INCC Executes Definitive Agreement to Acquire SoundTech AI, Inc.
International Consolidated Companies (OTCPink: INCC) has signed a definitive agreement on July 15, 2021, to acquire SoundTech AI, Inc. for $150 million in preferred X stock. This acquisition aims to enhance INCC's portfolio with SoundTech AI's innovative Holographic Sound Field technology, promising a revolutionary audio experience through proprietary software, applicable across various devices. The technology is designed to transform audio delivery, making it accessible without additional hardware. The acquisition is expected to close by July 30, 2021, expanding INCC's capabilities in the enhanced audio market.
- Strategic acquisition of SoundTech AI enhances INCC's technology portfolio.
- SoundTech AI's proprietary Holographic Sound Field technology shows potential for significant market disruption.
- Acquisition valued at $150 million indicates confidence in future revenue growth.
- Management team includes experts with proven track records in tech and audio sectors.
- High acquisition cost of $150 million may strain financial resources.
- Integration of SoundTech AI's technology could face challenges, impacting operational efficiency.
SARASOTA, FL / ACCESSWIRE / July 15, 2021 / International Consolidated Companies, Inc. (OTCPink:INCC), executed a letter of intent on July 2, 2021 to acquire SoundTech AI, Inc.; and subsequently entered into a definitive agreement to acquire SoundTech AI, Inc., today with a closing on or before July 30, 2021. Under the terms of the agreement, INCC will acquire all of the outstanding SoundTech AI shares for preferred X stock valued at
SoundTech AI (STAI) has developed an unprecedented Next Generation 360 Immersive Audio Experiencedelivered through its proprietary software that bridges quantum computing and artificial intelligence to transform sound and music forever.
"Imagine floating through an ocean of sound space, hearing, feeling and experiencing music on a level never previously achieved," said STAI creator, developer and founder," Andrew Denis. "We've cracked the code on a brand-new music and sound experience as if the listener is hearing their favorite song for the very first time."
STAI's flagship product, Holographic Sound Field (HSF™), is a landmark achievement for all fields of entertainment providing the patented enhanced audio and 3D sound for recorded music, films, live concert performance and gaming.
"The current technologies in the marketplace have removed the element of the magic-of-music. The listener can no longer hear a song how the artists intended and this robs them of the experience of feeling the music, said Mark Young, Chief Communication Officer." "Rediscover listening. Now it's here."
This unprecedented immersive audio experience can be felt on any music device, including headphones, home and car speakers, and any other personal or professional sound system. The listener will be fully immersed in dimensional audio that does not require purchasing additional or special hardware.
The patented HSF™ technology has a universal zero-install download and immediate streaming delivery to ANY device including:
- Headphones, earbuds or Inner Ear Monitor
- Speakers (Smart speakers, Stereo Speakers, wireless or wired)
- Gaming (Xbox, Playstation and IOS/Android)
- Home or Movie Theater (THX, Dolby & digital theater formats)
- Streaming/Broadcast Services (Audio Streamers, Video Streamers)
- Concerts, Live Events and Performances
Mark Romeo, Chief Marketing Officer commented, "High Quality Digital Audio has arrived, and it's called HSF™. We look forward to introducing the future of sound and music to the world through our proprietary products and services, as STAI becomes the new standard in audio, VR and A.I. experiences".
STAI's extensive intellectual property portfolio includes exclusive licenses on one issued patent, six pending, and 26 trademarks. The company will launch its revolutionary HSF™ software Q1 2022.
Antonio Uccello, Chairman INCC remarked, 'As tech-entrepreneurs, our team was so impressed by the SoundTech AI's Disruptive Audio Technology and the company's accomplished tech, marketing, and creative management team, we immediately jumped in to this culturally transformational venture! Our management and board were blown away by what we heard. Ground-breaking tech and the ability to hear on any device just like the master recording is a win! We look forward to working with SoundTech AI to efficiently deploy investment capital to become the recognized market leader in the rapidly growing enhanced audio market."
The company's blue-chip management team includes; Co-Founder, CTO, and Chief Scientist, Andrew Denis. Andy was involved in the conception and formation of the MIT Media Lab, NEXT Computer (acquired by Apple), the initial programming and creation of Bitcoin and many other ground-breaking technologies.
CEO, Chief Innovation Officer and Co-Founder Eric Koenig is a seasoned IP developer and tech entrepreneur. Eric has filed over 50 patents in a variety of industries including mobile, AdTech/MarTech, AR/VR, AI, Voice Search, Social Media, Gaming & Blockchain. In the last 24 months, Eric has transacted, via license or sale, 11 of his patents to 7 separate companies (2 public, 5 start-up).
Denise DePaola will serve as Chief Financial Officer. Denise is a seasoned financial executive and Certified Public Accountant whose firm, Fund Administration, Inc. has traded on the ASX for more than four years. The company was sold it to Mainstream (Symbol MAI on the ASA), the largest hedge fund administrator in Australia in a multi-million-dollar cash and stock transaction.
Mark Romeo will serve as Chief Marketing Officer. Mark is a marketing and media executive with 20-plus years of experience launching new products and services across multiple industries. Mark was the founding CMO of Fresh Direct (2020 Sales
Rounding out the senior management team are four entertainment industry heavyweights to drive revenue throughout enterprise and consumer market segments.
Anthony Gallo will serve as the company's Chief Legal Officer. Anthony is a leading music and entertainment attorney who has represented some of the top-selling musicians, producers, executives and industry entities of the past two decades. Clients have included, Ric Wake, Amber Ferrari, Connie Stevens, Richie Cannata, Eren Cannata, Gina Styles (Vixen), Jon Bellion, John Gatto, (Good Rats), Joe Franco (Good Rats), Los Hombres, Red Cat, Lords of 52nd Street (Billy Joel), and Cove City Sound Studios, Inc.
Mark Young will serve as Chief Communications Officer. In music and entertainment, Mark is considered a marketing and branding maverick for music artists, celebrities and icons in the fields of entertainment, music, sports, and fashion. He's represented and collaborated with some of the most celebrated and legendary talent in the world, including Diana Ross, Whitney Houston, Jennifer Lopez, Earth, Wind & Fire, Naomi Campbell, Ciara, Babyface, Kenny G, and Seattle Seahawks' QB Russell Wilson. Young leads Media Relations at Arista and J Records and was instrumental in launching the careers of Alicia Keys, Maroon 5 and Rhianna.
Genesis Jones will serve as Creative Business Development Officer. Genesis is an entertainment thought-leader and creative innovator as a recording artist, songwriter, music producer, and executive producer of films, television, and global live events. She is co-founder of the annual Atabey St Barth's featuring music, fashion, art and benefiting ocean conservation in the Caribbean. She is responsible for driving revenue growth across multiple industry segments and leads the company's global philanthropic endeavors. Jones also serves as Global Ambassador for The United Nations Women for Peace Association.
Eren Cannata will serve as Vice President of A&R. Eren is an Emmy award-winning songwriter, producer, musician, and co-owner of Cove City Sound Studios in Glen Cove, New York. Cannata has collaborated with top music artists and producers; Demi Lovato, Justin Tranter, Fifth Harmony, CID, Alma, Nina Sky, Timbaland, Shea Diamond, and Ron Pope. With a degree in music production and business he helped to create the current songwriting curriculum at the Clive Davis Institute of Recorded Music and evolving it every year through teaching and mentorship. He's worked with the Boys and Girls Club of America on a premier program called, S.O.N.G. (Sounds of a New Generation), teaching the art of writing and creating a hit song to inner-city kids.
Source: International Consolidated Companies, Inc.
Contact Information:
For SoundTech AI, Inc.:
Mark Romeo
mromeo@soundtech.ai
917-447-6672
For INCC:
Antonio Uccello
Baltic38dp@me.com
303-941-9999
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Next Generation 360° Immersive Audio Experience
About Company (INCC): International Consolidated Companies (INCC) was founded in 2002. INCC is focused on acquiring and growing businesses that offer innovation, quality, and cost-efficient technologies.
Forward-Looking Disclaimer: This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This material may contain statements about expected future events and/or financial results that are forward-looking in nature and subject to risk and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from the statements made herein.
SOURCE: International Consolidated Companies, Inc.
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