SQUANKY KONG DROPS FUNDRAISER AFTER SELLBAND BANKRUPTCY

Added: (Thu Jun 03 2010)

Pressbox (Press Release) - James M. House - producer, composer, and more of Squanky Kong - announced that he would be discontinuing the SellaBand fundraiser less than a year after the start. He stated that the SellaBand bankruptcy prompted the company to be sold from the Dutch owners to a buyer in Germany. The change of ownership resulted in a change of the fund raising agreement. Most notably an increase in the percentage SellaBand takes off the top of any monies raised. This combined with lacking interest in the site from Squanky Kong fans, few new believers - SellaBand term for investors - to the site in general since the Squanky Kong fundraiser began, contributed to the decision.

It was added that Squanky Kong will not abandon doing another album by any means. Only a move to raising the funding privately as has been done in the past. House expressed disappointment in not being able to work with fans to do an album. However, he said, there are some distinct advantages to producing an album outside the escrow process that SellBand requires wherein the record label and/or band has no access directly to the funds, rather having to get all invoices paid through SellaBand. This can be a cumbersome process to a production, especially when dealing with a company overseas from band's home base. With private fundraiser it can be hard to determine the completion date, but House stresses the album will happen even if he has to fund it himself in another year or so. House says that anyone that is interested in inquiring about becoming an investor privately can see an executive summary and contact directly through the bands website - SquankyKong.com.