NAPLES, Fla., March 29, 2021 /PRNewswire/ -- Pro Music Rights ("PMR" or the "Company"), a performance rights organization representing over an estimated 2,000,000 musical works of songwriters, composers and publishers, today provided status updates on prior agreements with Net Savings Link, Inc. (OTC: NSAV) ("NSAV") and China Food and Beverage Company (OTC: CHIF) ("CHIF").
- On March 1, 2021, PMR and its founder, Jake P. Noch announced that it had reached a settlement with NSAV in connection with previously reported litigation. Today, PMR and Noch announced that they believe NSAV's representatives, Mr. Stephen Jacob Posner and Mr. James A. Tilton, have made Fraudulent Misrepresentations, whom Pro Music Rights, Inc. and Noch intend to determine their personal liability for both the Fraudulent Misrepresentations and as Guarantors of the $487 million promissory note by NSAV as part of a previous settlement agreement between the parties.
- The Company also announced that it is evaluating its options regarding China Food and Beverage Company management's breach of contract and breach of the implied covenant of good faith and fair dealing with respect to a $176 million promissory note dated September 30, 2020. CHIF management recently communicated to the Company that it will be in default of the note by failing to make the initial quarterly interest payment on March 31, 2021.
Mr. Noch, Pro Music Rights' Founder and CEO, said, "Although we are disappointed, we are currently reviewing with legal counsel all potential options and remedies and will aggressively pursue the recoupment of any and all obligations and payments with respect to these agreements and notes."
About Pro Music Rights, Inc.
Pro Music Rights, Inc. is a performance rights organization representing over an estimated 2,000,000 musical works of songwriters, composers, and publishers, and collects license fees on behalf of the songwriters, composers and publishers with whom it is affiliated and then distributes 100% of the license fees as royalties to those songwriters, composers, and publishers whose musical works have been publicly performed. For more information about Pro Music Rights or to download its repertory, please visit: https://promusicrights.com/.
Ken Dennard/ Natalie Hairston
Dennard Lascar Investor Relations
SOURCE Pro Music Rights, Inc.