NEWS!!!
Media360 Licensing, Inc. Announces Their Strategic Plan of Operation
Oct 20, 2016 18:45:00 (ET)
Media360 Licensing, Inc. Announces Their Strategic Plan of Operation
SCOTTSDALE, Ariz., Oct. 20, 2016 (GLOBE NEWSWIRE) -- The newly acquired wholly-owned subsidiary of NOHO, Inc. (OTCQB:DRNK), Media360 Licensing, Inc., has announced the implementation of their Plan of Operations.
Media360 Licensing, Inc. is an advertising technology platform which provides point of sale and branding campaigns to advertisers on a local and national basis. The company provides and installs digital menu and point of sale screens into retail establishments and restaurants. Through the company's wholly owned brand Sticky Media, it specializes in placing interactive, touchscreen tablets in taxi cabs where advertisers can manage branding and awareness campaigns in addition to having trackable metrics, including impressions and touches, as well as the potential to convert actual purchases in real time.
On September 9, 2016, NOHO, Inc., a Wyoming corporation (the "Company"), by and through its Board of Directors and majority shareholder entered into the Share Exchange Agreement (the "Agreement") with Media360 Licensing, Inc., a Wyoming corporation ("Media360"). Pursuant to the Agreement, the shareholders of Media360 exchanged 100% of their shares of common stock of Media360 for 54,000,000,000 shares of common stock of the Company. As a result, Media360 became a wholly-owned subsidiary of the Company and the business of Media360 shall continue through the Company.
As a condition subsequent to the Agreement with Media360, the Company must Spin-Off certain assets and liabilities to a third party (described below). On October 19, 2016, NOHO, Inc. entered into a Spin-Off agreement with Purple Investment Group, Inc., a Nevada corporation, ("Spin-Off Agreement"), to ostensibly Spin-Off its ownership in a multi-level marketing business named DRNK Direct, LLC, as well as, certain assets and liabilities of Dolce Bevuto, LLC, the wholly-owned subsidiary of NOHO, Inc. Of additional importance is that notes payable of approximately $608,000.00 have been assigned to the buyer and are no longer obligations of NOHO, Inc.
A material effect of the Spin-Off Agreement resulted in the sale of liabilities of $2,271,830.00 and assets of $647,057.00 (expressed on the consolidated balance sheet of NOHO, Inc. as of June 30, 2016). A material effect of the Share Exchange Agreement resulted in an additional $4,000,000.00 of equity as expressed in the Media360 audited financial statements dated September 30, 2016. After consolidation of both the Share Exchange and Spin-Off Agreements, the net worth of the Company was approximately $3,455,601.00 as of September 30, 2016.
On October 5, 2016, NOHO, Inc. settled all (3) of its convertible notes ("Notes") held by KBM Worldwide, Inc. ("KBM") and Vis Vires Group, Inc. ("VVG") for $100,000.00. These Notes will cancel in its entirety and as a result KBM and VVG do not own any stock of NOHO
