San Francisco, June 13, 2016 (GLOBE NEWSWIRE) -- INgrooves is an industry leader and pioneer in the digital distribution business. They were one of the first independent distribution companies to partner with iTunes and their retail network includes more than 600 services and storefronts. In 2008 Universal Music Group (UMG) (http://www.universalmusic.com/company/) chose INgrooves to digitally distribute all of its music in North America.
The Company’s digital distribution fee has been reduced by 20% upon execution of the extension and will be reduced by an additional 25% as soon as INgrooves recoups the advance from the Company.
“We are very proud of our long standing relationship with INgrooves” stated Tashjian. “They have been a fantastic partner and their network of retailers is constantly expanding into new territories. Their global reach is second to none, making our catalogue available to more and more customers both domestically and globally.” Tashjian continued, “The extension of this agreement along with the reduced distribution fee will have a substantial impact on our bottom line and cash flow.”
“I am very pleased to see the Company continue in such a positive direction and be able to share this information with our shareholders,” stated Tashjian, “expect to see continuous communication regarding the Company, in line with our renewed commitment to total transparency and continuous updates, we truly appreciate the continued support of our shareholders.”
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This press release contains statements, which may constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of SMCE, members of their management, and assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements.
SMC Entertainment, Inc.
2443 Fillmore Street
San Francisco, CA 94115
Telephone: (415) 603-0858
Source:SMC Entertainment Inc.