Videolocity International Inc (VCTY): Post Unavailable Additional Informati...

TOUCAN · 2010-02-25T06:27:26.7170000Z

IP RIGHTS WORTH 18,489,000++ - LINK Intellectual Property Rights: NOTE I - SALE OF TECHNOLOGY on page 9 On December 11, 2006, the Board of Directors approved the sale of the technology that the Company had re-purchased for $150,000 during October 2006 from a previous joint venture. The sales price was set at $18,719,000 using a third party valuation of the technology when combined with a certain amount of operational capital. The purchase price was payable to the Company based on the following schedule and use of the technology assets: (i) twenty-five percent (25%) of the technical transfer fees and the first 10% of the net licensing fees derived by Purchaser in licensing of the Assets currently in development or any subsequent version thereof; (ii) ten percent 10% of the net revenues derived by Purchaser's deployment any of the technologies beginning one year after effective date of the agreement; (iii) ten percent (10%) of the net revenues from all other products or services that uses a portion or all of the Intellectual Property Technology. Further, until the purchase price is paid in full the Company holds preferred shares of the Purchaser and retains an option to convert the remaining balance of the Purchase Price to equity in Purchaser's company at fair market value not to exceed five percent (5%) of purchaser's company. The purchaser is required to remit $30,000 per month to maintain the Company's operations until the monthly installments generated through the purchaser's use of the technology is greater than $30,000 per month. In the event that the actual monthly revenues from the purchased use of the technology becomes greater than $30,000 the required installment will follow the sales price payable formula. Further, Videolocity was granted a non-exclusive right to use the intellectual properties to pursue any form of legal business to include the initial plan to deploy the products into the hospitality and residential markets. The Company has used the installment method of recording the gain on the sale of the technology as the collectability of the sales price is ultimately uncertain until the purchaser begins deploying the purchased technology which then triggers the repayment based on the agreed upon schedule. As of April 25, 2007, the Company received $230,000 toward the purchase of the technology with a remaining cost balance of approximately $148,000 and $18,489,000 of remaining sales price to be collected. LINK: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=5251874 -------------------------------------------------------------------------------------------------- A private company,Summit, purchased the technology. LINK: http://www.summitmediagroupllc.com/index.php CEO/President Robert Holt Summit is contracted to provide CompleTV to Marriott hotels May 16th, 2007 Look at the partners LINKS: http://www.commnetsupply.com/ http://www-935.ibm.com/services/us/index.wss A list of Summit's partners includes IBM LINK: http://www.summitmediagroupllc.com/partners.php VCTY CEO Robert Holt also serves as CEO for Summit Robert E. Holt, CEO Videolocity International, Inc., President VIDEOLOCITY Inc. Mr. Holt was formerly Chief Operating Officer of the Greenwood Technology Group. Prior to joining Greenwood Technology Group, Mr. Holt held a series of leadership positions with high-tech companies including Qualcomm Inc., where he was head of the Wireless Campus Group, overseeing product development, marketing, and technology introduction. Mr. Holt also served as a Director of the $500m Qualcomm Ventures and Wireless Infrastructure Products Division. He has 10 years of P&L responsibility between the U.S Army Signal Corps, GTE Government Systems, PrimeCo PCS and Sprint PCS where he lead the development and deployment of wireless networks in over thirty countries. His expertise is around the following issues: Strategic Planning/Partnership, Competitive Intelligence, Operations and Implementation. Mr. Holt has earned a Bachelor of Science degree in electrical engineering and a master of science degree in communications. He has also earned certification in project management, PCS technologies, call processing and systems engineering. ---------------------------------------------------------------------------------------------------- REMEMBER the New President is: MARC PINTAR LINK: http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=DkbCwbqdXLEbS%252f9WzSySbA%253d%253d&nt7=0 IMO, Videolocity has NOT Received FULL Payment for the Intellectual Property Rights. I believe it was Summit Media Group that never paid . "Videolocity was granted a non-exclusive right to use the intellectual properties" IMO,which means that they where in contract with the purchaser. Imagine $18,489,000, & Mina Mar has client to by the shell, and that company is making 50,000,000 a year in revenues! & this company ONLY has 105,000,000 Shares Period! IMO, this is HUGE $$$ Here