Reservoir Media announces closing of business combination and will begin trading on NASDAQ

Reservoir Media, Inc. becomes the first U.S.-based publicly traded independent music company and the first female founded and led publicly traded music company in the U.S.

Common stock will be listed on NASDAQ under the ticker symbol “RSVR”

July 28, 2021, New York — Reservoir Media, Inc. (NASDAQ: RSVR) (“Reservoir”), an award-winning independent music company, today announced the closing of its previously announced business combination with Roth CH Acquisition II Co. (“ROCC”), a publicly traded special purpose acquisition company formed by Roth Capital Partners and Craig-Hallum Capital Group. Reservoir also announced the closing of its previously announced common stock PIPE of $150 million. The business combination was approved by ROCC’s stockholders at a special meeting of stockholders held on July 27, 2021.

The combined company is named “Reservoir Media, Inc.” Beginning on July 29, 2021, Reservoir’s common stock and warrants are expected to trade on the Nasdaq Capital Market LLC (“Nasdaq”) under the ticker symbol “RSVR” and “RSVRW,” respectively.

Reservoir’s Founder and Chief Executive Officer, Golnar Khosrowshahi, and the current management team will continue to lead Reservoir. Ms. Khosrowshahi stated, “We are so happy with the result of the stockholder meeting and to close the business combination today. This represents an important milestone for our company as we become the first U.S.-based publicly traded independent music company and the first female founded and led publicly traded music company in the U.S.”

Ms. Khosrowshahi went on to say, “Over the last 14 years, the Reservoir team has excelled at enhancing the value of our copyrights and recordings, while building a diverse and high-quality catalog and growing our roster. Our tremendous passion and skills have driven Reservoir to hold a regular Top 10 U.S. market share as reported by Billboard. This entry into the public markets is a testament to the growth and bright future that lies ahead within the industry. As we focus on our growth, our listing on Nasdaq provides us the resources to execute on our penetration into emerging markets and continue rapidly with our strategic acquisitions. I look forward to our next chapter as a publicly traded company.”

Since announcing the business combination in April 2021, Reservoir has made a number of catalog and copyright acquisitions to continue its growth trajectory. This included the acquisition of legendary independent hip-hop and electronic record label Tommy Boy Music, LLC, which comprises over 6,000 master recordings and numerous legacy catalogs. Reservoir has also continued to emphasize its growth in emerging markets with the announcement of becoming a minority partner in Outdustry Limited, China-headquartered music rights and marketing services company.

Financial Post Features Marine Landing & Industrial Real Estate

Wesbild’s Marine Landing is a proposed mixed-use industrial site located in South Vancouver.  An exciting ownership opportunity in a new era with industrial and office spaces ranging from 600 to 34,000 square feet.

Featuring easy access to the Marine Drive Canada Line Station, Marine Landing is also easily accessed by bike and vehicle traffic. Owners will be able to leverage a central location and savvy industrial design to shape and control their vision for growth.

As an industrial property, Marine Landing is proposed to provide much-needed industrial space for the Metro Vancouver region with a focus on essential last-mile logistics, tech sector, and higher intensity employment and services.

Metro Vancouver businesses are in the pursuit of neighbourhoods and buildings that allow for enhanced collaboration, productivity, and creativity – the very basis of Marine Landing’s design.

Read the Financial Post article here.

University Heights Redevelopment Back On Track

Plans for a major redevelopment of Wesbild’s University Heights Shopping Centre featuring 597 rental homes, commercial space, transit hub and a daycare are back on track following a seven month procedural delay. 

Wesbild has officially resubmitted plans to the District of Saanich for the $230-million redevelopment of the shopping centre, which now includes an expansion of the popular home improvement retailer Home Depot. 

“We are pleased to re-introduce this important project which will enhance the community with permanent rental homes, affordable rental suites, much needed daycare spaces and transit infrastructure,” said Wesbild President and CEO Kevin Layden. “Pausing the project to sort out procedural details was the right decision and ensures this development is on solid footing.” 

In October, Wesbild placed the project on pause as it negotiated terms with an existing tenant, Home Depot. Productive discussions led to a mutual agreement to expand the Home Depot by 10,000 square-feet, which is the only significant change to the entire re-development. The proposed expansion would enclose an area where the garden centre is currently located. A new garden centre would be attached to the expansion, on what is currently parking area at the north end of the mall property. 

The Home Depot store is expected to remain in operation throughout construction while the balance of the shopping centre is being redeveloped. 

“University Heights Shopping Centre served the community well for decades. But now, with the building at the end of its useful life, this new project will re-energize the entire block for generations to come,” said Layden. 

The project will re-develop the 1980s-era shopping centre with 597-permanent rental homes, 60 affordable rental suites, up to 11,000-square feet of daycare space, cycling infrastructure, public plaza, community spaces, B.C. Transit hub, electric vehicle charging infrastructure and modern, new commercial space. 

Construction on the project, which still requires community input and municipal approvals, could begin as early as spring 2022. The project is estimated to have an economic impact of $410 million to the local economy, creating 309 construction jobs and 209 permanent positions. 

“This valuable project received widespread community support previously and we are hoping that will continue as we re-start consultations with our neighbours,” Layden said. “This re-submission couldn’t have happened without the leadership of Mayor Fred Haynes and the guidance of the District of Saanich planning team. We are sincerely grateful.” 

Reservoir & Blue Raincoat Win Four 2021 Libera Awards

A2IM held its 10th annual Libera Awards today. Reservoir and Blue Raincoat talent have contributed to four 2021 Libera Awards, including ‘Record of the Year.’ Congratulations to all of our winners:

Record of the Year
Punisher by Phoebe Bridgers

Best Live/Livestream Act
Phoebe Bridgers

Best Alternative Rock Record
Punisher by Phoebe Bridgers

Best Hip-Hop/Rap Record
RTJ4 by Run the Jewels, including “Out of Sight” feat. 2 Chainz

For a full list of the 2021 Libera Award winners, visit the Libera Awards website.

Reservoir Media Nominated as Independent Publisher of the Year

Music Week announced the nominees for their 2020 awards today, and Reservoir has earned a nomination for Independent Publisher of the Year. The annual ceremony celebrates the “achievements of the top music industry professionals and teams, showcasing top class performance and innovation.”

This marks Reservoir’s fifth nomination at the Music Week Awards, having previously been nominated for an A&R Award in 2019 as well as three nominations in a row for Publisher of the Year.

The 2020 Music Week Awards will take place on May 6th at the Battersea Evolution in London. Click here for more information.

Wesbild Presenting Sponsor for SHARE’s Imagine Fundraiser

Wesbild is proud to once again be the presenting sponsor for SHARE’s IMAGINE 2020 – Paint the Town! IMAGINE is SHARE Family & Community Services’ signature fundraising event where the community comes together to support our programs & services. IMAGINE 2020 marks the 15th anniversary of SHARE’s annual fundraiser for our community, and there are some exciting plans for the evening in store!

This fun filled evening begins with delectable treats and savory samples from eight wonderful local restaurants and enjoying the featured live entertainment. Guests are invited to bid on the amazing live and silent auction items, play games of chance, purchase raffle tickets to win great prizes and to make a personal donation to support SHARE’s work.

WHEN  Saturday, March 7, 2020  |  7pm – late

WHERE  The Show Theatre  |  Hard Rock Casino Vancouver

For more information, and to buy tickets, visit sharesociety.ca/imagine.

Wesbild Wins Chamber Community Spirit Award

On Saturday night, Wesbild was honoured with the Community Spirit Award at the Tri-Cities Chamber of Commerce Business Excellence Award Gala.

According to the Tri-Cities Chamber, the Community Spirit Award acknowledges both businesses and individuals that have tirelessly supported Tri-Cities based organizations and not-for-profits. They are committed to corporate social responsibility and dedicated to making the Tri-Cities a better place to live, work, and play.

This award is a recognition of Wesbild’s long term commitment to corporate citizenship. Wesbild has always believed in giving to the wider Tri-Cities community as evidenced by our long standing relationship with Share Family & Community Services and our Wesbild LIFT Scholarship Program at CABE Secondary (plus the many other groups we partner with and donate to).  Our goal is to truly find a way to help individuals have better lives.

Wesbild Contributes $5-Million to Future Burke Mountain School Sports Field

Wesbild is proud to announce that they have made a contribution of $5 Million towards the future construction of a lit artificial turf field at the future Secondary/Middle School site on Burke Mountain in Coquitlam.

In addition to the field, Wesbild has also committed to donating and servicing the land for the six-acre Marigold Elementary School site in the Partington Creek neighbourhood.

The future joint middle/secondary school and park site is viewed as a top priority by the City of Coquitlam and School District No. 43, given the continuing growth in the Burke Mountain area. The Secondary School is in the planning stages, and will feature innovative green technology.

The park component will be funded through Wesbild’s $5 Million contribution, plus an additional $3.8 Million from development revenues through the City of Coquitlam’s Development Cost Charges paid by developers.

Click here to read the official Press Release. 

 

Wesbild Announces Sale of Two Shopping Centres

Wesbild is pleased to annouce the sale of two shopping centres: McKenzie Professional Centre and Gibsons Park Plaza.

McKenzie Professional Centre in Saanich, BC was purchased by Wesbild in 2017. The centre is located on a busy intersection, in close proximity to the University of Victoria, and is a professional hub for many medical, technology and professional service companies.

After acquiring Gibsons Park Plaza in 2005, Wesbild completely renovated this Sunshine Coast retail centre so as to better serve its community. The renovation, including a new façade and improved parking lot landscape, quickly attracted new tenants.