D-BOX Announces Voting Results of Annual and Special Meeting of Shareholders

MONTREAL, Sept. 28, 2023 (GLOBE NEWSWIRE) — D-BOX Technologies Inc. (“D-BOX” or the “Corporation”) (TSX: DBO), held its annual and special meeting of shareholders today (the “Meeting”). A total of 102,079,580 Class A common shares of the Corporation (representing approximately 46% of all issued and outstanding shares of the Corporation) were represented at the Meeting. D-BOX announces that shareholders of the Corporation voted in favour of all items of business put forth at the Meeting by the Corporation, except for the shareholder proposal from Daniel Marks and Stonehouse Capital Management inc., which was voted against. The complete voting results for each item of business at the Meeting are presented below.

ELECTION OF DIRECTORS

All of the proposed nominees for the Board of Directors in the proxy circular dated August 18, 2023 were elected at the Meeting.

APPOINTMENT OF INDEPENDENT AUDITORS

Ernst & Young LLP were appointed as independent auditors of the Corporation until the close of the next annual meeting of shareholders, or until their successor is appointed, and the Directors were authorized to fix their remuneration.

SHAREHOLDER PROPOSAL

The shareholder proposal from Daniel Marks and Stonehouse Capital Management inc., calling for shareholders to resolve that D-BOX forms a special committee of independent directors to review the strategic alternatives available to the Corporation, was voted against by the shareholders of the Corporation.

“We understand that shareholders believe we have made the right decision by creating a strategic review committee tasked with reviewing all strategic alternatives available to D-BOX,” said the Chair of the Board of Directors of the Corporation, Mr. Denis Chamberland.

OUTLOOK ON EXPANSION OF THEATRICAL FOOTPRINT

On a different note, during the Meeting, Mr. Sébastien Mailhot, the Chief Executive Officer of the Corporation, discussed in his address to shareholders on last year’s highlights and fiscal 2024, among other things, the Corporation’s expansion in theatrical venues. He stated that the Corporation had reached a total of 856 cinema screens as of June 2023 and that the Corporation would remain focused on its strategy to expand its theatrical footprint and expected to reach 1,000 screens within the next two to three years.

This information is “financial outlook” within the meaning of applicable Canadian securities legislation and is provided for the purposes of assisting the reader in understanding management’s expectations regarding the Corporation’s performance in the theatrical segment for the period it is provided and may not be appropriate for other purposes. This outlook is subject to certain assumptions, risk and uncertainties and actual results could vary. Please refer to the “Caution Regarding Forward-Looking Information” section of this press release for additional information on those assumptions, risks and uncertainties.

ABOUT D-BOX

D-BOX creates and redefines realistic, immersive entertainment experiences by moving the body and sparking the imagination through effects: motion, vibration and texture. D-BOX has collaborated with some of the best companies in the world to deliver new ways to enhance great stories. Whether it’s movies, video games, music, relaxation, virtual reality applications, themed entertainment or professional simulation, D-BOX creates a feeling of presence that makes life resonate like never before. D-BOX Technologies Inc. (TSX: DBO) is headquartered in Montreal with offices in Los Angeles, USA and Beijing, China. Visit D-BOX.com.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

Certain information included in this press release may constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, activities, objectives, operations, strategy, business outlook, and financial performance and condition of the Corporation, or the assumptions underlying any of the foregoing, as well as the Corporation’s outlook on the number of theatrical screens in the next two to three years. In this document, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information, by its very nature, is subject to numerous risks and uncertainties and is based on several assumptions which give rise to the possibility that actual results could differ materially from the Corporation’s expectations expressed in or implied by such forward-looking information and no assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including but not limited to the future plans, activities, objectives, operations, strategy, business outlook and financial performance and condition of the Corporation.

Forward-looking information provided in this document is based on information available at the date hereof and/or management’s good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Corporation’s control, including the Corporation’s outlook on the number of theatrical screens in the next two to three years. These and other risk factors that could cause actual results to differ materially from expectations expressed in or implied by the forward-looking information are discussed under “Risk Factors” in the Corporation’s annual information form for the fiscal year ended March 31, 2023, a copy of which is available on SEDAR+ at www.sedarplus.ca.

Except as may be required by Canadian securities laws, the Corporation does not intend nor does it undertake any obligation to update or revise any forward-looking information contained in this press release to reflect subsequent information, events, circumstances or otherwise.

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