BURBANK, Calif., November 14, 2024--(BUSINESS WIRE)--Loop Media, Inc. ("Loop Media" or "Loop" or the "Company") (OTC: LPTV), a leading multichannel streaming CTV platform that provides curated music videos, sports highlights, news, premium entertainment channels, digital signage and select live sports and other channels for businesses nationwide, reported that today, November 13, 2024, it became aware of the public announcement by its senior lender, GemCap Solutions, LLC ("GemCap"), of a public sale of the Company’s personal property in order to foreclose the security interest it holds in and to the assets of the Company. This action is in relation to ongoing negotiations between Loop and GemCap regarding an alleged default of the Company under its loan agreements and comes despite the Company’s ongoing efforts to resolve the issue amicably and despite the Company continuing to make regularly scheduled payments to GemCap in accordance with the terms of the loan documents.

In response to this action, on November 13, 2024, the Company filed an Application for an Emergency Temporary Restraining Order and Preliminary Injunction against GemCap to prevent GemCap from exercising or continuing to exercise any of its default remedies, to stay the Secured Party Public Sale of collateral set for December 5, 2024, and to order GemCap and all persons or entities acting in concert with it to cease any and all public disclosures, articles, press releases, interviews and announcements related to the Company.

Loop Media will vigorously defend itself and will take all actions necessary to protect its assets, its employees and its partners and to continue its mission to bring value to its shareholders.

About Loop Media, Inc.

Loop Media, Inc. ("Loop®") (OTC: LPTV) is a leading connected television (CTV) / streaming / digital out-of-home TV and digital signage platform optimized for businesses, providing music videos, news, sports, and entertainment channels through its Loop® TV service. Loop Media is the leading company in the U.S. licensed to stream music videos to businesses through its proprietary Loop® Player.

Loop® TV’s digital video content is streamed to millions of viewers in CTV / streaming / digital out of home locations including bars/restaurants, office buildings, retail businesses, college campuses, airports, among many other venues in the United States, Canada, Australia, and New Zealand.

Loop® TV is fueled by one of the largest and most important premium short-form entertainment libraries that includes music videos, movie trailers, branded content, and live performances. Loop Media’s non-music channels cover a wide variety of genres and moods and include movie trailers, sports highlights, lifestyle and travel videos, viral videos, and more. Loop Media’s streaming services generate revenue from programmatic and direct advertising, and subi style="display:none;"ions.