CEEK Media Networks Closes Initial Coin Offering
& Evaluates Strategic Alternatives
MIAMI, Florida – February 23, 2018 – CEEK Media Networks (“CEEK”) is providing community members with an urgent update regarding the status of the corporation and its Initial Coin Offering. As previously announced, CEEK launched a token sale event. Upon the advice of its then legal counsel, the pre-sale token event was limited to certain “accredited investors” out of an abundance of caution and with an eye towards mitigating the risks associated with the ever-changing legalities regarding cryptocurrencies.
Upon continued deliberation by company management, as well as its financial and new legal advisors, CEEK has determined that it is in the best interest of its current and future stakeholders to close the current token sale event. The company has communicated its intent to reject the subscriptions of the token sale buyers and refund the full amount of such purchases, the proceeds of which have remained in escrow to date. CEEK does not take this decision lightly, and its grateful for the confidence and trust its many stakeholders have placed in the company.
In reaction to this decision, Mary Spio, the company’s Chief Executive Officer stated, “CEEK is far more than the singular event of this token sale, but rather a growing concern that operates on the cutting edge of both blockchain and virtual reality technologies.” She continued, “our decision today is by no means an abandonment of blockchain or even the prospect of financing growth through token sale events. Instead, we believe as a company that exploring viable options to operate in more cryptocurrency-friendly jurisdictions may have significant, long term benefits to our community.”
Company management is currently evaluating a select number of jurisdictions with its legal counsel. CEEK expects that a decision will be made in the coming days, and the company will update the community when any such decision is arrived at. The company stresses that this decision was made upon its own volition and solely in reliance upon the advice and recommendation of its management and outside advisors.
Statements in this press release that are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although CEEK Media Networks, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, CEEK Media Networks, Inc is unable to give any assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include the company’s ability identify a suitable business model for the corporation.
Chief Executive Officer
CEEK Media Networks, Inc.