We made an “official“ filing a couple weeks ago, but for those of you who don’t regularly browse the SEC website (a.k.a. most normal people) we wanted to make sure you got the news that Terri Lubaroff is leaving Legion M.

Terri has been an invaluable member of Legion M since the founding of the company. Her departure makes for a bittersweet moment for all of us. We are thrilled for Terri and her new adventure, but also heartbroken to see her leave. She has had an indelible impact on the development of Legion M and we are extremely thankful to have had her in our early formative years.

Terri explains her reasons for leaving and her sentiments about Legion M in her own words below. But before we get to that, we’d like to share our thoughts on the business impact her departure will have on the company. Our lawyers have asked us to remind you that all the usual disclaimers about risk and “forward looking statements”, which are listed at the end of this update, apply to this discussion.

As we discussed in our recent business update entitled “Leveling Up To A Tipping Point For Legion M” (which we highly encourage you to read, if you haven’t already), we believe Legion M is at an inflection point. We believe our revenues are poised to increase substantially over the next 12 months due to the structure of the projects we’re currently working on.

At the same time, we’ve taken steps over the past 12 months to reduce our costs. This includes cutting costs across the board and reducing our headcount from 7 full-time employees to just 3. We’re still working with many of our same team, but a lot of folks that used to be full-time employees are now only working part-time due to a sharpening of the company’s focus. We’re devoting more time to production and distribution, while taking steps to reduce the amount of resources spent on development and financing. In short, now that we’re producing movies of our own, we’re spending far less time and money investing in other people’s movies and working on early stage development.

At this time, we are not planning to backfill Terri’s position. Partly because Terri is irreplaceable (seriously, she’s amazing, and the fact she’s moving on to become COO of an organization with around 700 employees is testament to that fact), but also because we believe the key to Legion M’s next phase of growth is keeping our costs low and our eyes focused on achieving core profitability.

Bottom line – while we’re sad on a personal level that this phase of our relationship is ending, we all (Paul, myself, Terri, and the team) are thankful that the transition represents a natural and healthy evolution for both Terri’s career and Legion M. As a leader you never want to see valued members of your team leave, but you know they all someday will - nobody works at one company forever. Terri’s impact is inextricably woven into the DNA of Legion M and we expect she will continue to have an impact on Legion M as she transitions from “management” to “trusted advisor”.

So on behalf of Paul, Jeff, and the entire Legion M community we wish Terri the best of luck. We’re excited for her and her new gig, as well as for the future prospects of Legion M.

With that said, we’d like to give Terri the space to share her own thoughts in her own words:

If you have any questions, feel free to send them to team@legionm.com. We might just publish the answer as a future update.

Onward & Upward

**Investments in Legion M are speculative, illiquid, and involve a high degree of risk, including the possible loss of your entire investment.

**This update contains forward-looking statements and information relating to, among other things, the company, its business plan and strategy, and its industry. These forward-looking statements are based on the beliefs of, assumptions made by, and information currently available to the company’s management. When used in this report, the words “estimate,” “project,” “believe,” “anticipate,” “intend,” “expect” and similar expressions are intended to identify forward-looking statements, which constitute forward looking statements. These statements reflect management’s current views with respect to future events and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.

Terri's Next Adventure