For Immediate Release
May 3, 1999
Contact: Doug Grimes email doug@VMusic.com
VMUSIC.COM, INC. ANNOUNCES INCORPORATION,
COMPLETION OF SEED FUNDING
(San Diego, California) Monday, May 3, 1999.
VMusic.com, Inc.(VMusic), (www.VMusic.com), a San Diego-based Internet Music company, announced completion of its stock "C" incorporation in the State of California. VMusic also announced the completion of its seed round of financing, including backing from several private individuals as well as the prominent Internet software company, Virtually Commerce Corporation, (www.Virtually.com), also of San Diego. The company has since received several inquiries from prominent venture funds regarding its plans for First Round Funding and an Initial Public Offering (IPO)
The VMusic Board of Directors has named Doug Grimes, formerly President/CEO of Forbo America, (part of the $2 billion per year Forbo conglomerate), as its President and Chief Executive Officer. Doug brings over 30 years executive experience in international distribution and marketing, is fluent in several European languages and his experience in running large companies will enable VMusic to sustain rapid growth while providing crucial focus to the company.
The Board has also named Michael Breen, formerly CTO of Virtually Commerce Corporation and founder of the Internet music scene in San Diego, as its Chief Technology Officer. Michael brings over 17 years of programming and music experience to VMusic.com, Inc. and has relationships with several thousand bands and music industry professionals. Michael has been featured in A&R World, The San Diego Union Tribune, Yahoo!, and other prominent industry publications.
"Musicians today need more than just a listing in several portals," stated Michael Breen, CTO and Co-Founder of VMusic.com, Inc. "They need technologies and services that enable them to retain the lion's share of the revenue from the sale of their intellectual property via the Internet. As a musician for over 20 years, I understand the needs of the artist from both a business and personal point of view. One of the main reasons why I started placing my music on the Internet in 1991 was because I thought there had to be a better way to get my music to my fans. As it turns out, thousands of bands have joined me in that same belief. The need for VMusic.com, Inc. is very much customer driven. We haven't even formally marketed VMusic and tens of thousands of people are visiting us each month."
VMusic.com, Inc., a San Diego-based Internet music company, offers musicians a turnkey solution for selling their physical goods and digital music online. VMusic.com, the music portal owned by VMusic, is launching with over 2,200 songs from almost 500 artists. The company receives several hundred inquiries from artists per day and over 2,500,000 hits per month to the VMusic.com portal.
For more information about VMusic.com, Inc., call (619) 563-5520, or visit us on the web at (www.VMusic.com).