Technology Venture Aims to be World’s First Virtual Bank devoted to the Storage, Protection and Delivery of the World’s Faces
NEW YORK, NY, Jan. 10, 2019 (GLOBE NEWSWIRE) -- Recall Studios (OTC: “BTOP”) today announced its joint venture interest in FaceBank, a development stage company established to become the world’s first virtual bank dedicated to the storage, protection, distribution and opt-in enjoyment of the world’s faces.
FaceBank is a business concept, originally created by Mr. John Textor, to be separate and distinct from, but also collaborative with, certain other of Mr. Textor’s businesses, such as Evolution AI Corporation and Pulse Evolution Corporation (OTC: “PLFX”). While Evolution AI and Pulse would focus on the technologies and uses of digital humans, FaceBank was created in recognition of macro trends of facial recognition and device-based facial scanning and tracking applications that will leave billions of consumers exposed to the privacy risks of personal digital assets being stored, used and sold without consent. FaceBank intends to educate consumers and celebrities to realize that their faces are personal digital assets and, like any other asset, should be protected, managed and delivered, for serious applications and for fun, at their discretion by a bank.
Subsequent to Recall Studios completion of the acquisition of Evolution AI, including our majority interest in Pulse Evolution, Mr. Textor offered to utilize the group synergies to develop FaceBank as consideration for the grant of a 10% initial interest in FaceBank, to our company, to formalize our company’s participation in collaborative opportunities that we believe will result in the offering of Recall Studios products, services and IP properties to FaceBank’s potentially large customer base. Mr. Textor has also agreed to grant to our company, as part of the development agreement, a 2 year option to acquire an additional 15% of FaceBank, from Mr. Textor, at any time beginning six months after the date of grant, at a valuation which is equal to 75% of the weighted average valuation of independent third-party capital invested in FaceBank, as calculated for any quarterly period during which such option is exercised. The collaboration between our company and FaceBank will be supervised by our board of directors, independent of any participation in such decisions by Mr. Textor. The board of Recall Studios has accepted the grant of interests in FaceBank and believes the development of FaceBank represents an attractive and potentially material opportunity to increase shareholder value.
About Recall Studios
Recall Studios, including its consolidated subsidiaries, is a globally recognized, market leading developer of hyper-realistic digital humans – computer generated assets that can be distributed across the full spectrum of traditional media and emerging display technologies, including live entertainment, virtual reality, augmented reality, mobile, interactive and artificial intelligence applications. In August 2018, Recall Studios acquired Evolution AI Corporation, a developer of digital humans as an ‘inter-Face’ of artificial intelligence applications, including its majority interest in Pulse Evolution Corporation (OTC: “PLFX”), a globally recognized leader in the development of hyper-realistic digital humans for entertainment.
Evolution AI Corporation’s John Textor, described recently by Forbes magazine as “Hollywood’s Virtual Reality Guru”, was recently appointed CEO of Recall Studios and, together with Chairman Alexander Bafer, is committed to applications of Mixed Reality (VR and AR) and the important role that digital humans and artificial intelligence will play in the world of immersive entertainment. Our leadership team is currently focused on applications of digital humans in entertainment. We believe the entertainment industry provides us with attractive near-term opportunities to put digital humans to work in proven performance-oriented business models, while also allowing us to use the visibility of our globally recognized celebrities to showcase our digital human technologies and their applications across other industries. Accordingly, our current business plan is to generate revenues from our digital human representations of the world’s best-known living and late celebrities.
Beyond entertainment, we believe our specific business opportunity will be driven by the rapid evolution of the methods by which people access information and content through various forms of interactive electronic media. We believe that we are moving toward a world in which we will simply ask a computer a question and we will be given an answer, by a hyper-realistic digital human who possesses a universe of accurate and relevant information. Through our continued development of the world’s most advanced human animation technology, and our collaboration with the larger community of artificial intelligence pioneers, we expect that we will do more than just put a face on ‘AI.’ We intend to build your most knowledgeable teacher, your most trusted advisor, and in a digital world that reveals more possibilities each day, maybe even your best friend.
Now, with a complete understanding of creative and technical content creation, a global reputation for delivering some of the world’s most visually stunning imagery, including our unprecedented hyper-realistic digital humans, and with proprietary technology that is as attractive to strategic partners as it is to consumers, we believe Recall Studios has a profound and global opportunity to capitalize on the most lucrative business opportunities across the industries of entertainment, education, communications and artificial intelligence.
Our most recent SEC filings and financial information can be found on the Securities and Exchange Commission's website at www.sec.gov
FORWARD-LOOKING STATEMENTS; ADDITIONAL INFORMATION
Certain statements in this communication may be “forward-looking statements” that are subject to risks and uncertainties, are based on management’s current expectations, and as a result of the following risks and uncertainties, among others, actual results and events may differ materially; the successful integration of Recall Studios, Evolution AI, and Pulse Evolution, and the ability to realize synergies and other benefits; the availability of funds to meet debt obligations and to fund operations and necessary capital expenditures; and other risks and uncertainties detailed our filings with the Securities and Exchange Commission. More information on potential factors that could affect our financial results is included from time to time in our SEC filings and reports. Recall Studios disclaims any obligation to update information contained in these forward-looking statements.
The Tender Offer to acquire additional interests in Pulse Evolution, referenced in previous press releases, has not yet commenced. Such communications are for information purposes only and should not be considered an offer nor a solicitation of an offer to purchase, sell or exchange securities or a solicitation of a proxy from any stockholder. Subject to future developments, additional documents regarding the proposed transaction, such as a Schedule TO and a registration statement on Form S-4, may be filed with the SEC, which investors should read carefully if and when they become available because they contain important information. Investors may obtain a free copy of the documents filed by Recall Studios, when they are available, from the SEC’s website at www.sec.gov. Recall Studios, its directors and certain of its executive officers may be deemed to be participants in a solicitation of proxies for the proposed transaction.
Information about the directors and executive officers of Recall Studios is set forth in its most recent proxy statement for the annual meeting of stockholders, as filed with the SEC, and will be included in the relevant documents regarding the proposed transaction filed with the SEC.
Contact:
Bradley Albert President, Recall Studios info@recallstudios.com 212-537-5775
