Pro Music Rights Provides Updates On Prior Agreements
Pro Music Rights, a performance rights organization, announced an update regarding its agreements with Net Savings Link, Inc. (NSAV) and China Food and Beverage Company (CHIF). On March 1, 2021, a settlement was reached with NSAV, but allegations of fraudulent misrepresentation by NSAV's representatives have emerged, involving a $487 million promissory note. Additionally, CHIF is reportedly defaulting on a $176 million note due to non-payment of interest. CEO Jake P. Noch expressed disappointment and indicated that legal options are being reviewed to recover funds.
- PMR reached a settlement with NSAV regarding previous litigation.
- Allegations of fraudulent misrepresentation by NSAV representatives.
- CHIF is in default on a $176 million promissory note due to non-payment.
NAPLES, Fla., March 29, 2021 /PRNewswire/ -- Pro Music Rights ("PMR" or the "Company"), a performance rights organization representing over an estimated 2,000,000 musical works of songwriters, composers and publishers, today provided status updates on prior agreements with Net Savings Link, Inc. (OTC: NSAV) ("NSAV") and China Food and Beverage Company (OTC: CHIF) ("CHIF").
- On March 1, 2021, PMR and its founder, Jake P. Noch announced that it had reached a settlement with NSAV in connection with previously reported litigation. Today, PMR and Noch announced that they believe NSAV's representatives, Mr. Stephen Jacob Posner and Mr. James A. Tilton, have made Fraudulent Misrepresentations, whom Pro Music Rights, Inc. and Noch intend to determine their personal liability for both the Fraudulent Misrepresentations and as Guarantors of the
$487 million promissory note by NSAV as part of a previous settlement agreement between the parties. - The Company also announced that it is evaluating its options regarding China Food and Beverage Company management's breach of contract and breach of the implied covenant of good faith and fair dealing with respect to a
$176 million promissory note dated September 30, 2020. CHIF management recently communicated to the Company that it will be in default of the note by failing to make the initial quarterly interest payment on March 31, 2021.
Mr. Noch, Pro Music Rights' Founder and CEO, said, "Although we are disappointed, we are currently reviewing with legal counsel all potential options and remedies and will aggressively pursue the recoupment of any and all obligations and payments with respect to these agreements and notes."
About Pro Music Rights, Inc.
Pro Music Rights, Inc. is a performance rights organization representing over an estimated 2,000,000 musical works of songwriters, composers, and publishers, and collects license fees on behalf of the songwriters, composers and publishers with whom it is affiliated and then distributes
Contacts: | Ken Dennard/ Natalie Hairston |
Dennard Lascar Investor Relations | |
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SOURCE Pro Music Rights, Inc.
FAQ
What settlement did Pro Music Rights reach with NSAV on March 1, 2021?
What allegations were made against NSAV by Pro Music Rights?
Is China Food and Beverage Company defaulting on any financial obligations?
What actions is Pro Music Rights considering in light of the issues with CHIF?
