|By Marketwired .||
|May 5, 2014 09:01 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/05/14 -- Digital Shelf Space Corp. (TSX VENTURE: DSS)(PINKSHEETS: DTSRF) (the "Company" or "DSS") announced today that it has signed a global license and partnership in the health and fitness category with 4-time Grammy nominated, multi-platinum selling recording artist and international music superstar FLO RIDA and his company FLO FIT Holdings, LLC.
The Company and FLO FIT Holdings, LLC, and Tramar Dillard (FLO RIDA) have signed an exclusive license to FLO RIDA's name, trademarks, image and likeness in the health and fitness category including but not limited to an instructional exercise video series. DSS and FLO FIT Holdings, LLC now own 85% and 15% respectively of a newly formed operating company exclusively for this new business partnership.
In addition to the new partnership, DSS and FLO RIDA, have agreed to a private placement subscription agreement in which FLO RIDA through FLO FIT Holdings, LLC will purchase $110,000 CDN in common shares of DSS at a price of $0.15 per common share for an aggregate purchase of 733,334 common shares. This private placement is subject to regulatory approval as may be required.
As part of the terms of the definitive agreements, FLO RIDA will take part in a 3 city launch tour for the new series, will make a further 6 personal appearances over the course of the 5 year exclusive term, and will help market and promote the new series and products through his social media followers including but not limited to Twitter and Facebook.
"We are extremely excited to be working with a world class brand and person in FLO RIDA", said President and CEO of DSS Jeffrey Sharpe. "FLO RIDA is an advocate of health and lifestyle, his physical appearance supports that, and as a brand he has more than 17 million fans on Facebook and over 5 million followers on Twitter, he is truly a global brand. We are looking to commence the production of a new extreme home based fitness video series starring FLO RIDA this summer, which upon completion will be marketed and sold in the same direct to home billion-dollar fitness sector as GSP RUSHFIT®, P90x® and Insanity®. From there we have ambitions together to add a number of new ancillary products, apparel, apps and more all under a single brand."
About FLO RIDA
FLO RIDA is an international hip hop artist and businessman having sold over 80 million records around the world. He owns a music production company under the banner I.M.G. STRONGARM, and has a following around the globe with over 17 millions Facebook fans and over 5 million followers on Twitter. He also supports the local community through his Football League (FYFL) and track club (StrongArm Elite Track Club). Information on FLO RIDA can be found at www.officialflo.com.
About Digital Shelf Space Corp.
Digital Shelf Space is an independent creator, producer and distributor of home entertainment content targeted at the fitness and sports instruction market. Digital Shelf Space's overall content partnership strategy is to align itself with world-class, global brand partners. For more information please visit www.digitalshelfspace.com and to view the Company's products please visit www.gsprushfit.com and www.touracademydvds.com.
ON BEHALF OF THE BOARD
Jeffrey Sharpe, President & CEO
Forward Looking Statements
This news release contains "forward-looking information" within the meaning of the Canadian securities laws. Forward looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release include statements about the global license and partnership with FLO RIDA and FLO FIT Holdings, LLC and final regulatory approval of a private placement in connection therewith; the details of a launch tour, personal appearances and marketing and promotion by FLO RIDA; production of a new home based video series In the summer of 2014, and the marketing and sales thereof; and the development of ancillary products, apparel and apps.
In connection with the forward-looking information contained in this news release, Digital Shelf Space has made numerous assumptions, regarding, among other things, our delivery platform and the use of celebrity fitness products. While Digital Shelf Space considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause Digital Shelf Space's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the private placement may not received final regulatory approval; the marketing and development of products under the license and partnership agreement may not occur as currently anticipated; the production of a new home based video series may not occur as currently anticipate, or at all; there may be no further development of ancillary products, apparel and apps; reliance on the health and marketability of celebrity fitness talent in productions owned by Digital Shelf Space; actual results from the use of celebrity fitness products may differ substantially from anticipated results; the substantial investment of capital required to produce and market video and entertainment productions, limitations imposed by our financing abilities, unpredictability of the commercial success of our programming, difficulties in integrating technological changes and other trends affecting the entertainment industry.
A more complete discussion of the risks and uncertainties facing Digital Shelf Space is disclosed in Digital Shelf Space's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Digital Shelf Space disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
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