\n“ICRS”) is pleased to announce that it has entered into a\nnon-binding letter of intent (LOI), dated October 29, 2024, respecting\na proposed transaction and outlining the general terms whereby Icarus\nCapital Corp. (“Icarus”) intends to acquire 100% of the shares of\nYuk Yuk’s Inc. and Funny Business Production Inc.\n \n\n\n\n The LOI does not constitute a comprehensive and binding\nagreement – such an agreement will arise only upon the negotiation,\nsettlement and execution of a complete share purchase agreement\nfollowing completion of due diligence procedures and securing adequate\nfinancing to complete the acquisition.\n \n\n\n\n However, certain parts of the LOI are binding\n(\n \n i.e. d\n \n ue diligence period, confidentiality,\nprivacy matters, governing law and standstill). Specifically, the LOI\nallows for an exclusive due diligence period continuing to the earlier\nof the termination of the subject transaction and the signing of the\ndefinitive agreement.\n \n\n\n\n The vendor and the purchaser agree to negotiate in good\nfaith the terms of the definite agreement with respect to the proposed\ntransaction and execute the same within six (6) months of the date of\nthe LOI. The proposed transaction is subject to receipt of all\nnecessary approvals, including, as applicable, shareholder and\nregulatory approval, including from the TSX-V.\n \n\n\n\n At this point in time, the purchase price is under\nnegotiation but is anticipated to be comprised primarily of cash\nconsideration but may include issuance of shares of Icarus as well.\n This will be finalized at the time a binding purchase agreement is\nexecuted. The agreed to valuation is in line with the financial\nposition of the acquired businesses and their associated intangible\nassets.  Mark Breslin has agreed to stay on in a salaried position\nfor a number of years to ensure a smooth transition.\n \n\n\n\n Garry Yuill (CFO) owns a minority interest in the\nentities to be acquired by Icarus and the proposed transaction wi...

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