Truli Media Group Announces New Business Venture
Company Enters the Rapidly Expanding Field of Online and Mobile-enabled Staffing and Talent Acquisition Solutions
Truli Media Group, Inc. (TRLI) (the "Company") announced today the entry into a new business line.
The Company is rebranding itself under the "VocaWorks" brand name and moving into the rapidly expanding field of online and mobile-enabled staffing and talent acquisition solutions. The Company, through its newly formed subsidiary, VocaWorks, Inc. ("VocaWorks"), will offer a suite of native mobile apps on iOS and Android, as well as a web-based SaaS offering. The platform will facilitate the hiring of personnel, including project-based consultants, focusing initially on specialized technology talent.
According to research from Intuit and Emergent, the gig economy is projected to almost double within four years. As such, the Company is confident in the demand for innovative new products for this rapidly growing market. The Company believes that the trend of linking talent to employer demand through online methods will continue to grow, encompassing longer-term projects and more highly specialized skills and job functions, such as programming and project management.
As part of its rebranding, VocaWorks and the Company have entered into a license agreement with Recruiter.com, Inc. ("Recruiter"), a leading job marketplace, online platform, and recruiting community, under which Recruiter has granted VocaWorks a license to use certain of Recruiter's proprietary software and related intellectual property and has agreed to deliver strategic marketing and development services to VocaWorks. Miles Jennings, the newly appointed Chief Executive Officer ("CEO") of the Company and President of VocaWorks, comes to the Company from Recruiter, where he served as Founder and CEO. He will continue to serve as President and Chairman of the Board of Recruiter. Mr. Jennings will leverage his exceptional experience and understanding of labor markets, online systems, data platforms, and internet marketing to grow the VocaWorks brand and platform. As part of the license agreement, Recruiter has committed to provide VocaWorks a multi-year marketing contract that will leverage Recruiter's exposure to millions of professionals, as well as thousands of hours of software development services and other licensed technology and brand assets.
Mr. Miles Jennings, the Company's new CEO, commented, "VocaWorks will offer employers a frictionless platform for onboarding technical and project talent. Overall, we believe that although 'gig economy' or 'on-demand talent' online platforms facilitate the free exchange of labor, they have yet to deliver high-quality, longer-term work assignments; there is a lot of work to do on the proper engagement of senior and high-level talent. VocaWorks will focus on delivering amazing in-app experiences to effectively engage top talent to fill the needs of demanding startups and rapidly growing, technology-oriented employers. We look forward to the launch of our service in Q1 2018 and beginning to engage with both talent and employers now, as well as developing our initial strategic integrations and partnerships."
In accordance with the terms of the license agreement, holders of the Company's outstanding 4% Convertible Notes and 10% Convertible Notes (the "Investors") converted their Notes into shares of Series C and Series C-1 Convertible Preferred Stock, respectively.
Immediately following the closing of the license transaction, the Company entered into Securities Purchase Agreements (each an "SPA") with the Investors. Pursuant to the terms of the SPA, the Investors purchased 600,000 shares of Series A Convertible Preferred Stock and Warrants to purchase 120,000,000 shares of the Company's Common Stock for gross proceeds of $600,000. The preferred stock is convertible at any time into shares of the Company's Common Stock at $0.005 per share, subject to adjustment in the event of stock splits, stock dividends or reverse splits and issuances of securities at prices below the prevailing conversion price of the shares of preferred stock.
Immediately following the closing of the SPA, Michael Solomon, a director of the Company exercised his option, granted to him in September 2016, to purchase the Company's subsidiary, Truli Media Corp. ("TMC") for $5,000. As a result, TMC is no longer a subsidiary of the Company and the Company no longer operates as a collaborative digital platform for members of the faith and family community. Mr. Solomon remains a director until he is replaced in compliance with Rule 14(f)-1 under the Securities Exchange Act of 1934.
About Truli Media Group, Inc.
Launched in 2011, Truli Media Group Inc. began as a premier Internet destination for family-oriented, faith-based, streaming entertainment. Rebranded in 2017 as VocaWorks, the Company focuses on delivering best-in-class in-app and online employment experiences for both employers and professional talent. Discover quality contract talent from any device at any time. Native apps for the Apple iOS and Android coming in Q1 2018 and on the web at https://www.VocaWorks.com.
Safe Harbor Statements Regarding Forward-Looking Statements
The statements in this news release made by representatives of Truli Media Group, Inc. and its subsidiaries relating to matters that are not historical facts, including without limitation, those regarding future performance or financial results, any market that might develop for any of the Company's online platform, and the sufficiency of the Company's cash and other capital resources, are forward-looking statements that involve risks and uncertainties, including, but not limited to, the likelihood that actual performance or results could materially differ, including that any software currently in use by the Company and its subsidiary or being developed as a result of the activities mentioned herein may contain or develop errors that cause the software to function improperly or render the software unusable or inoperable for its expected purpose and the management of the Company and its subsidiary may not resolve conflicts in a manner that is favorable to the Company. The Company undertakes no obligation to update any of these statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Accordingly, any forward-looking statements should be read in conjunction with the additional risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission, including those discussed in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and periodic reports filed on Form 8-K.
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