LOS ANGELES, CA / April 20, 2021 / Sanwire Corporation and its 100% wholly owned subsidiary, Intercept Music, are pleased to provide the following annual updates.
Sanwire has reached an agreement with a major shareholder/Company officer to retire 100 million common shares; effective immediately. This share retirement coupled with the cancellation of over $1,000,000 of debt including the cancellation of over $400,000 of convertible notes and interest in 2020 has greatly improved Sanwire’s balance sheet and enhanced its ability to attract senior institutional investors. In March 2021, Sanwire announced institutional investment from Proactive Capital Partners.
Recently Sanwire posted its financial statements for fiscal year ended Dec 31, 2020. We are very pleased with the operational performance of our wholly owned subsidiary, Intercept Music, which Sanwire acquired in March 2020. A few noteworthy highlights from fiscal 2020 at Intercept:
- Sales for the year ended 12/31/20 showed consistent quarter over quarter growth
- We expanded our product testing to over 300 artists;
- We released version 2.0 of the software platform, including Social media marketing and online stores for high caliber artists. This marks the beginning of the transition of the company from development to marketing;
- We created a marketing and distribution services program for high-caliber artists – the PLUS Program – to help artists maximize sales and engagement through merchandise and enhanced marketing services;
- We expanded the PLUS program to nearly 100 artists and retail stores
- We added physical CD distribution through brick and mortar stores and online stores like Barnes and Noble, Target and Amazon;
- We created an Artist Incubator Program to enable us to partner with every major label and help them cultivate artists, and signed 5 labels to the program.
- We formed several strategic partnerships including the Recording Artist Guild (RAG) (10,000 independent artists) and Rocket Songs with 12,000 independent artists;
- We added former president and Chief Executive Officer of Universal Music Group Distribution, Mr. Jim Urie, joined Intercept’s board of directors. Called one of the “music industry distribution giants” by Billboard Magazine, Mr. Urie has had a career-long focus on maximizing profitability for music distribution, across all outlets and formats.
Moving forward, our 2021 business outlook is exciting and promising. We continue to entertain partnerships with well-established companies in the music industry; both domestically and internationally.
Intercept’s online platform is dedicated to helping independent artists and bands effectively distribute, promote, and earn income from their music. Intercept’s platform gives artists immediate access to hundreds of digital stores and every major streaming platform, including Spotify, Apple Music, Amazon Music, Pandora and Google Music. In addition to powerful DIY social media marketing and promotional tools available on a monthly subscription model, the invitation-only Intercept Plus program offers fully managed promotional services, including the opportunity to sell merchandise through branded online stores.
To read the rest of the article, please visit
https://www.otcmarkets.com/stock/SNWR/news/Sanwire-Corporation-Retires-100-Million-Common-Shares-and-Provides-Shareholder-Update?id=299026