“Didn’t I tell you punks….”
In big business news TV Goods Inc is clearing up the press release that went out last week from Sleek Audio LLC saying they terminated their deal with the rap mogul.
On Friday, Sleek Audio LLC issued a press release stating that it had terminated its relationship with 50 Cent and his companies and that Sleek had also terminated an earlier tri-party deal between Sleek, G-Unit LLC (a company owned by 50 Cent) and TV Goods. In actuality, it was G-Unit that terminated a Brand Licensing Agreement that it had entered into with Sleek, which termination automatically triggered the termination of the earlier announced tri-party agreement.
However, not long after the termination of the tri-party agreement, TV Goods and 50 Cent, via his affiliate company, SMS Audio, LLC, entered into a Term Sheet for the two parties to continue joint efforts to produce and distribute a direct response television infomercial to globally market a wireless over-the-ear headphone product offered or sold by SMS that is endorsed by and/or and bears the name of “50 Cent.” Sleek is not a party to that Term Sheet.
50 Cent, through his affiliate organizations, remains a significant shareholder of TV Goods, owning 7.5 million shares and 22.5 million warrants, which he, via his affiliate G-Unit, purchased for $750,000.
Basically 50 Cent just took Sleek Audio out the deal and is proceeding on without them. Comment after the jump.
Tagged as: 50 Cent, Deal, Headphones, Infomercial, Mogul, Rapper, Sleek By 50, SMS Audio, Stocks
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