Soul and Vibe Announces Convertible Note Retirement

Retirement of convertible note with JMJ Financial will reduce the potential for future derivative liability on balance sheet

Feb 16, 2016, 16:05 ET from Soul and Vibe Interactive Inc.

MINNEAPOLIS, Feb. 16, 2016 /PRNewswire/ -- Soul and Vibe Interactive Inc. (OTCQB: SOUL), or the "Company," a publisher of games, music, and interactive books for digital devices, announced today that its convertible note (the "Note") with JMJ Financial (the "Investor") has been retired.

The Note was executed between the Company and the Investor in February 2015. The Original Principal Amount of the Note was $400,000. The retirement of the Note reduces the potential for future derivative liability to be added to the Company's balance sheet.

"JMJ Financial has been a great investment partner for Soul and Vibe. Thanks to JMJ's investment, the Company was able to expand its operations and subsequently launch a wider range of product offerings during fiscal year 2015, specifically in the e-book and digitally distributed music categories. We are very grateful for the investment they made in our Company and we continue to hold JMJ in high regard," said Soul and Vibe's CEO and President, Peter Anthony Chiodo ("Tony"). "The Company is actively working to consolidate its debt and further clean up its balance sheet. It anticipates these actions will be beneficial to shareholders and investors in the current fiscal year."

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 $100 billion by year-end 2018. 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 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.

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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.

 

SOURCE Soul and Vibe Interactive Inc.



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