LOS ANGELES, CA / ACCESSWIRE / June 14, 2016 / Burn Entertainment Corporation (OTC: BTVN) ("BurnTV"), a multi-media lifestyle and entertainment company embracing the mainstreaming of the global cannabis movement, today announced that the Company has entered into an equity purchase agreement ("Agreement") with Kodiak Capital Group, LLC ("Kodiak").
Under the terms of the Agreement, and subject to the filing of a Form S-1 registration statement and its effectiveness by the Securities and Exchange Commission, BurnTV has the right to sell to, and Kodiak is obligated to purchase, $2,000,000 of BurnTV's common stock. Under the deal, Kodiak cannot require any sales by BurnTV, however Kodiak is obligated to make purchases as directed. BurnTV will use net proceeds from this offering to rapidly expand its library of high quality content, grow audience, facilitate distribution opportunities, and provide working capital.
"This commitment from Kodiak would be our largest investment to date and our first with an institutional partner. The funding will provide us necessary capital to rapidly scale content and distribution positioning BurnTV to become the media leader and lifestyle brand of the Cannabis Industry," commented Jason Santos, BurnTV's Chief Executive Officer. "We are nearing the completion of our audits for the S-1 registration and expect to move forward on the S-1 filing in the coming weeks."
"Kodiak is excited to add a Cannabis Media and Lifestyle brand to our Cannabis Portfolio. Kodiak has confidence in management's ability to execute and to build the proper foundation for intelligently deploying institutional capital," said Jim Fitzpatrick, member of Kodiak's Advisory Committee.
About Burn Entertainment Corporation:
Burn Entertainment Corporation ("BurnTV") is a multi-media entertainment company developing original content and distributing licensed product across a multitude of platforms and modalities. BurnTV's business model is intended to appeal to audience and advertisers thus driving demand for advertising and access to proprietary and licensed content with the objective to deliver main stream media with direct appeal and relationships to legal cannabis friendly target audience. Programming will consist of content across multiple genres that is edgy, fun, entertaining, and educational.
For more information, please visit www.BurnTV.com
About Kodiak Capital Group, LLC
Kodiak is an institutional investor, the most active Institutional Investor in Cannabis public companies, headquartered in Newport Beach, CA. Kodiak makes private investments in public and private entities utilizing proprietary equity and debt instruments. These investments provide long-term strategic capital offering companies certainty, flexibility and consistency. Kodiak's investments are in a wide range of industries emphasizing alternative energy, consumer products, life sciences, natural resources, and social media technology.
For more information, visit www.KodiakFunds.com.
This press release contains forward-looking statements, including, but not limited to statements regarding Burn Entertainment Corporation and its strategies, plans, programming and other products, content and revenue. Forward-looking statements may be identified by the use of the words "anticipates," "expects," "plans," "will," "believes," "estimates," and similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in Burn Entertainment Corporation filings with the Securities and Exchange Commission, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Burn Entertainment Corporation undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes.
SOURCE: Burn Entertainment Corporation