Benzinga | Oct 22, 2021 05:15PM EDT

Liquid Media Reports Settlement Of Waterproof Litigation

Liquid Media Group Ltd. (the "Company," "Liquid Media" or "Liquid") (NASDAQ:YVR), via its wholly-owned subsidiary Liquid Media Group (Canada) Ltd., has entered into a definitive settlement agreement (the "Agreement") with three shareholders (the "Shareholders") of Waterproof Studios Inc. ("Waterproof") terminating litigation among them in respect of Liquid's interest in Waterproof (the "Claim"). Pursuant to the Agreement, Liquid has agreed to transfer its interest in Waterproof to or for the benefit of the Shareholders in consideration of a cash payment of $825,000 to Liquid, and the Shareholders have agreed to dismiss the Claim on a without cost basis. The Agreement also includes customary mutual releases.