Sanwire Corporation Retires 100 Million Common Shares and Provides Shareholder Update

Rhea-AI Summary

Sanwire Corporation (OTC PINK:SNWR) announced significant updates, including the retirement of 100 million common shares by a major shareholder and the cancellation of over $1 million in debt, enhancing its balance sheet. The company reported operational growth from its subsidiary, Intercept Music, with consistent sales growth, expanded artist partnerships, and strategic marketing initiatives. Additionally, they introduced new programs to assist independent artists, positioning themselves for future growth in the entertainment technology sector.

Positive

• Retired 100 million common shares, improving stock value.
• Cancelled over $1 million in debt, enhancing financial health.
• Intercept Music reported quarter-over-quarter sales growth in 2020.
• Expanded partnerships with nearly 100 artists and retail stores.
• Introduced the PLUS Program to help artists maximize sales.

Negative

• None.

LOS ANGELES, CA / ACCESSWIRE / April 20, 2021 / Sanwire Corporation, a diversified company with a focus on technologies for the entertainment industry ("Sanwire" or the "Company") (OTC PINK:SNWR), and its 100% wholly owned subsidiary, Intercept Music Inc. ("Intercept"), are pleased to provide the following annual updates.

Sanwire has reached an agreement with a major shareholder/Company officer to retire 100 million common shares; effective immediately. This share retirement coupled with the cancellation of over $1,000,000 of debt including the cancellation of over $400,000 of convertible notes and interest in 2020 has greatly improved Sanwire's balance sheet and enhanced its ability to attract senior institutional investors. In March 2021, Sanwire announced institutional investment from Proactive Capital Partners.

Recently Sanwire posted its financial statements for fiscal year ended Dec 31, 2020. We are very pleased with the operational performance of our wholly owned subsidiary, Intercept Music, which Sanwire acquired in March 2020. A few noteworthy highlights from fiscal 2020 at Intercept:

• Sales for the year ended 12/31/20 showed consistent quarter over quarter growth
• We expanded our product testing to over 300 artists;
• We released version 2.0 of the software platform, including Social media marketing and online stores for high caliber artists. This marks the beginning of the transition of the company from development to marketing;
• We created a marketing and distribution services program for high-caliber artists - the PLUS Program - to help artists maximize sales and engagement through merchandise and enhanced marketing services;
• We expanded the PLUS program to nearly 100 artists and retail stores
• We added physical CD distribution through brick and mortar stores and online stores like Barnes and Noble, Target and Amazon;
• We created an Artist Incubator Program to enable us to partner with every major label and help them cultivate artists, and signed 5 labels to the program.
• We formed several strategic partnerships including the Recording Artist Guild (RAG) (10,000 independent artists) and Rocket Songs with 12,000 independent artists;
• We added former president and Chief Executive Officer of Universal Music Group Distribution, Mr. Jim Urie, joined Intercept's board of directors. Called one of the "music industry distribution giants" by Billboard Magazine, Mr. Urie has had a career-long focus on maximizing profitability for music distribution, across all outlets and formats.

Moving forward, our 2021 business outlook is exciting and promising. We continue to entertain partnerships with well-established companies in the music industry; both domestically and internationally.

Intercept's online platform is dedicated to helping independent artists and bands effectively distribute, promote, and earn income from their music. Intercept's platform gives artists immediate access to hundreds of digital stores and every major streaming platform, including Spotify, Apple Music, Amazon Music, Pandora and Google Music. In addition to powerful DIY social media marketing and promotional tools available on a monthly subscription model, the invitation-only Intercept Plus program offers fully managed promotional services, including the opportunity to sell merchandise through branded online stores.

About Intercept Music, Inc.
Intercept Music, Inc. is an entertainment technology company dedicated to helping independent artists effectively distribute, market, and monetize their music. Sold through a Software as a Service (SaaS) model, Intercept's online platform delivers an unsurpassed combination of marketing, promotion, and distribution to hundreds of stores worldwide and every major streaming service, including Apple Music, Google Music, Pandora and Spotify. Intercept's options include full-service, concierge-style support and even one-on-one coaching from award-winning music industry professionals. Intercept focuses exclusively on the independent music market, which is estimated at 12 million artists, and is the fastest-growing sector of the music industry. For more information, visit interceptmusic.com.

About Sanwire Corporation
Sanwire Corporation (OTC PINK:SNWR), a diversified company with a focus on technologies for the entertainment industry, has been involved in aggregating technologies for a number of years. We look for opportunities in fragmented markets, where technology can be applied to consolidate services into a single platform of delivery. Our current focus is advanced entertainment technologies. For more information, visit sanwirecorporation.com.

For further inquiries, contact ir@sanwirecorporation.com, or press@interceptmusic.com

Safe Harbor Statement: This release contains forward-looking statements. All statements regarding our expected future financial positions, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, listing on the OTC Markets, including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements and involve risks, uncertainties, and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE: Sanwire Corporation

View source version on accesswire.com:
https://www.accesswire.com/641278/Sanwire-Corporation-Retires-100-Million-Common-Shares-and-Provides-Shareholder-Update

FAQ

What recent changes did Sanwire Corporation (SNWR) announce?

Sanwire announced the retirement of 100 million common shares and the cancellation of over $1 million in debt.

How did Intercept Music perform in 2020 according to Sanwire's report?

Intercept Music showed consistent quarter-over-quarter sales growth for the fiscal year ending December 31, 2020.

What programs did Sanwire introduce to assist independent artists?

Sanwire launched the PLUS Program and the Artist Incubator Program to help independent artists with marketing and distribution.

What is the significance of retiring shares for Sanwire's stock?

Retiring shares can increase share value by reducing the total number of outstanding shares.

How does Sanwire plan to grow in 2021?

Sanwire aims to pursue partnerships with established companies in the music industry to enhance growth.