NEW YORK, Feb. 19, 2016 /PRNewswire/ -- VNUE, Inc. (OTCQB: VNUE) ("VNUE" or "the Company"), a live entertainment music service company which brings bands and fans together by capturing professional quality audio and video recordings of live performances, is pleased to announce that on February 18, 2016 it entered into an Equity Purchase Agreement (the "Agreement") with Tarpon Bay Partners LLC ("Tarpon"), an institutional investor. The Agreement establishes a new $10,000,000 credit financing mechanism, the proceeds of which will be used to fund acquisitions for VNUE, continued development of VNUE's platform, and for general working capital purposes.
Pursuant to the Agreement, Tarpon will commit to purchase up to $10,000,000 of the Company's common stock over the next 24-months. The Company is required to register shares of its common stock with the Securities and Exchange Commission ("SEC"), intended to be resold by Tarpon as the Company accesses the funds in connection with the Agreement. The Company is required to file a registration statement with the SEC, and proceeds will become available to the Company upon the registration statement being declared effective by the SEC. Details of the Agreement can be found on the Company's current report filed on Form 8-K with the SEC on February 18, 2016.
The Agreement was arranged by Southridge Advisors II LLC ("Southridge"). Based in Ridgefield, CT, Southridge is a diversified financial holding company specializing in direct investment and advisory services to small and middle market companies, dedicated to helping clients achieve their intended goals. Since 1996 the structured finance team of Southridge has made direct investment of over $1.8 billion into growth companies globally. Its expertise lies in its ability to customize a financing plan for the prospective client and then execute on that plan without fail. For more information on Southridge, visit: http://www.southridge.com.
About VNUE, Inc.
VNUE, Inc. ("VNUE" or the "Company") is a live entertainment music service company which brings bands and fans together by capturing professional quality audio and video recordings of live performances and delivers the experience of a venue to your home and hand. By streamlining the processes of curation, clearing, capturing, distribution & monetization, VNUE manages and simplifies the complexities of the music ecosystem. VNUE captures content through its Front of House mobile application and provides world-wide distribution and monetization through a suite of mobile, web administration applications, allowing an artist to seamlessly deliver and sell their live performances directly to the fans who attend their shows.
More information can be found in our filings with the SEC and by visiting our website at www.VNUE.com.
Certain statements and information in this press release are forward-looking statements and may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this press release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements based on our current plans and expectations and are subject to risks, uncertainties, and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business which could prevent the prompt implementation of any strategically significant plan(s) outlined above. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, after the date of this release.
Matthew Carona, CEO
SOURCE VNUE, Inc.