MINNEAPOLIS, July 5, 2016 /PRNewswire/ -- Soul and Vibe Interactive Inc. (OTC: SOUL), "The Company," a publisher of games, music, and interactive books for digital devices, announced today it has acquired proprietary intellectual property ("IP" and "The Property") from Croog Studios, a New York-based design studio.
The Company completed the IP acquisition through a combination of cash and common class Company stock. Croog Studios has been retained by the Company to develop a video game based on the not-yet-revealed Property through a Development-Publishing Agreement. Soul and Vibe Publishing will release the Croog Studios developed game on iOS (iPhone, iPad, iPod Touch, and Apple TV), Android (via Google Play and Samsung TV), and Amazon (for Kindle Fire devices, including Fire TV.)
"Acquisition is a key mechanism through which we look to further expand our publishing operation and subsequently drive revenue," said Soul and Vibe's CEO and President, Peter Anthony ("Tony") Chiodo. "Acquisition and direct IP ownership will enable the Company to develop a recurring release calendar and subsequently grow shareholder value. We are excited about our relationship with Croog Studios; we look forward to sharing details about our forthcoming game shortly."
About Soul and Vibe Interactive Inc.
Soul and Vibe Interactive Inc. (Soul & Vibe Interactive Inc. on www.sec.gov) is a publisher of games, music, and interactive books for digital devices addressing a market projected to grow to $100 billion by year-end 2018. The Company specializes in the creation of original IP and has extensive experience licensing world-renowned brands from influential companies. Soul and Vibe has a license agreement with 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, the PlayStation® 3 computer entertainment system and PlayStation® Vita (PS Vita) from Sony, and the Nintendo 3DS™ system and the Wii U™ system from Nintendo. 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.
About Croog Studios.
Croog Studios is a production studio in the heart of New York City. Clients include top media networks and advertising agencies. Founded in 2001 by Director/Producer Mike Croog, Croog Studios has a reputation for excellence and quality in communication and design across a wide range of media. Croog Studios' portfolio includes special projects for a stunning range of international brands. They excel in contributing to a thoughtful and most successful professional experience for their cherished customers. Services include: Professional media development, design, and production services for the digital marketplace, including writing and directing video and film production, animation, large-scale live interactive trade show experiences, product rendering and design, virtual and augmented reality, and a brand new video game division. For more information please check out croog.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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SOURCE Soul and Vibe Interactive Inc.