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Soul and Vibe to Implement 1-for-3 Reverse Split of Its Common Stock(August 01, 2013)
MINNEAPOLIS, MN -- (Marketwired) -- 08/01/13 -- Soul and Vibe Interactive Inc. (OTCQB: SOUL), "The Company," a video and computer games company, today announced that its Board of Directors and shareholders have approved a 1-for-3 reverse split of its common stock. The record date for the reverse stock split will be announced upon all regulatory filings being completed. Stockholders of the record on the record date will be entitled to one share of common stock for each three shares of common stock held on that date. The Company will keep its shareholders updated with further news on the pending reverse stock split.
"As we continue to build our Company we believe that creating a more attractive capital markets profile is important. This move will put Soul and Vibe in a better position for up-listing to a national exchange," stated Soul and Vibe CEO and President, Peter Anthony Chiodo ("Tony"). "We have agreements with some of the leading companies in technology and consumer goods including Sony, Microsoft, and General Mills. We believe it is appropriate that we build and position Soul and Vibe to be listed on a national securities exchange like the companies with whom we work."
This reverse split comes on the heels of Soul and Vibe CEO Peter Anthony Chiodo ("Tony") cancelling 64,459,292 of his own common shares in the Company in exchange for 130,000 shares of non-convertible preferred stock which have no liquidation preference over the Company's common stock and have 1,000 votes for every share held. This move effectively increased the ownership stake of all other common stockholders.
About Soul and Vibe Interactive Inc.
Soul and Vibe Interactive Inc. (also Soul & Vibe Interactive Inc. on www.sec.gov) is a publisher of games and games-related content for consoles, mobile devices, and personal computers addressing a $56 billion market projected to grow to $82 billion by 2015. The Company specializes in the creation of original intellectual properties and has extensive experience licensing world-renowned brands from influential companies. Soul and Vibe has a license agreement with General Mills, and game development and publishing agreements for the Xbox 360® video game and entertainment system, Windows 8, Windows Live, and Windows Phone from Microsoft, and the PlayStation® 3 computer entertainment system and PlayStation® Vita (PS Vita) from Sony. Through partnerships with technically sophisticated software developers located all over the world, Soul and Vibe transforms unique concepts into engaging, highly accessible, and affordable games and entertainment experiences. www.soulandvibe.com.
Safe Harbor Statement
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, trends, analysis, and other information contained in this press release, including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," and other similar expressions of opinion, constitute forward-looking statements. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.
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