SSL Ventures has signed an agreement with Treasure Music Island Inc, granting the company a 75 per cent interest in future revenue streams of SSL Ventures legacy music catalogue.
Former CEO of C2W Music Ivan Berry and former Board Chairman, Derek Wilkie currently stands as principal shareholders of Treasure Music Island , granting them the right to control, administer, license, exploit and collect any proceeds generated from the catalogue.
The agreement, which follows the reverse takeover of C2W Music, took place on August 13.
In a statement on the Jamaica Stock Exchange, SSL Ventures said it will retain 25 per cent of the net receipts from the catalogue in the form of royalties over the next five years. SSL Ventures also has the option to extend the term of agreement.
The company, however, noted that it will not take an active role in the management of the music catalogue.
SSL Ventures is already capitalised with US$850,000. The company intends on going back to the market to raise additional funds in order to finance future deals.
The company previously announced that its focus will be on making investments into new businesses that have promising technology, an innovative business concept, or existing businesses that are seeking rapid growth within their field. SSL Ventures will then work with the portfolio companies to grow each company to a level where it is ready for a trade sale or IPO on the Junior Stock Exchange.