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Masterbeat Announces Merger With AudioStreet, Inc.
Jun 16, 2010 (02:06 PM EDT)
**Masterbeat expands its presence and offering in digital music retail through the acquisition of AudioStreet's promotional and distribution platforms**
NEW YORK, June 16 /PRNewswire-FirstCall/ -- Masterbeat Corporation, which owns and operates www.masterbeat.com, announced today that it has signed a Letter of Intent to merge with AudioStreet, Inc., a privately-held conglomerate of diverse media website communities focused on music-based content; AudioStreet.net, MixStreet.com and LiveMansion.com.
Brett Henrichsen, Masterbeat's CEO and Founder, announced, "Masterbeat was founded in an effort to create the best user experience for music lovers and to offer only the highest quality audio files in the process. This merger will strengthen Masterbeat's bid to become the premier digital music community on the web." Masterbeat.com is a digital music download store offering consumers over 4 million tracks, ranging from past and present hits to rare and exclusive dance and DJ remixes from both major and independent labels.
AudioStreet.net and MixStreet.com were launched in 2004 and 2005, respectively, as online destinations for musicians, DJs and music mixologists. The sites provide a platform for artist discovery and for the promotion and distribution of new music from independent producers. Combined, these two sites currently have over 40,000 brands and 20,000 actively participating DJs. Chris Messalas, Chairman of AudioStreet, Inc. stated, "We are excited about the synergy that exists between AudioStreet's brands and Masterbeat. We look forward to the imminent growth of all of the brands under the stewardship of Masterbeat."
MASTERBEAT CORPORATION (OTC Bulletin Board: MSTO) operates www.masterbeat.com, a digital music superstore offering over four million fully DRM-free tracks in MP3 and WAV formats, ensuring compatibility on all devices without restriction. This virtual shopping mall houses an impressive catalog of music spanning all genres, including dance, electronica, house, disco, country, techno, rock, hip hop and R&B. Masterbeat.com is also the leading web destination for hard-to-find, exclusive DJ remixes of popular music. Masterbeat.com is the only online retailer carrying the full catalog of any major label in lossless (CD-quality) audio, which gives fans the opportunity to listen to their favorite music the way it was recorded and intended to be heard. Masterbeat's collection features music from all four major record labels, as well as thousands of independent labels from around the world. Masterbeat's ultimate goal is to unlock the enormous revenue potential for artists and labels in unreleased content.
AUDIOSTREET, Inc. operates several music and artist discovery websites designed to allow new bands and producers to market and promote their tracks to both the listening public and to major label A&R departments. Since its 2007 launch the site has registered over 70,000 new independent artist signups and 6 million song plays.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on management's current expectations or beliefs, and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological and/or regulatory factors; acquisitions of dispositions of business assets; and the potential impact of future decisions by management. More detailed information about these factors may be found in filings by Masterbeat Corporation (OTCBB: MSTO) with the Securities and Exchange Commission. Masterbeat Corporation is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
CONTACT: Brett Henrichsen, +1-323-467-5555
SOURCE Masterbeat Corporation