NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

ATLANTA, July 26, 2019 (GLOBE NEWSWIRE) -- Gray Television, Inc. (“Gray” or the “Corporation”) announced today that it will file an early warning report with the Canadian securities regulators with respect to its disposition (the “Disposition”) of indirect control of 547,325 common shares (“Common Shares”) and 871,160 common share purchase warrants (“Warrants”) in the capital of Frankly Inc. (“Frankly”), which is publicly traded under ticker TLK on Canada’s TSX Venture Exchange, on July 26, 2019. The Disposition is in connection to the termination of a certain amended and restated credit agreement between Frankly and Gray’s subsidiary Gray Media Group, Inc. The Common Shares previously held by Gray Media Group, Inc. represented approximately 20.6% of Frankly’s issued and outstanding Common Shares on a non-diluted basis. The Warrants, if fully exercised, together with the Common Shares previously held by Gray Media Group, Inc., collectively represented approximately 40.2% of Frankly’s issued and outstanding Common Shares on a partially-diluted basis. The Disposition results in Gray not holding or controlling any securities in Frankly.

Frankly’s head office is located at 27-01 Queens Plaza North, Suite 502, Long Island City, New York, United States of America, 11101.

The early warning report to which this press release relates will be filed with applicable securities commissions using SEDAR and a copy of that report can be obtained from the contact at Gray listed below or on the SEDAR profile of Frankly at www.sedar.com.

This press release is issued pursuant to National Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

Contact Information:

Gray Television, Inc.
4370 Peachtree Rd NE
Atlanta, GA, 30319
United States of America
Attn: Kevin Latek, Executive Vice President, Chief Legal and Development Officer
Phone: 404-266-8333

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.