Music Licensing, Inc. (OTC: SONG) Subsidiary Pro Music Rights Secures Final Judgment of $114,081.30 USD, Demonstrating Strength of Licensing Agreements
Naples, FL , May 17, 2024 (GLOBE NEWSWIRE) -- Music Licensing, Inc. (OTC: SONG) is pleased to announce that its wholly owned subsidiary, Pro Music Rights, has achieved a significant milestone in its ongoing efforts to enforce its licensing agreements. Pro Music Rights has received a final judgment in the amount of $114,081.30 USD, further solidifying the enforceability of its licensing agreements and underscoring the company's commitment to protecting the rights of artists and content creators.
The final judgment, accompanied by an interest rate of 9.09% per year, is a testament to the effectiveness of Pro Music Rights' enforcement and collection campaign. This success marks the first steps in an ongoing initiative aimed at ensuring compliance with licensing agreements and safeguarding the intellectual property of Pro Music Rights' extensive roster of artists and content partners.
As previously announced, Music Licensing, Inc. intends to implement a Buy-Back program, subject to board approval and regulatory compliance. The company plans to allocate 25% of the net recoverable funds from its enforcement campaign towards a proposed buyback of its common stock on the open market. This strategic initiative reflects Music Licensing, Inc.'s commitment to enhancing shareholder value and capitalizing on opportunities for growth.
The pending corporate action for the stock consolidation, currently in process with FINRA, is expected to be completed in the coming days. Upon completion, Music Licensing, Inc. Intends to move forward with retaining a broker-dealer or investment bank to administer the proposed buyback program. This proactive approach underscores the company's dedication to executing its strategic objectives in a timely and efficient manner.
"We are pleased with the outcome of our enforcement efforts and the favorable judgment received," said Jake P. Noch, Chief Executive Officer & Chairman of Music Licensing, Inc. "This achievement not only validates the strength of our licensing agreements but also positions us for further success as we continue to prioritize the interests of our artists, content creators, and shareholders."
Music Licensing, Inc. remains committed to upholding the highest standards of transparency, compliance, and accountability as it pursues its strategic initiatives and works to deliver value to its stakeholders.
About Music Licensing, Inc. (OTC: SONG) (ProMusicRights.com)
Music Licensing, Inc. (OTC: SONG) a diversified holding company, also known as Pro Music Rights, is the 5th public performance rights organization (PRO) to be formed in the United States. Its licensees include notable companies such as TikTok, iHeart Media, Triller, Napster, 7Digital, Vevo, and many others. Pro Music Rights holds an estimated market share of 7.4% in the United States, representing over 2,500,000 works that feature notable artists such as A$AP Rocky, Wiz Khalifa, Pharrell, Young Jeezy, Juelz Santana, Lil Yachty, MoneyBagg Yo, Larry June, Trae Pound, Sause Walka, Trae Tha Truth, Sosamann, Soulja Boy, Lex Luger, Trauma Tone, Lud Foe, SlowBucks, Gunplay, OG Maco, Rich The Kid, Fat Trel, Young Scooter, Nipsey Hussle, Famous Dex, Boosie Badazz, Shy Glizzy, 2 Chainz, Migos, Gucci Mane, Young Dolph, Trinidad James, Chingy, Lil Gnar, 3OhBlack, Curren$y, Fall Out Boy, Money Man, Dej Loaf, Lil Uzi Vert, and countless others, as well as Artificial Intelligence (A.I.) Created Music. Additionally, Music Licensing, Inc. (OTC: SONG) owns royalty stakes in Listerine "Mouthwash" Antiseptic as well as musical works by artists such as Elton John, Lil Nas X, Miley Cyrus, Lil Wayne, XXXTentacion, Halsey, and numerous others.
Forward-Looking Statements:
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Music Licensing, Inc. & Pro Music Rights, Inc. to accomplish its stated plan of business. Music Licensing, Inc. & Pro Music Rights, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Pro Music Rights, Inc., Music Licensing, Inc., or any other person.
Non-Legal Advice Disclosure:
This press release does not constitute legal advice, and readers are advised to seek legal counsel for any legal matters or questions related to the content herein.
Non-Investment Advice Disclosure:
This communication is intended solely for informational purposes and does not in any way imply or constitute a recommendation or solicitation for the purchase or sale of any securities, commodities, bonds, options, derivatives, or any other investment products. Any decisions related to investments should be made after thorough research and consultation with a qualified financial advisor or professional. We assume no liability for any actions taken or not taken based on the information provided in this communication
Contact: investors@ProMusicRights.com
SOURCE: Music Licensing, Inc.
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