RMDG agree BB. Also DIVY NEWS by 05/19 as per recent PR (Dividend confirmation PR earlier than that IMHO.)
RMD Entertainment Announces Letter of Intent to License the Marketing & Distribution Rights of Its Products in India & Caribbean Countries
By BusinessWire
Last Update: 5/9/2006 9:53:01 AM Data provided by
PHILADELPHIA, May 09, 2006 (BUSINESS WIRE) -- RMD Entertainment Group (Pink Sheets:RMDG) announced today its has signed a Letter of Intent with Wide E-Convergence Technologies Americas Corporation (WECTAC) (Pink Sheets:WDCV), that will grant a five year license to market and distribute any and/or all of RMD's Products in India and the Caribbean Countries, most specifically RMD's MOTV content delivery technology.
Based in Bay City, Michigan, WECTAC, a software delivery platform developer and a provider of e-learning technologies and services for training, education and communication, will custom develop back-end commerce solutions for RMD's MOTV Platform as well as market the entertainment and retail interactivity capabilities of MOTV to the mobile communications users in India and the Caribbean countries.
Under the proposed terms, WECTAC will issue 14 million Restricted Common Shares and 12 Million Warrants at $.10 per share to RMD Entertainment in consideration for the 5 year license, a value of approximately $112,000 based on the closing price of WECTAC shares at the end of trading on Monday. As a corollary, RMD's management is making arrangements to deliver at least 10 million of these restricted shares to its shareholders in the form of a special dividend. The final terms of the license and dividend will be released after the signing of the definitive agreement, which is anticipated to occur within the next 10 days.
RMD CEO Giorgio Costonis commented, "This agreement with WECTAC will enable us to leverage their expertise in communications technology and software delivery into added functionality and commerce capabilities on the MOTV platform. Ultimately we are striving to deliver the deepest and richest user experience possible, and I believe that partnering with WECTAC in this manner helps us to do exactly that." He continued, "Additionally, we are able to utilize WECTAC's knowledge, contacts and marketing capabilities within the Indian and Caribbean markets to gain regional traction and revenues for our MOTV platform.
