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Naples Florida, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Music Licensing, Inc. (the "Company") has officially disclosed significant developments in a Form 1-U filed with the U.S. Securities and Exchange Commission ("SEC") on December 8, 2023.
Initially, the Company reported the anticipated resignation of Mr. Jake P. Noch, Chief Executive Officer. However, subsequent to the initial disclosure, Mr. Noch, following consultations with legal counsel and discussions with the Board of Directors, has conveyed his decision to remain in his current roles within the Company, retracting the previously announced resignation.
In light of these developments, Music Licensing, Inc. is actively working towards bolstering its leadership team. The Company is in the process of recruiting additional C-level executives to fortify its capabilities in managing day-to-day operations. The Board of Directors remains committed to enhancing the overall leadership structure of the organization.
Furthermore, Mr. Noch is set to propose a transformative change to the Company's purpose to the Board of Directors. The proposed change involves repositioning Music Licensing, Inc. as a diversified holding company. This strategic shift aims to grant the Company the flexibility to establish other wholly owned or partly owned subsidiaries and engage in strategic investments. The proposed change is designed to expand the Company's range of activities without restricting its potential for future growth.
The Company is dedicated to keeping stakeholders informed as the situation progresses. Updates will be provided as these proposed changes navigate through the appropriate corporate governance channels.
About Music Licensing, Inc. (OTC: SONG) (ProMusicRights.com)
Music Licensing, Inc. (OTC: SONG), also known as Pro Music Rights, is the 5th public performance rights organization (PRO) to be formed in the United States. Its licensees include notable companies such as TikTok, iHeart Media, Triller, Napster, 7Digital, Vevo, and many others. Pro Music Rights holds an estimated market share of 7.4% in the United States, representing over 2,500,000 works that feature notable artists such as A$AP Rocky, Wiz Khalifa, Pharrell, Young Jeezy, Juelz Santana, Lil Yachty, MoneyBagg Yo, Larry June, Trae Pound, Sause Walka, Trae Tha Truth, Sosamann, Soulja Boy, Lex Luger, Trauma Tone, Lud Foe, SlowBucks, Gunplay, OG Maco, Rich The Kid, Fat Trel, Young Scooter, Nipsey Hussle, Famous Dex, Boosie Badazz, Shy Glizzy, 2 Chainz, Migos, Gucci Mane, Young Dolph, Trinidad James, Chingy, Lil Gnar, 3OhBlack, Curren$y, Fall Out Boy, Money Man, Dej Loaf, Lil Uzi Vert, and countless others, as well as Artificial Intelligence (A.I.) Created Music. Additionally, Music Licensing, Inc. (OTC: SONG) owns royalty stakes in musical works by artists such as Elton John, Lil Nas X, Miley Cyrus, Lil Wayne, XXXTentacion, Halsey, and numerous others.