MINNEAPOLIS, May 9, 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 it has retired convertible debentures (the "Notes") with Rock Capital, LLC (the "Investor").
As highlighted in the Company's most recent 10K, a convertible note was executed between the Company and the Investor in December 2015 (the "December Note.") The Original Outstanding Principal Amount of the note was $28,500 and bore an interest rate of 10%. Before the note reached maturity, the Company repaid the outstanding balance to the Investor. Repayment of the December Note satisfied the Company's debt obligation to Rock Capital.
Under the terms of the December Note, the Investor also held a Back-End Note that, if executed and subsequently funded, would have had an Original Outstanding Principal Amount of $28,500 and an interest rate of 10%. When the Company repaid the December Note, the Back-End Note was immediately cancelled and retired.
The December Note retirement further decreases the Company's current debt obligations. The retirement of both the December Note and the Back-End Note further reduces the potential for future derivative liability having an impact on the Company's balance sheet. The Company anticipates the retirement of debt and the reduction of potential future derivative liability will benefit its valued shareholders and investors.
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.
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.