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Mindpix Corporation Moves to OTC Current Status and Cancels Music Catalogue License With eMax Media Inc.
Aug 09, 2013 (12:08 PM EDT)
LAS VEGAS, Aug. 9, 2013 /PRNewswire/ -- Mindpix Corporation (OTC: MPIX) today announced that it has entered into an agreement with eMax Media to cancel the license agreement for eMax's music catalogue and for the cancellation of an additional 75 million common shares in addition to the previous cancellation of 325 million common shares that were surrendered for conversion to Series B Preferred Shares. No Series B shares had been issued, though the 325 million common shares had been surrendered and returned to treasury.
Additionally, the Company has updated its financial statements through June 30, 2013 and has moved to the "Current Status" tier on OTC Markets.
Victor Siegel CEO/President of Mindpix stated, "We are creating a foundation for the company with proper financial reporting and creating a healthy capital structure. A primary executive goal is the continued targeting share reduction. The modifications made in restructuring this transaction resulted in a significant event for the Company and its shareholders."
Pursuant to the agreement eMax and its affiliates are limited to sales of 5,000,000 shares of Mindpix stock per month and have recognized the current officers and directors of the company as duly holding their positions.
Mr. Siegel, further stated, "Mindpix is focusing on the production and delivery of various music and entertainment events and the eMax music catalogue was no longer core to our business plan..."
Mindpix Corporation (OTC Pink: MPIX) is a multi-platform media company that focuses on music and multi-media global television program content. MPIX provides the production, distribution and monetization of major music and entertainment events. MPIX owns, develops and licenses intellectual properties and program content across a full spectrum of media that consumers connect to including Live Events, Television, Internet and Mobile Media. This multimedia approach to business is what differentiates MPIX.
MPIX disclosure and financial information is published on OTC Markets and can be found at the following site: http://www.otcmarkets.com/stock/MPIX/filings/
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. These forward looking statements relate to, amongst other things, current expectation of the business environment in which the company operates, potential future performance, projections of future performance and the perceived opportunities in the market. The company's actual performance, results and achievements may differ materially from the expressed or implied in such forward-looking statements as a result of a wide range of factors.
SOURCE Mindpix Corporation