Further to the current report no. 23/2022 of 25 October 2022 and report no. 11/2023 of 31 May this year. Management Board of IMS S.A. (“Issuer”) announces that DMI and Closer Music (“CM”) have today signed an agreement under which a Closer Music recording studio will be established at DMI’s facility in Las Vegas, USA, from the beginning of July.
Music production will take place in collaboration with artists and professionals recommended by DMI. The agreement is for a period of one year with an option for Closer Music to extend it for a further year. Thus, points 1-4 of the Letter of Intent will not be implemented; regarding points 5-6, the parties are still negotiating. Taking into account the current state of development of Closer Music and the current needs of CM, an own music studio in the USA is a much better solution than realising the aforementioned points 1-4 of the Letter of Intent.
In the Issuer’s opinion, the establishment of its own music studio in the USA, in cooperation with such a renowned partner as DMI, opens the way for Closer Music to produce music content of an even higher standard and to promote the Closer Music brand very widely. The Issuer’s management is confident that this will boost the revenue generated by the recently launched Closer Music sales application, available for download on digital distribution platforms and on the www.Closermusic.com.