AFA Music Group Posts 4th Quarter Financial Statements for Period Ending December 31, 2007
Posted on: Wednesday, 6 February 2008, 09:00 CST
AFA Music Group, Ltd. (PINKSHEETS: AFAO) is pleased to announce that they have posted their post merger financial results for period ending December 31, 2007. AFA Music Group went public via their merger with Super Pro Vending Group in October 2007.
Prior to the merger AFA Music Group's artist under contract generated revenues of $2,250,000. Management fees and royalties earned by the Company, associated with artist revenues, were $865,000 and earnings before taxes were $745,000. Post merger, the AFA Music Group posted income of $27,000 and a net loss of just ($82,945). The Company posted Total Assets of $613,000.
AFA Music Group recently announced the formation of a social network to complement the Company's forthcoming ArtistForArtist digital music label. The social network will give musicians and fans of AFA Music Group's artists an opportunity to share their thoughts, their music, photos and information with others, including AFA artists and executives.
The social network is expected to increase exposure to the Company and its artists. It will also potentially increase revenue and the value of AFA Music Group as a preferred destination for recording artists -- from up-and-coming performers to established stars. Membership to the network will include mailing lists, updates on the Company and its artists, promotions and new products.
Individual recording artists and bands will be able to upload their music to the Web site, and have it heard by other members and AFA staff for a chance to win a recording contract with AFA Music Group. The social networking site will be linked to the AFA Web site and also feature blogs, surveys, events and classified ads. The Company expects to have the social network online early this year, soon after the launch of the ArtistForArtist digital music label.
"We are in the middle of a Digital Revolution, and AFA plans to be at the forefront. In the next several months our shareholders our going to witness a business model which will transform the music industry and bring real profits to the bottom line," stated Jon Goldwater, CEO of AFA Music Group, Ltd.
Music downloads, products and advertising represent excellent opportunities for social networking sites to increase revenue. According to The 2007 Digital Music Survey, compiled by Entertainment Media Research and law firm, Olswang, 39 percent of social network users embed downloaded music on their profiles and 53 percent surf social networks for new music.
About AFA Music Group, Ltd.:
AFA Music Group plans on simultaneously acquiring various music-publishing assets and to begin developing its own catalogue of artists and albums. AFA retains equity positions with all of its artists, which include all income streams that are generated by these artists. These income streams include recording royalties, merchandise, sponsorship, touring, music publishing, Internet downloads and ringtones.
Safe Harbor: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
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Contact: Investor Relations 1-866-THE-APPL(E) www.afamusicltd.com
SOURCE: AFA Music Group, Ltd.
Source: MARKET WIRE
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