Statement concerning our involvement with PledgeMusic:
May 18, 2019
We are deeply troubled by what has transpired with PledgeMusic.
Sword, Rowe & Company, through a related investment entity, initially made a small investment in PledgeMusic in early 2015. We believed in the business model and were interested in supporting a platform that benefited the artist community. Over time, we made additional investments to support the working capital needs of the Company while continuing to maintain a minority position. We accepted a board seat in June 2017 to improve corporate oversight and increase our visibility as investors.
In April of 2018, we became more involved in the business to protect our investment. Over the past year, we have committed significant amounts of time, energy, and capital in an attempt to stabilize the platform and ensure that all artists were paid. Since September 2018, we have advocated for and attempted to facilitate a sale of the Company. These efforts so far have not produced the desired outcome.
We are told that Pledge Music will be forthcoming with appropriate communication and a course of action soon. In the meantime, we continue to support all efforts for a resolution for all Pledge stakeholders.
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