C2W says it’s not dead

A statement from C2W | “In light of the recent release of our financial statements for the nine months ending September, it is necessary to inform our shareholders what the plans for C2W are. The IPO funds raised in 2012 were mostly spent on operating expenses, with a significant percentage on the creation of the company’s valuable assets. To date we own a significant percentage of over 900 copyrights (our assets) that were co-written with some of the World’s most successful songwriters/producers. C2W executed agreements to sub-publish BMG Chrysalis and Warner Chappell within the region. We will collect their royalties derived from the active songs in their catalogues, while retaining a percentage of these revenues.

“As we are first of it’s kind in the region, we are working closely with the region’s performing rights societies (broadcast, live and other associated rights) to import our robust catalogues and decipher what our rightful earnings are. From an administration and reconciliation point of view, this is new and challenging ground for all involved, an action plan is in place and new systems will prove to be successful at collecting our royalties within the region.

“We expect revenue for the company from both the sub-publishing agreements and from our exploitation of our own catalogue to begin by the second quarter of 2014. While C2W has very low cash reserves, the Company does not require as much operating cash as it did in the past, as it now awaits expected earnings on its intangible portfolio of assets and sub-publishing agreements.

“As a way forward, and until revenues are recognized, we are in communication with various interested, and strategic, outside investors. Once we feel we have the right strategic partner, we will then go through the legal procedures in bringing a proposal to our current shareholders for consideration, via an Extraordinary General Meeting.”