June 17, 2010 (FinancialWire) — Masterbeat Corp. (OTCBB: MSTO), an online music retailer, said that it has signed a letter of intent to merge with AudioStreet, Inc., a privately-held conglomerate of media website communities focused on music-based content.

AudioStreet’s properties include AudioStreet.net, MixStreet.com and LiveMansion.com.  

Brett Henrichsen, Masterbeat's CEO and Founder, said, “This merger will strengthen Masterbeat's bid to become the premier digital music community on the web."

Masterbeat’s site is a digital music download store offering consumers more than four million tracks, from both major and independent labels.

AudioStreet.net and MixStreet.com were launched in 2004 and 2005, respectively, as online destinations for musicians, DJs and music mixologists. Combined, the two sites currently have over 40,000 brands and 20,000 actively participating DJs.

New York-based Masterbeat operates a digital music store offering over four million fully DRM-free tracks in MP3 and WAV formats.  

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