Greetings,
My name is Michael Covington, and I am the President of Covington Entertainment Group, LLC (CEG)
https://covingtonentertainmentgroup.com. CEG is a global content distribution company. May 2023, CEG is launching a new video on-demand streaming service entitled the “Culture Entertainment Network”. CEG is seeking to raise $7M, via a convertible note debt financing structure to complete the buildout and fund the first year of operations of the new video on-demand streaming service.
Last December, the State of Indiana’s Indiana Economic Development Corporation (“IEDC”) has determined that Covington Entertainment Group, LLC meets the definition of and is certified as a Woman/Minority Owned Qualified Indiana Business by IEDC as set forth in Indiana Code § 6–3.1–24, for the purpose of the Venture Capital Investment (“VCI”) Tax Credit Incentive Program. The approval letter from the IEDC certifying Covington Entertainment Group as a “Qualified Business” under the VCI Tax Credit Incentive Program is attached to this email. If an investor were to agree to provide CEG with the pre-seed capital, the State of Indiana, via the Indiana Economic Development Corporation will issue the Investor 30% of its investment back, in the form of monetizable Indiana Tax Credits, up to a maximum investment of $4.5M, within 60 days of investment confirmation.
The following hyperlinks provide supporting documentation:
- Covington Entertainment Group $7M Convertible Note Investment Proposal Pitch Deck:
- https://acrobat.adobe.com/link/review?uri=urn:aaid:scds:US:0b97d2a1-8ac0-3893-9db1-9f73317bdd4e
- Three-year Profit and Loss Projection Proformas (Also on Slides 15-17 of the Pitch Deck)
- Indiana Economic Development Corporation Approval of Covington Entertainment Group as a “Qualified Business” for the VCI Taxes Credit Incentive Program:
- https://acrobat.adobe.com/link/track?uri=urn:aaid:scds:US:d31468f6-c854-3e5a-976b-ba64f054ed67
Thanks in advance for the thoughtful attention given this financing request.
Best,
Michael Covington
President
Covington Entertainment Group
Voice: 317-506-7214
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