Music Licensing, Inc. (OTC:SONG) and Pro Music Rights, Inc. Announce No Direct or Known Exposure to Silicon Valley Bank Collapse

Rhea-AI Summary

Music Licensing, Inc. (OTC:SONG) and its subsidiary, Pro Music Rights, confirmed they have no direct exposure to the collapse of Silicon Valley Bank. This statement aims to reassure shareholders and clients concerned about potential impacts on the companies. The primary banking relationship for both organizations is with UBS, a reputable financial institution. CEO Jake P. Noch emphasized their commitment to transparency and maintaining high service levels in the music industry. Pro Music Rights holds a 7.4% market share in the U.S., representing over 2.5 million works from notable artists. The press release contains forward-looking statements with inherent risks.

Positive

• No exposure to the collapse of Silicon Valley Bank, reassuring investors.
• Primary banking relationship with UBS, a stable financial institution.
• Pro Music Rights holds 7.4% market share in the U.S. music licensing sector.

Negative

• None.

NAPLES, Fla., March 11, 2023 /PRNewswire/ -- Music Licensing, Inc. (OTC:SONG) and its wholly owned subsidiary, Pro Music Rights, Inc., announced today that the companies have no direct or known exposure to the collapse of Silicon Valley Bank. This announcement comes as a reassurance to Music Licensing, Inc. shareholders and clients of Pro Music Rights who may have had concerns about the potential impact of the bank's collapse on the companies.

Music Licensing, Inc. and Pro Music Rights want to assure their shareholders and clients that their primary banking relationship is with UBS, a highly reputable and stable financial institution. As such, the companies have no direct or known exposure to Silicon Valley Bank and its current situation.

"We understand that our shareholders and clients may have concerns about the impact of Silicon Valley Bank's collapse on our companies," said Jake P. Noch, CEO of Pro Music Rights & Music Licensing, Inc.. "We want to assure everyone that our primary banking relationship is with UBS, a strong and stable financial institution. We have no direct or known exposure to Silicon Valley Bank and its current situation."

Music Licensing, Inc. and Pro Music Rights remain committed to providing the highest level of service to their clients and continue to be a leader in the Music Industry.

This announcement serves as a reminder to Music Licensing, Inc. shareholders and clients of Pro Music Rights that the companies are committed to transparency and providing timely and accurate information to their stakeholders.

About Pro Music Rights, Inc. (ProMusicRights.com)

Pro Music Rights is the 5th public performance rights organization (PRO) to be formed in the United States. Its licensees include notable companies such as TikTok, iHeart Media, Triller, Napster, 7Digital, Vevo, and many others. Pro Music Rights holds an estimated market share of 7.4% in the United States, representing over 2,500,000 works that feature notable artists such as A$AP Rocky, Wiz Khalifa, Pharrell, Young Jeezy, Juelz Santana, Lil Yachty, MoneyBaggYo, Larry June, Trae Pound, Sause Walka, Trae Tha Truth, Sosamann, Soulja Boy, Lex Luger, Lud Foe, SlowBucks, Gunplay, OG Maco, Rich The Kid, Fat Trel, Young Scooter, Nipsey Hussle, Famous Dex, Boosie Badazz, Shy Glizzy, 2 Chainz, Migos, Gucci Mane, Young Dolph, Trinidad James, Fall Out Boy, and countless others, as well as Artificial Intelligence (A.I.) Created Music.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Music Licensing, Inc. & Pro Music Rights, Inc. to accomplish its stated plan of business. Music Licensing, Inc. & Pro Music Rights, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Pro Music Rights, Inc., Music Licensing, Inc., or any other person.

View original content:https://www.prnewswire.com/news-releases/music-licensing-inc-otcsong-and-pro-music-rights-inc-announce-no-direct-or-known-exposure-to-silicon-valley-bank-collapse-301769617.html

SOURCE Music Licensing, Inc.

FAQ

What did Music Licensing, Inc. announce regarding Silicon Valley Bank?

Music Licensing, Inc. announced they have no direct or known exposure to the collapse of Silicon Valley Bank.

Who is the primary banking partner for Music Licensing, Inc.?

The primary banking partner for Music Licensing, Inc. is UBS.

What market share does Pro Music Rights hold in the U.S.?

Pro Music Rights holds an estimated market share of 7.4% in the U.S. music licensing market.

When was the press release from Music Licensing, Inc. issued?

The press release was issued on March 11, 2023.

What is the stock symbol for Music Licensing, Inc.?

The stock symbol for Music Licensing, Inc. is SONG.