NASHVILLE, Tenn. & SAN DIEGO--(BUSINESS WIRE)--Heritage Global Partners (“HGP”), a global leader in asset advisory and auction services and a subsidiary of Heritage Global Inc. (OTCQB:HGBL, CSE:HGP), today announced that it will manage the sale, subject to U.S. Bankruptcy Court Approval (Case #3:17-BK-01300), of Dart Music, Inc., a leading music metadata services company and technology platform headquartered in Nashville, TN.
Heritage Global is immediately accepting offers for Dart Music. All bids must be submitted in writing by May 22, 2017. Should Heritage receive multiple qualified bids, an auction will be held in person at 9:00AM CDT on May 31 at Nelson, Mullins, Riley and Scarborough, LLP (150 Fourth Ave. North, Suite 1100, Nashville, TN). A hearing to confirm the winning bid will occur on June 6 at 9:00AM CDT.
As the first automated distributor of classical music, Dart Music, The Music Metadata CompanyTM, offers proprietary technology that helps the music industry create and maintain consistent metadata to deliver information quickly and with precision. Dart’s platforms enable consumers to easily find their selections by solving complex metadata specifications of digital music stores, while also allowing artists and composers to extend their distribution and collect royalties for their work.
Key Valuation Drivers:
- Valuable distribution agreements with leading digital music platforms, numerous labels, performing rights organizations, and publishers, etc.
- Patent-pending metadata technology also serves booksellers and can be scaled to address the needs of other industries
- Company comprised of leading music, technology and content experts from Apple, BMI, Shazam, Sony and Universal
- Projected 2017 Revenue of $1.3 million, representing year-over-year growth of over 3,000%
Nick Dove, HGP Director of Sales stated, “The sale of Dart Music is an unprecedented opportunity for buyers to acquire superior metadata technology that is revolutionizing the music industry. Dart’s technology is not limited to music and its metadata platform can be scaled to serve wide range of industries including video content, literature, healthcare, politics and more. We expect significant interest for the sale of Dart Music and encourage global buyers to submit their bids soon.”