Akazoo Announces Share Repurchase Program

3/18/20

Akazoo S.A.(NASDAQ: SONG), a leading global music streaming platform and media technology company with a strong international market position focused on emerging markets, today announced that shareholders voted to approve all of the resolutions put before the special and extraordinary general meetings of shareholders held on March 17, 2020.

Share Repurchase Authorization

Shareholders approved a new share repurchase authorization of up to $5 million and up to 1.0 million shares of the Company's common stock.

Mr. Apostolos N. Zervos, Founder & CEO of Akazoo, said, "The Share Repurchase Program reflects the shareholders', board's and management's confidence in the fundamental and long-term potential of the Company's business. Our Company exhibited revenue growth of approximately 30% in 2019, has a robust balance sheet with a strong cash position and no debt. This enables us to continue to invest in our long-term sustainable growth, while driving additional value for shareholders through the repurchase program."

While the company intends to make repurchases in the near term, subject to market conditions among other things, there is no guarantee as to the exact number of shares, if any, that may be repurchased by the Company under this authorization.

Special and Extraordinary Shareholder Meeting Results

Shareholders approved the authorization to repurchase shares, the appointment of two additional independent directors, the appointment of BDO LLP as the Company's independent registered public accountant commencing with the year ended 31 December 2019, the amendment of the Company's articles of association, and the omnibus equity incentive plan.

The amendments to the articles of association are expected to become effective immediately after completion of certain corporate formalities.

About Akazoo

Akazoo is a global, on-demand music and audio streaming and media and A.I. technology company, founded in 2010, with a focus on emerging markets and a presence in 25 countries. Akazoo's premium service provides subscribers with unlimited online and offline high-quality music streaming access to a catalogue of over 45 million songs on an ad-free basis. Akazoo uses patented A.I. for music recommendations and offers online and offline listening. Akazoo's free, ad-supported radio service consists of over 80,000 stations and exists as a separate service and application. As consumers across the globe continue to shift their media consumption to mobile devices, Akazoo is equipped with a world-class mobile application and user experience which works seamlessly across a multitude of mobile devices and provides a high-quality user experience across a range of mobile networks from 2G to 4G LTE and soon 5G.

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