Recall Studios Announces Launch of FaceBank Joint Venture
January 09, 2019
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Recall Studios 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. 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 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 company, to formalize company’s participation in collaborative opportunities that the company 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 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 company and FaceBank will be supervised by 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.
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