NEW YORK, December 28, 2021 / PRNewswire / – VNUE, Inc. (OTC: “VNUE”) announced today that its President and CEO has issued an update to shareholders as follows:
Dear VNUE shareholders and subscribers:
So much has happened this year, although a lot has taken place behind the scenes, I thought it would be helpful to provide a brief summary of the progress that has been made in 2021, as I did. previous years, and also to prepare the ground for 2022.
First and foremost, I know that many of you are anxiously awaiting the closing of our acquisition of StageIt (Stageit.com). It took longer than expected, mainly due to the complexity of the accounting issues and the independent audit required. We were hoping to complete this before the end of the year, but I’m more confident than ever that this deal will finally be done in the first two weeks of January, hopefully even sooner. There have been no issues with our acquisition plan, and StageIt continues to operate and generate significant revenue.
Needless to say, when the transaction is completed, it will be a watershed moment for the company, further crystallizing my vision of a company that has multiple artist-centric technologies and platforms, which, combined, provide a full suite of products. and services to artists, labels and creators such as writers and publishers.
In other news, also I’m sure you are looking forward to it, Soundstr has reached the point where we are actively chatting with many groups, large and small, including radio and brick and mortar groups, and in fact several other Soundstr Pulse units have recently been deployed to a number of radio stations. Other units are being prepared for release as we speak. Progress has been made to the point where Soundstr Live Identification is over 75% accurate, which is a significant achievement and a huge step up from zero. And the identification of the recorded music is close to 100% for all practical purposes.
The combination of the ability to identify both live and recorded music through our music ID sampling services, music identification streaming services and Soundstr live identification services, prepares in effect the field so that VNUE is the largest and most accurate aggregator of music consumed in public spaces in the world. We are building a music and data rights marketplace that will offer a variety of packaged products: The Soundstr Marketplace ™.
As you know, in 2016 I became CEO of VNUE and got down to work to tackle a multitude of challenges that we faced as a young company. As a going concern, the company was behind on its SEC filings, lacked what I would consider viable technology, had no income, several previous legal issues, and very few resources. In addition, there was a significant amount of old debts on the books. In a relatively short period of time, we have brought world-class technology, revenue and talent to the company.
Of course, it didn’t help that COVID lifted its ugly head amid our progress and sucked nearly two years of activity from our books. But, as a silver liner, it helped us focus on growing Soundstr and identifying opportunities like StageIt, and unlike many other companies, we survived.
As of this writing, we only have a small amount of convertible debt on our books, and we are 100% up to date on our deposits since we were able to catch it all up in 2017. As a fully reporting company, this is of vital importance to investors. confidence and continuous growth. Reducing convertible debt is something the OTC Market Groups have repeatedly told us we need to lower for them to approve of our pending uplist at the OTCQB, which I was able to do thanks to a determined schedule. converting part of that debt and, in other cases, convincing our biggest debtor and long-time investor to transfer its remaining debt to a “non-convertible” type note. In one year, we reduced this debt by almost $ 2 million to its current level, or about $ 635K. During that time our stock price has gone up and down, and after all this time and work, we’re now just under a dime – which is the threshold to move into QB. As we continue to execute, we will patiently wait for investors to react to our positive work, continue to set our targets on that target – although we also explore more direct routes to the Nasdaq.
Many of you know that we also filed a lawsuit against an alleged former “toxic lender”. These types of lenders prey on small businesses like ours, when those businesses have nowhere else to turn, and in our case aggressive trading has reduced our stock price to next to nothing while Apparently earning them hundreds of thousands of dollars in profit on relatively small income notes. They apparently benefited from our hard work. It took us a full year to recoup our market value (and more), but we did so without going through a reverse split or contrived means – nothing but execution and sheer determination.
It turns out that the SEC doesn’t like schemes like these so-called “toxic convertible notes” too much and has finally cracked down to end the practice. There have been several definitive SEC actions against these types of lenders over the past two years. In addition, several positive court decisions, siding with companies like ours, indicate that these types of lenders are predatory in nature and, in many cases, allegedly usurious and acting outright illegally. It is important to note that many of them are acting as “unregistered traders” which is a direct violation of securities laws, and which we were completely unaware of when approached by what we thought were legitimate “investors”.
More recently, a large suspected toxic lender lost its petition to dismiss the SEC’s lawsuit against it and its various entities, meaning the SEC can pursue its enforcement action in which it claims the group made more than $ 61 million in profits selling over-the-counter markets. Shares of group issuers received through convertible bonds when they were not registered as a broker. It should be noted that the same lawyers who win these favorable decisions are in fact our lawyers who represent us in our disputes. Bam!
Filing this litigation was not an easy decision on our part, but there are two sides to a public enterprise – running the business and its core competencies, and also running the business to be public and do our best to protect shareholders. By filing the litigation, we hope to recoup some of the lost value perpetrated by these lenders, and also help put a rhetorical nail in the coffin of the infamous lenders who attempt to do this to others.
I will say these five plus years have not been fun, and as I have always said, it takes time and relentless focus to build a real business and set the stage for bigger things to happen. to come. I think the new year 2022 will be our moment – the initial culmination of these years of sacrifice on the part of the VNUE team and patience on your part – and I am very, very excited for what the future holds. .
Thank you for your support over the years, and thank you for your trust and support in VNUE, in me and my team! Good year!
All my wishes,
CEO & President
This press release may contain forward-looking statements based on current expectations, forecasts and assumptions that involve risks as well as uncertainties that could cause actual results to differ materially from those anticipated or expected, including statements relating to the amount and timing of expected income, statements relating to our financial performance, expected income, distributions and future growth for the upcoming quarterly and annual periods. These risks and uncertainties are further defined in the Company’s records and reports with the United States Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those anticipated or contemplated by forward-looking statements due to a number of factors detailed from time to time in our filings with the SEC. Among other things, the Company may not be able to maintain its growth or achieve profitability due to many factors including, but not limited to, general stock market conditions. Reference is hereby made to the cautions set forth in the latest documents filed by the Company with the SEC. We have made and will continue to make significant expenditures in expanding our existing and new service lines, noting that there can be no assurance that we will generate enough revenue to offset these costs in the short and long term. Additional service offerings may subject us to additional legal and regulatory costs and unknown exposures depending on the various geopolitical locations in which we will provide services, the impact of which cannot be predicted at this time.
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SOURCE VNUE, Inc.