SANTA MONICA, Calif., Feb. 21, 2017 /PRNewswire/ -- Rightscorp (OTCQB: RIHT), a leading provider of data and analytic services to support artists and owners of copyrighted property, today announced the transition of its executive management team which will include the appointment of Mr. Cecil Bond Kyte as the Company's new Chief Executive Officer. Mr. Christopher Sabec, the Company's current CEO, will serve as President and continue to spearhead Rightscorp's intellectual property litigation support and copyright monetization services with the content industry's leading artists, creators, and copyright holders.
Mr. Kyte was appointed Chief Financial Officer in June 2015. He had been a consultant prior to that and since then has led the Company's financial activities, including capital raising and investor development, as well as assisting with executive operations and business development. Mr. Kyte has familiarized himself with the industry, as well as the Company's customers and the marketplace, and will continue working closely with Mr. Sabec to develop the corporate strategy.
Mr. Kyte previously served as CEO and Chairman of a California-based publicly traded energy technology company. Under his stewardship, that company grew from roughly $10 million in market capitalization in 2007 to over $350 million by 2013 and accessed roughly $40 million in equity-based capital.
Mr. Kyte said, "We have made tremendous strides in our business and educating the industry on the importance of copyright protection over the years, and it is a privilege for me to lead the Company in a greater capacity. As we move forward with the planned executive transition process, we look forward to enhancing and leveraging our capabilities to deliver greater value for our shareholders."
Mr. Sabec added, "Given the positive progress made within the industry, including the $25 million copyright verdict against Cox, we feel this is a critical time for my role to expand into creating momentum within the entertainment sector and focus on monetization and driving revenues for the business."
About Rightscorp, Inc.
Rightscorp (RIHT) is a leading provider of data and analytic services to support artists and owners of copyrighted Intellectual Property (IP). The Company's patent pending digital loss prevention technology focuses on the infringement of rights to digital content such as music, movies, software, books and games and ensures that the rights of owners and creators are protected. Rightscorp works closely with its clients to develop programs of education and notice, and as necessary to pursue copyright infringers for their illegal file sharing activities via notifications sent through Internet Service Providers (ISPs). The Company's technology identifies copyright infringers, who are provided information about copyrights and the importance of Intellectual Property and offered a reasonable opportunity to terminate their activities and pay a nominal settlement option that is generally a fraction of the statutory minimum in an effort to avoid the need for expensive litigation. With minimum statutory penalties of $750 and up to $150,000 per infringement, Rightscorp's technology and process of notice allows all parties to efficiently and economically address copyright infringement without the costs and burdens of litigation. Based on the fact that 22% of all Internet traffic is used to distribute copyrighted content without permission or compensation to the creators, Rightscorp's technology and process provides one of the best and most cost efficient means of addressing this issue for both the artists and those who have infringed their works.
Safe Harbor Statement
This press release may include forward-looking statements. All statements other than statements of historical fact included in this press release, including, without limitation, statements regarding the Company's anticipated financial position, business strategy and plans and objectives of management of the Company for future operations, are forward-looking statements. When used in this press release, words such as "anticipate," "believe," "estimate," "expect," "intend," and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors not limited to, general economic and business conditions, competitive factors, changes in business strategy or development plans, the ability to attract and retain qualified personnel, and changes in legal and regulatory requirements. Such forward-looking statements reflect the current views of the Company with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the Company. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this paragraph.
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SOURCE Rightscorp, Inc.