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After grave concern from investors, about its ability to sustain itself and for how much longer, C2W has responded in a bid to ease those concerns. I think it’s time. In fact, they probably should have responded a long time ago, as their share price has shaved off quite a bit has fallen precipitously in the last few days (from 0.93 cents to 0.35 cents), and I’m sure it’s because of those investors who were willing to cut their losses and save what they could.
Caribbean 2 World (C2W) Music Limited
The release from C2W reads;
In light of the recent release of our financial statements for the nine months ending September 30th, 2013, it is necessary to inform our shareholders what the plans for C2W are.
As of June 6th, 2012, C2W Music Ltd. Raised USD$1,471,704, in which, after all necessary IPO costs, the company received USD$1,280,805 for it’s operations. The funds 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 2012 / 2013 as it now awaits expected earnings on its intangible portfolio of assets and sub-publishing agreements. Our team continues to work diligently, in the best interest of the company and it’s shareholders, while focusing on transparency and abiding by all rules and regulations of the Jamaica Stock Exchange.
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 (EGM).
