Soul and Vibe Interactive Inc (OTCBB:SOUL) entered into a common stock purchase deal with Beaufort Capital Partners, LLC. It is a New York limited liability firm through which Soul and Vibe will receive an aggregate amount of up to $2 million.
Soul and Vibe has filed a registration on Form S-1. It is planning to register more than 10 million shares of common stock, issuable as per agreement. The period of the investment deal is 36 months. The proceeds will be used for the development of new products in FY2015.
Year of accomplishments
Peter Anthony Chiodo, the President and CEO of Soul and Vibe Interactive Inc (OTCBB:SOUL), stated that FY2014 can be called a year of accomplishments. The company initiated momentous steps in the year. It started with the launch of its first games. The gaming segment began to generate revenue. Also, Soul and Vibe announced several strategic partnerships for expanding its operations.
Chiodo further added that it was due to capital generated in FY2014 the company was able to expand its operations. The purpose of the new agreement is again to raise funds that will enable it to work on diversified and new product line. It is expected to both multi-platform and cross-platform.
Release of titles
Soul and Vibe Interactive Inc (OTCBB:SOUL) will work on a recurring release calendar through which it can increase number of titles in a given period. It will also allow the company to release these titles in an evenly manner in FY2015. The establishment of the calendar will translate it into a publishing label and will cross-promote the product line and IPS. The users will get to know about the launched IPs and games. The expansion of product line will act as natural growth driver yielding benefits for both the company and shareholders. The evenly launch of titles will also help in tracking the progress of projects.