SOURCE: CUR Media

February 19, 2014 11:49 ET

Music Streaming Company Led by Recording Industry Leaders Files SEC Form 8-K, Changes Name to CUR Media, Inc.

Forward Stock Split Completed, CUR Media to Begin Trading Today Under Symbol CURM

SOUTH GLASTONBURY, CT--(Marketwired - Feb 19, 2014) - CÜR Media, Inc. (OTCBB: CURM) (the "Company"), a Delaware corporation, announced today that it has completed the process of changing its name to CÜR Media, Inc. and effectuating a forward stock split of approximately 16.5 for 1. The Company, formerly Duane Street Corp., had previously announced an alternative public offering in which Raditaz, LLC became a wholly owned subsidiary of the Company, and the Company simultaneously completed a $4.075M private placement offering.

The Company is developing CÜR Music (www.curmusic.com), a hybrid music streaming service for mobile devices and the web that intersects internet radio services like Pandora and on-demand services like Spotify. The Company plans to launch its web and mobile applications in Q4 of 2014.

The Company is based in Connecticut, and is led by digital media entrepreneur Tom Brophy and entertainment and music industry veterans John A. Lack (creator of MTV, Nickelodeon, ESPN2 and The Movie Channel) and Bob Jamieson (former Chairman/CEO of RCA Records). The Board of Directors consists of Mr. Brophy, Mr. Lack as Chairman and Mr. Jamieson as Vice Chairman.

"We're thrilled about recent company changes, and we're excited about the work that's being done behind the scenes on CÜR Music," said Tom Brophy, the Company's Founder and CEO. "It's rare to have direct involvement and leadership from folks like John Lack and Bob Jamieson, and to blend this industry expertise with the engineering and design talent on the product side of the house presents a great opportunity. We're all excited to share more as it unfolds later this year."

The Company began testing its service in early 2012 as "Raditaz", a DMCA compliant internet radio product developed on iPhone and Android platforms. During beta, Raditaz had over 150,000 monthly unique users. The Company has taken Raditaz offline as it enhances the platform and product offerings for the transition to CÜR Music and its launch later this year.

The Company previously announced in its Form 8-K dated February 10, 2014, a 16.503906-for-1 forward stock split of its common stock, $0.0001 par value per share ("Common Stock"), in the form of a dividend, with a record date of February 11, 2014 (the "Record Date"), a payment date of February 14, 2014 (the "Payment Date"), an ex-dividend date of February 18, 2014 (the "Ex-Dividend Date"), and a due bill redeemable date of February 20, 2014.

The stock split in the form of a dividend will entitle each shareholder of our common stock as of the Record Date to receive 15.503906 additional shares of common stock for each one share owned. Additional shares issued as a result of the forward stock split were distributed on the Payment Date. Shareholders did not need to exchange existing stock certificates and received an additional certificate reflecting the newly issued shares.

Shareholders who sold their common stock before the Ex-Dividend Date sold away their right to the stock dividend. Such sale included an obligation to deliver any shares acquired as a result of the dividend to the buyer of the shares, since the seller will receive an I.O.U. or "due bill" from his or her broker for the additional shares. The day shareholders can sell their shares without being obligated to deliver the additional dividend shares is the Ex-Dividend Date, the first business day after the stock dividend Payment Date. As of the Ex-Dividend Date, our Common Stock traded on a post-split adjusted basis.

For more information, please visit www.curmusic.com.

About CÜR Media, Inc.

CÜR Media, Inc. is developing CÜR Music, a hybrid music streaming service, for mobile devices and the web that intersects internet radio services like Pandora and on-demand services like Spotify. The Company is planning to launch its web and mobile applications in the 4th quarter of this year.

Forward-Looking Statements

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements may include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to the development of commercially viable streaming music product, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company's future financial performance and (iv) the assumptions underlying or relating to any statement described in points (i), (ii) or (iii) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain adequate financing, the length of time associated with development of mobile applications and related insufficient cash flows and resulting illiquidity, the Company's inability to expand the Company's business, lack of product diversification, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company's failure to implement the Company's business plans or strategies.

Contact Information

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    Founder & CEO
    Knock Twice
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