Soul and Vibe Interactive to Acquire Soul and Vibe Entertainment and Pursue $56 Billion Digital Game Industry
January 28 2013 - 6:00AM
Soul and Vibe Interactive Inc. (OTCQB:SOUL), "The Company," today
announced it is in the process of acquiring all of the outstanding
shares of Soul and Vibe Entertainment, Inc., a video and computer
games company. Upon completion of the transaction, Soul and Vibe
Interactive's current CEO, President, and CFO, Pauline Carson, will
transition to Vice President. Peter Anthony Chiodo ("Tony"), the
CEO and founder of Soul and Vibe Entertainment, will take over as
CEO and President of Soul and Vibe Interactive.
"Soul and Vibe Entertainment has several strategic and valuable
contractual agreements which put us in a solid position to grab
market share in this industry. We executed a license agreement with
General Mills. Additionally, we are an approved developer and
publisher of games and games-related content for the Xbox 360®
video game and entertainment system, Windows 8, Windows Live, and
Windows Phone from Microsoft, and the PlayStation®3 computer
entertainment system and PlayStation® Vita (PS Vita) from Sony,"
said Soul and Vibe Entertainment's CEO and founder, Peter Anthony
Chiodo ("Tony"). "The mobile market is significantly expanding the
hardware platforms on which games are played, as well as the
consumer base that plays them. In addition to Windows Phone, we
will support the Apple iOS (iPhone, iPad, and iPod Touch) and
Android platforms."
Mr. Chiodo will be assuming the role of CEO and President of
Soul and Vibe Interactive. He is an award-winning 22-year veteran
of the video and computer game industry who has released over 200
titles. From 2003 to 2011 he was Director of Product Development
for Destineer Games, where he led the development of games and
engine technologies, both internal and external, for consoles and
personal computers. Mr. Chiodo created and implemented a
development process that resulted in the release of more than 100
frontline and "casual" games over 4 years and managed a 35-person
internal development studio. The studio's products secured a
capital raise of over $12 Million. This was the second largest
capital raise in the interactive industry for 2006. Mr. Chiodo and
his team developed commercial games and "serious games" training
tools and simulations for the United States Marine Corps and
various branches of the United States Federal Government. Mr.
Chiodo served as a Program Manager at Microsoft Corporation from
2000 through 2003, where he led internal teams from engine and game
prototype to project green light and release for the original Xbox,
and helped coordinate the localization of Xbox launch software for
European and Japanese markets. Mr. Chiodo has also served as a
consultant to software companies developing "serious games"
training tools and simulations that help physicians and nurses
provide care to patients suffering from chronic diseases.
"We are very excited to move forward with this transaction. As a
publicly traded company, we will be well positioned to expand our
game development and operations to capture a meaningful share of
the $56 billion* video and computer game software market," Mr.
Chiodo added. "As CEO and President of Soul and Vibe Interactive, I
look forward to executing on this tremendous opportunity."
*PricewaterhouseCoopers reports consumer spending on console,
mobile, and personal computer game software topped $56 billion in
2010 and is projected to grow to $82 billion by 2015.
About Soul and Vibe Interactive Inc.
Soul and Vibe Interactive Inc. is a publisher of games and
games-related content for consoles, mobile devices, and personal
computers. Soul and Vibe specializes in the creation of original
intellectual properties and has extensive experience licensing
world-renowned brands from influential companies. Through
partnerships with technically sophisticated software developers
located all over the world, Soul and Vibe transforms unique
concepts into engaging, highly accessible, and affordable games and
entertainment experiences. www.soulandvibe.com.
Safe Harbor Statement
This press release contains information that constitutes
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
All statements, trends, analysis, and other information contained
in this press release, including words such as "anticipate,"
"believe," "plan," "estimate," "expect," "intend," and other
similar expressions of opinion, constitute forward-looking
statements. Any such forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from any future results described within the forward-looking
statements. Risk factors that could contribute to such differences
include those matters more fully disclosed in the Company's reports
filed with the Securities and Exchange Commission. The
forward-looking information provided herein represents the
Company's estimates as of the date of the press release, and
subsequent events and developments may cause the Company's
estimates to change. The Company specifically disclaims any
obligation to update the forward-looking information in the future.
Therefore, this forward-looking information should not be relied
upon as representing the Company's estimates of its future
financial performance as of any date subsequent to the date of this
press release.
Contact:
Pauline Carson CEO Soul And Vibe Interactive Inc. Phone:
+1-877-262-5154
or
E-Mail: E-Mail Contact Website: www.soulandvibe.com
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