Friday, October 23, 2009
Zurvita Announces Beyond Commerce Securities Purchase Agreement and Pursuant License Agreement with OmniReliant for LocalAdLink Software
HOUSTON, Oct. 20 /PRNewswire-FirstCall/ -- ZRVT (www.zurvita.com), Zurvita Holdings, Inc., (OTC Bulletin Board: ZRVT), is a leading provider of cutting edge products and benefits through its extensive multi-level marketing distribution channel. Zurvita's products include health-related membership programs, residential energy rate plans, identity theft and consumer credit services, as well as numerous low cost ancillary products. Zurvita is committed to expanding their product line and providing their representatives' financial stability.
On October 9, 2009 Zurvita Holdings, Inc. entered into a Securities Purchase Agreement with Beyond Commerce Inc. pursuant to which Zurvita agreed to purchase 8,000,000 of common stock of Beyond Commerce at a price of $0.10 per share for aggregate consideration of $800,000. The closing of the transaction was subject to OmniReliant Holdings, Inc. $4 million dollar acquisition of Beyond Commerce's LocalAdLink software and to Zurvita's entry into a license agreement with OmniReliant covering such software.
In the license agreement entered on October 9, 2009, OmniReliant granted the perpetual right and license, under all intellectual property rights applicable to the LocalAdLink software, to assess, use, execute, display, market and sell the LocalAdLink software to Zurvita in consideration for a $2.00 royalty fee per user. In addition, OmniReliant granted Zurvita the right to market and sell the LocalAdLink software through its independent sales representatives for a 6% promissory note in the principal amount of $2,000,000, payable 3 years from the date of issuance.
LocalAdLink, Inc. is a wholly owned subsidiary of Beyond Commerce, Inc. LocalAdLink is an online advertising service that enables local businesses to reach local customers. The customer facing website www.LocalAdLink.com is a local search directory and acts as the central hub for the LocalAdLink technology. When a customer visits LocalAdLink.com, our proprietary geo-targeting technology identifies their location and serves up local businesses in their zip code. Once here, a customer can perform additional searches for local businesses and services across a complete selection of categories and get the information they desire.
Initially, Zurvita intends to honor all existing LocalAdLink policies and procedures and to compensate the representatives in accordance with the current LocalAdLink compensation model. Zurvita expects to enter into new agreements with the current LocalAdLink representatives in the near future. Robert McNulty, CEO and Chairman of Beyond Commerce, Inc. commented, "The ad sales and team building opportunities of success will continue to grow more rapidly under the solid leadership of Mark Jarvis of Zurvita, who is a highly regarded leader in the network marketing industry with an unparalleled track record of success over the last twenty years." Beyond Commerce, Inc. CEO and Chairman, Robert McNulty, made the joint announcement and stated that "Beyond Commerce is very pleased with the transactions that will allow us to continue to grow our operations in an aggressive and vibrant manner."
"We at Zurvita welcome this opportunity with LocalAdLink and look forward to bringing LocalAdLink's independent sales representatives into our Zurvita family. This is an unparalleled opportunity for Zurvita's continued growth and expansion. The combination of LocalAdLink's technology with Zurvita's network marketing expertise will create a powerhouse in local advertising," said Mark Jarvis Co-CEO of Zurvita.
"This transaction benefits existing Zurvita down line by adding another mainstream product which has proven success, LocalAdLink representatives will benefit by joining a company that has great relationships with affiliates who have significantly invested in the company and are committed to its financial success which means stability to the LocalAdLink representatives and peace of mind they will get paid on future sales. They also get to work for a major player in the network marketing industry," said Mark Jarvis Co-CEO of Zurvita.
Zurvita looks forward to attracting new leaders and recruiting new representatives at an unprecedented pace. For Zurvita, powering LocalAdLink is yet another strategic step towards becoming one of the largest and most successful direct marketing companies in the industry.
SOURCE Zurvita Holdings, Inc.
Copyright 2009 PR Newswire