BETA MUSIC GROUP, INC. (OTCMKTS:BEMG) Files An 8-K Other Events
Item 8.01. Other Events.
This Current report on Form 8-K contains forward-looking
statements which include, but are not limited to, statements
concerning expectations as to our revenues, expenses, and net
income, our growth strategies and plans, the status of evolving
technologies and their growth potential, the adoption of future
industry standards, expectations as to our financing and
liquidity requirements and arrangements, the need for additional
capital, and other matters that are not historical facts. These
forward-looking statements are based on our current expectations,
estimates, and projections about our industry, managements
beliefs, and certain assumptions made by it. Words such as
anticipates, appears, expects, intends, plans, believes, seeks,
estimates, may, will and variations of these words or similar
expressions are intended to identify forward-looking statements.
In addition, any statements that refer to expectations,
projections, or other characterizations of future events or
circumstances, including any underlying assumptions, are
forward-looking statements. These statements are not guarantees
of future performance and are subject to risks, uncertainties,
and assumptions that are difficult to predict. Therefore, actual
results could differ materially and adversely from those results
expressed in any forward-looking statements, as a result of
various factors. Readers are cautioned not to place undue
reliance on forward-looking statements, which are based only upon
information available as of the date of this report. We undertake
no obligation to revise or update publicly any forward-looking
statements for any reason.
The Company would like to take this opportunity to provide a
corporate update to our shareholders as of March 9, 2017:
On June 30, 2015, Beta Music Group, Inc., a Floridacorporation
(the Company) and ChoiceTrade Holdings, Inc., a Puerto
Ricocorporation and the parent company of ChoiceTrade, an online
broker (Choice) executed a non-binding letter of intent to
exchange at least a majority of the Companys unregistered,
unissued shares of common stock for all of the issued and
outstanding shares of Choice(the Letter of Intent). On September
1, 2015 an amended non-binding letter of intent was signed
between the Company and Choice to reflect minor changes in the
original letter of intent signed on June 30, 2015.The final
amount of the Companys shares of common stock to be exchanged
(the Exchange Shares) will be specified in a Share Exchange
Agreement where the exchange shares will be delivered by the
Company to the shareholders of Choice at closing. After
completing the Share Exchange Agreement, the intention is to
continue Choices historical business, including changing the
corporate name and replacing the Companys Board of Directors with
appointees of Choice and former Choice shareholders are expected
to own a controlling interest in the Company.
The Company and Choice are in the process of closing of their
Share Exchange Agreement contingent upon thecompletion of a
private offering of the Companys securities in an amount and to
terms reasonably approved by the Company and the approval of both
companies board of directors. The Company and Choice are in the
process of working to with several firms with extensive expertise
serving the Chinese, Hong Kong and Asia Markets and regulatory
expertise pertaining to the successful expansion of facilitating
new customer growth. The Company and Choice are also in the
process of working together regarding the securing of between
$2.0 million and $5.0 million of capital to close the Share
Exchange Agreement.
Since the completion of the amended Letter of Intent on September
1, 2015, Choice has spent a substantial amount of working capital
to prepare for the expansion of their operations in the Asia and
other international markets.Choice has signed a business
partnership agreement with a U.S. subsidiary of one ofthe largest
and the most respected Internet-based financial service providers
in China. Choice has alsospent capital on the continued
development of their owned software technology including
web-based front-end and back-end routing engines. The web-based
front-end is mobile-enabled that is easily translated into
foreign languages to support Choices proposed expansion into
China and otherinternational markets.Choice anticipates the
development of their technology and proprietary new account
processing software will allow for high volume of new accounts to
be opened at low cost for new customers from China and other
international markets. Choice expects that its cloud-based
infrastructure will be quickly and inexpensively scalable to
accommodate thousands of new customers and trades.
The Company is in the process of engaging corporate counsel to
domicile the Companys corporate headquarters from Florida to
Puerto Rico. The Company anticipates that corporate tax structure
and other economic benefits of Puerto Rico along with Choice
expansion into China, Hong Kong, and other international markets
will provide increased value for our shareholders. The Company is
also in the process of working with legal counsel related to the
completion of the planned spin-off of the Companys current
digital media business to the Companys shareholders of record at
a date, approved by the Company, prior to the closing of the
Share Exchange Agreement. The Company is in the process of the
working with our auditor, Malone Bailey, to complete the prior
and current financial filings, which has been delayed from the
time of from signing the letter of intent to the closing of the
Share Exchange Transaction. We anticipate the prior and current
filings will bring the Company current standing with the
exchanges and OTC Markets.
The Company would like to thank all of our shareholders for their
continued support and their patience as we work to complete this
complicated transaction.
About BETA MUSIC GROUP, INC. (OTCMKTS:BEMG)
Beta Music Group, Inc. is a development-stage company. The Company is a marketing and media company that will provide digital media marketing, social and mobile marketing, strategic media planning and other specialty communications services. It will provide customers with digital, mobile, social and video content productions to promote small businesses to their clients by providing digital coupons as interactive experiences between clients and the small business community. Its subsidiaries include EVG Media, Inc., Viewpon Holdings, Inc., USave Acquisitions, Inc., USaveCT, Inc. and USaveNJ, Inc. The Company holds rights to operate and sell services and products available on Viewpon Holdings, Inc.’s digital media platform. The digital media platform will enable the Company to develop and design digital and interactive videos, applications, social media products, new media and Internet television and social networks for sports, health, fitness and entertainment enthusiasts. BETA MUSIC GROUP, INC. (OTCMKTS:BEMG) Recent Trading Information
BETA MUSIC GROUP, INC. (OTCMKTS:BEMG) closed its last trading session down -0.0100 at 0.0250 with 57,800 shares trading hands.