GLASTONBURY, Connecticut, December 8, 2015 /PRNewswire/ --
CÜR Media, Inc. (OTCQB: CURM) (OTCBB: CURM) today announced the completion of a $1.75 million financing led by members of the company's management and board of directors, including Tom Brophy, Founder & CEO, and recently appointed director, Sanjan ("Sunny") Dhody. Key music industry professionals participating in the financing were Hector "Tico" Torres, drummer for the rock band Bon Jovi, and Robert Fernandez, President of Mr. 305, Inc., the independent record label founded by Pitbull.
The offered securities consisted of units of convertible unsecured promissory notes bearing 12% interest ("the Notes") and warrants to purchase common stock (the "Warrants"). The Notes are mandatorily convertible into the company's common stock at the lesser of $0.50 per share, or a 15% discount to the price of the next equity financing by the company of at least $2.5 million. A full description of the offering can be found in the Company's Form 8-K filed with the SEC on December 1, 2015, as well as other filings the company made with the SEC. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes as it gears up for the anticipated launch of CÜR Music, a social, mobile, and web streaming music application that is being designed to enable its users to go beyond the limitations of traditional music streaming services.
"We are pleased to have completed this financing which helps to enable our company to take the next step in its corporate evolution," said Tom Brophy, Founder & CEO of CÜR Media, Inc. "This infusion of capital was vital in our effort to move forward to complete our near term and achieve an up-listing to a national stock exchange as we head towards the anticipated commercial launch of CÜR Music. Our team has worked diligently to prepare for the launch of what we expect to be an innovative and disruptive music experience, and we look forward to attempting to build CÜR Media into a leading force in the multi-billion dollar music streaming industry."
ABOUT CÜR MEDIA INC
CÜR Media, Inc. is creating CÜR (pronounced 'cure'), a next generation social music experience through the planned launch of CÜR Music, a social, mobile, and web streaming music application that is being designed to enable its users to go beyond the limitations of traditional music streaming services. Upon its anticipated launch, CÜR Music will unlock the truly expressive nature of an individual's connection with their music by fostering personalization, sharing and creativity. With CÜR Music it's not just about streaming, it's about what the music means to you and how you want to express that to the world. For more information please visit http://www.curmusic.com
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements may include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to the development of a commercially viable streaming music product, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company's future financial performance, (iv) the Company's ability to negotiate economically feasible agreements with the major and independent music labels and publisher rights organizations, and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii), (iv) and (v) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain adequate financing, the length of time associated with development of mobile applications and related insufficient cash flows and resulting illiquidity, the Company's inability to expand the Company's business, lack of product diversification, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company's failure to implement the Company's business plans or strategies.
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CÜR Media, Inc.
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SOURCE CÜR Media, Inc