MEDIA CENTRAL CORPORATION FILES AN "ASSIGNMENT IN BANKRUPTCY"

The Georgia Straight and NOW Magazine continue publishing through separate operating entities.

TORONTO, March 31, 2022 /CNW/ - Media Central Corporation Inc. ("Media Central" or the "Company") which trades on the Canadian Securities Exchange as FLYY and on German stock exchanges as 3AT, confirmed that on March 25, 2022, the Company filed an "Assignment in Bankruptcy" (the "Assignment") under the Bankruptcy and Insolvency Act (Canada).

The filing does not affect Media Central's subsidiaries' operations. The Georgia Straight and NOW Magazine continue regular publication.

Kirk MacDonald, formerly President of Media Central, will remain in his role as President of the Company's subsidiaries, Vancouver Free Press Publishing Corp. and Now Central Communications Inc., which publish the Georgia Straight and NOW Magazine.

Media Central is no longer able to meet its financial obligations and has appointed Ira Smith Trustee & Receiver Inc. as its Licensed Insolvency Trustee (the "Trustee") to seek protection from its creditors and administer the process.

A creditors' meeting is scheduled for April 14, 2022, at 12:00 p.m. Toronto time.  The Trustee will contact known creditors in advance of the meeting to provide relevant information.

Concurrent with the Assignment, Manos Pavlakis, David Daniels, and Carolyn Wall have resigned from the Company's board of directors.

SOURCE Lightheart Management Partners Inc.

For creditors seeking information regarding the creditors' meeting: Ira Smith Trustee & Receiver Inc.: Attn: Brandon Smith, [email protected]; For any other questions: Lightheart Management Partners Inc: Attn: Wei Lin, [email protected]