BOCA RATON, FL--(Marketwired - Sep 6, 2016) - Ovation Music & Studios, Inc. (OTC PINK: OVMS) (the "Company") http://ovationmusicstudios.com/index.php, and https://www.facebook.com/OvationMusicBoca, is pleased to announce the following shareholder update.
Over the last several months Ovation Music & Studios has been presented with the potential to grow and expand its footprint throughout the music industry and as a public company. In an effort to capitalize on these opportunities the Company has retained experienced and seasoned public company managers to take Ovation Music & Studios through this expansion.
Brought in to move the Company through the expansion and restructuring is Thomas L. DiStefano III as CEO. Mr. DiStefano has managed many startups and public companies from restaurants, night clubs and investment banking to software & technology companies. Mr. DiStefano will be working closely with the new management team at Ovation Music Boca to shape the company's business direction, streamline costs and prepare the Boca Raton location as the footprint for any future expansion.
Additionally, the former CEO & Director and managers of the Boca Raton location have resigned as officers of the Company. As part of the resignation, both former managers perfected corporate resolutions to return and retire 125,000,000 shares of Company common stock.
Additionally the former CEO has agreed to buy the Gallatin, TN store for 50,000,000 shares of the Company's common stock, valued at a discount to market of $100,000.00. The cancelation and retirement of these shares has resulted in a reduction of the total issued and shares to 180,840,001 as of September 6, 2016.
The Company is making preparation to expand its core business into professional recording with the build out of a recording studio at the current Boca Raton location. The recording studio is a logical direction for Ovation Music Boca that has over the years produced some of the best young music talent and bands in South Florida.
The recording studio not only provides an outlet for the musical talent that is produced by Ovation Music Boca but a new revenue stream that can be expanded to local musicians outside of the Ovation Music Boca roster of musicians and bands. The new management team brings with it several connections and abilities in the recording, production, distribution and marketing of musical talent.
Thomas L. DiStefano III, CEO, stated, "With the expansion into recording, marketing and distribution we have created a path for these musicians to not only develop their talent but to then turn that talent into a marketable product."
DiStefano continued, "There is a pathway for aspiring young athletes to develop from childhood to potentially the professional level, we want to create that same pathway for musicians."
The Company has signed a Letter of Intent to acquire Digital Legend, Inc. a leading edge music platform and hi-fidelity device company.
Digital Legend has cracked the code and it's MBox -- Epic Sound provides 10x the sound quality at 20% of the cost of its nearest competitors like, JVC, Sony and Beats. Digital Legends is developing an audio listening platform that allows listeners to participate in live music and new music/artist launch and listening parties, while communicating digitally at the same time.
The Company and Digital Legend are exploring combined business opportunities, working through due-diligence toward a potential end-of-the year closing/.
About Ovation Music & Studios, Inc.
Ovation Music& Studios, Inc. is a music education company that provides individual and group lessons, rehearsal studios, professional recording studios, and live performances with its Rock Shop™ and Jazz Jam™ ensembles. Ovation Music & Studios is developed for students of all ages. Their unique method provides professional musicians and teachers in one-to-one voice and instrument lessons. When the students have developed skill in the instrument as well as in music theory and ear training they are combined into rock bands and/or jazz ensembles which perform in public venues.
This release may contain statements that are "forward-looking statements". Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate", "project", "intend", "forecast", "anticipate", "plan", "planning", "expect", "believe", "will likely", "should", "could", "would", "may" or words or expressions of similar meaning. These statements are based on current estimates and projections about the Company's business, which are derived in part on assumptions of its management, and are not guarantees of future performance, as such performance is difficult to predict. Actual outcomes and results may differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Such factors include, but are not limited to, the Company's limited operating history, ability to execute effectively its business plan, economic and political conditions, changes in consumer behavior and the introduction of competing products having technological and/or other advantage, the Company's, the limited financial resources, and conditions of equity markets. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. No information in this press release should be construed as an indication of the Company's future revenues or financial results.