|By Marketwired .||
|January 23, 2014 04:30 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/23/14 -- Meridex Software Corp. (TSX VENTURE:MSC.H) (the "Company" or "MSC") announced today that it has signed a memorandum of understanding ("MOU") 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 MOU for 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. The MOU, is non-binding, and is subject to the execution of definitive transaction agreements, regulatory, shareholder and board approval as may be required.
In addition, upon execution of the definitive material agreements, the Company and FLO RIDA, have agreed to a private placement subscription agreement in which FLO RIDA will purchase $100,000 USD in common shares of MSC. This private placement is subject to regulatory, board and shareholder approval as may be required.
"We are excited to have taken this step as a business as we make a move into the multi-billion dollar health and fitness video and products category," said Craig Schneider President and CEO for Meridex. "We can't think of any other partner that we would rather be starting out our new business direction with than FLO RIDA. 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. Our plan upon finalizing the definitive agreements is to commence the production of a new extreme home based fitness video series starring FLO RIDA, which upon completion will be marketed and sold in the same direct to home billion-dollar fitness sector as 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 60 million singles 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. Information on FLO RIDA can be found at www.officialflo.com.
Meridex Software Corp
Craig Schneider, President and CEO
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances.
Additionally, there are known and unknown risk factors which could cause Meridex Software'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: reliance on the health and marketability of celebrity fitness talent in productions owned by Meridex Software's; 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.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and Meridex Software 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.
Meridex Software Corp.
President and CEO