MINNEAPOLIS, Jan. 28, 2013 (GLOBE NEWSWIRE) -- Soul and Vibe Interactive Inc. (OTCQB:SOUL), "The Company," today announced it is in the process of acquiring all of the outstanding shares of Soul and Vibe Entertainment, Inc., a video and computer games company. Upon completion of the transaction, Soul and Vibe Interactive's current CEO, President, and CFO, Pauline Carson, will transition to Vice President. Peter Anthony Chiodo ("Tony"), the CEO and founder of Soul and Vibe Entertainment, will take over as CEO and President of Soul and Vibe Interactive.
"Soul and Vibe Entertainment has several strategic and valuable contractual agreements which put us in a solid position to grab market share in this industry. We executed a license agreement with General Mills. Additionally, we are an approved developer and publisher of games and games-related content for the Xbox 360® video game and entertainment system, Windows 8, Windows Live, and Windows Phone from Microsoft, and the PlayStation®3 computer entertainment system and PlayStation® Vita (PS Vita) from Sony," said Soul and Vibe Entertainment's CEO and founder, Peter Anthony Chiodo ("Tony"). "The mobile market is significantly expanding the hardware platforms on which games are played, as well as the consumer base that plays them. In addition to Windows Phone, we will support the Apple iOS (iPhone, iPad, and iPod Touch) and Android platforms."
Mr. Chiodo will be assuming the role of CEO and President of Soul and Vibe Interactive. He is an award-winning 22-year veteran of the video and computer game industry who has released over 200 titles. From 2003 to 2011 he was Director of Product Development for Destineer Games, where he led the development of games and engine technologies, both internal and external, for consoles and personal computers. Mr. Chiodo created and implemented a development process that resulted in the release of more than 100 frontline and "casual" games over 4 years and managed a 35-person internal development studio. The studio's products secured a capital raise of over $12 Million. This was the second largest capital raise in the interactive industry for 2006. Mr. Chiodo and his team developed commercial games and "serious games" training tools and simulations for the United States Marine Corps and various branches of the United States Federal Government. Mr. Chiodo served as a Program Manager at Microsoft Corporation from 2000 through 2003, where he led internal teams from engine and game prototype to project green light and release for the original Xbox, and helped coordinate the localization of Xbox launch software for European and Japanese markets. Mr. Chiodo has also served as a consultant to software companies developing "serious games" training tools and simulations that help physicians and nurses provide care to patients suffering from chronic diseases."We are very excited to move forward with this transaction. As a publicly traded company, we will be well positioned to expand our game development and operations to capture a meaningful share of the $56 billion* video and computer game software market," Mr. Chiodo added. "As CEO and President of Soul and Vibe Interactive, I look forward to executing on this tremendous opportunity." * PricewaterhouseCoopers reports consumer spending on console, mobile, and personal computer game software topped $56 billion in 2010 and is projected to grow to $82 billion by 2015. About Soul and Vibe Interactive Inc. Soul and Vibe Interactive Inc. is a publisher of games and games-related content for consoles, mobile devices, and personal computers. Soul and Vibe specializes in the creation of original intellectual properties and has extensive experience licensing world-renowned brands from influential companies. Through partnerships with technically sophisticated software developers located all over the world, Soul and Vibe transforms unique concepts into engaging, highly accessible, and affordable games and entertainment experiences. www.soulandvibe.com . Safe Harbor Statement This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, trends, analysis, and other information contained in this press release, including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," and other similar expressions of opinion, constitute forward-looking statements. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.
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