August 31, 2018
SSL Venture Capital Jamaica Limited (SSLVC) has advised that on August 13, 2018 the SSLVC signed an agreement with Treasure Music Island Inc. (“TMI”) granting the company a 75% interest in future revenue streams of SSLVC legacy music catalogue. TMI’s principal shareholders are former CEO of C2W Music Limited, Ivan Berry and former Board Chairman, Derek Wilkie.
With 75% interest in the catalogue of songs, Wilkie and Berry will own the rights to control, administer, license, exploit and collect any proceeds generated from the catalogue. SSLVC will retain 25% of the net receipts from the catalogue in the form of royalties and will not take an active role in the management of the music catalogue. This agreement will be in effect for 5 years, with 5 options to extend the term.