SANTA BARBARA, CA, April 30, 2015 (GLOBE NEWSWIRE) -- StreamTrack, Inc. (STTK) ("StreamTrack" or the "Company"), a digital media and technology services company announced today it has entered into a definitive equity financing Agreement with RTV Media Corp. ("RTV") for a private placement investment of $500,000 to be fully funded within the next 12 months. The Agreement calls for RTV to purchase Warrants convertible into Company common shares at an exercise price of 85% of market price after an approximate 8 month holding period.
Michael Hill, StreamTrack CEO stated "This financing Agreement gives StreamTrack critical financial backing needed to fund our entry to the Daily Fantasy Sports industry as well as service our streaming business. Our recent announcement of the sportsalert.com and ampedfantasy.com assets along with this financing, puts StreamTrack in a strong position moving forward to capitalize on these opportunities. "
Ingo Jucht, President of RTV said "StreamTrack is a dynamic, young Company with significant growth potential operating in rapidly expanding industries. We believe in its Officers Michael Hill and Aaron Gravitz, we fully support their future business plans and are pleased to be participating alongside of the Company."
About StreamTrack, Inc. StreamTrack, Inc. (the "Company") is a daily fantasy sports and digital media technology services company. The Company through ampedfantasy.com has entered the rapidly growing daily fantasy sports industry. Through sportsalert.com the Company owns a subscriber based alert system for various sports with over 100,000 registered users. The Company also provides audio and video streaming and advertising services through its RadioLoyalty(TM) Platform (the "Platform") to over 5,000 internet and terrestrial radio stations and other broadcast content providers. The Platform consists of a web-based and mobile player that manages streaming audio and video content, social media engagement, display and video ad serving within the web player and is also capable of replacing audio ads with video ads within the web player in a live or on-demand environment. The Company offers the Platform directly to its broadcasters and integrates or white labels its technologies with web-based internet radio guides and other web-based content providers. The Company is also continuing development of WatchThis(TM), a patent-pending technology to provide web, mobile and IP television streaming services that are e-commerce enabled within streamed content.
For more information visit: http://www.streamtrack.com or http://www.radioloyalty.com
Forward-Looking Statements
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about StreamTrack's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Readers should review carefully reports or documents the Company files periodically with the Securities and Exchange Commission.