MINNEAPOLIS, MN--(Marketwired - Aug 25, 2015) - Soul and Vibe Interactive Inc. (
Shareholders who held a voting rights majority of all outstanding shares as of June 25th, 2015 voted, by resolution, in favor of the implementation of a Reverse Split, the ratio of which to be within the range of no less than one-for-twenty (1:20) and no greater than one-for-forty (1:40.) On August 17th, 2015, the Company amended its Articles of Incorporation. Subsequently, the Company elected to make effective a one-for-forty (1:40) Reverse Split of the Company's shares of common class stock.
"The Board of Directors voted to effectuate the Reverse Split with the primary intent of increasing the market price of the Company's Common Stock," said Soul and Vibe's CEO and President, Peter Anthony ("Tony") Chiodo. "Our board believes an increased share price may encourage investor interest and improve the marketability of the Company's stock to a broader range of investors and, thus, enhance liquidity. We also decided to undertake the Reverse Split at this time due to the strong progress the Company has made this year toward the implementation of a 'recurring release calendar' of games and on-line content."
Twenty business days following the Reverse Split, the Company's common stock will resume trading under its official symbol, "SOUL," on the OTCQB.
In June 2015, the Company released SirVival, an epic adventure game in the form of a runner. You, as the brave knight SirVival, riding atop Tantrum, your noble steed, are rushing through a fantastical land on a quest to rescue the kidnapped Princess Parsnip from the vile clutches of Maelstrom "The Malevolent," an evil dragon! Please visit the official SirVival Facebook page and www.SirVivalGame.com for additional details. Also in June, the Company launched Soul and Vibe Music, a music-publishing label through which the Company aims to monetize its aural assets as a revenue-generating marketing vehicle for its video games and entertainment apps. To date, Soul and Vibe Music has released three multi-track music singles and one full-length soundtrack. Soul and Vibe Music releases are currently available via digital download and streaming on Apple Music, iTunes, Spotify, Google Play, Amazon, Rdio, Deezer, Tidal, YouTube Music Key, Beats/MediaNet, and more.
About Soul and Vibe Interactive Inc.
Soul and Vibe Interactive Inc. (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 market projected to grow to $82 billion by year-end 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 license agreements with General Mills and Deere & Company, 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.