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BLLNE - Brilliant Technologies Announces Proposed Spin-offs of Qtrax and Suite of Ad Technologies
May 2, 2007 11:35:00 AM
Copyright Business Wire 2007
NEW YORK--(BUSINESS WIRE)--

Brilliant Technologies Corporation (OTCBB: BLLNE) (the "Company") announced today that it is seriously evaluating spinning off, in a stock dividend to its shareholders, a majority of the shares of the Company's wholly owned subsidiary, LTD Network, Inc., ("LTD") to be renamed and listed as Qtrax, Inc. LTD is the operating company through which the Company has developed Qtrax--the world's first legal ad-supported, peer-to-peer music sharing service.

The Board has determined that the prospects for Qtrax are such that Qtrax can best be developed and valued as an independent Company and that a spin-off of Qtrax is likely to be in the best interests of the Company and its shareholders.

The Company also announced that it was seriously evaluating the spin off of its various targeted advertising technologies into a new listed company with a stock dividend to shareholders. The technologies include DynaAd, SurfAssist, PageQuery, intelliChoice, PromoSense & XPeer.

"We firmly believe that the spin-offs make operational and valuation sense," said Mr. Allan Klepfisz, President & CEO of Brilliant.

The Company noted that there can be no assurance it will be able to consummate the contemplated spin-offs or that the Company will be able to obtain all necessary consents and approvals, including consent of certain creditors. Additionally, the Company is continuing to evaluate the various legal and financial issues that such spin-offs would entail, including the tax consequences to the Company and its shareholders.

The Company's LTD subsidiary has Qtrax license agreements in place with Sony BMG (NYSE-SNE), Warner Music Group (NYSE:WMG), Universal Music Group, Emi Group-(LSE-EMI) and other, independent music labels. These licenses allow LTD to access the licensors' content for the Qtrax services.

The Company anticipates that its Qtrax service will launch during September 2007.

Brilliant has a diverse and extensive range of intellectual properties involving 50+ products and numerous patents. Qtrax is the world's first ad-supported free and legal peer-to-peer music sharing service.

About Brilliant Technologies:

Brilliant Technologies Corporation is a technology holding company devoted to research and development leading to commercialization of innovative, proprietary technologies. Through its subsidiary, LTDnetwork, Inc., the Company owns a range of cutting edge proprietary software designed to facilitate and enhance ecommerce. The Company is currently preparing for the launch of Qtrax, the company's innovative P2P file-sharing service, and has already signed deals with Universal Music Publishing, Sony/ATV, SONY BMG Music Entertainment, Warner Music Group, The Orchard, EMI Music Publishing and EMI Music, TVT Records, Go Digital, ASCAP and BMI. The Company is based in New York, New York. For more information about Brilliant go to www.ltdnetwork.com and about Qtrax to www.qtrax.com.

Safe Harbor

This announcement contains express or implied forward-looking statements which involve known and unknown risks and uncertainties that could cause actual results to differ materially from those suggested, including but not limited to risks identified and discussed in company filings with the Securities and Exchange Commission. These forward-looking statements are based on information and management's expectations as of the date hereof and future results may differ materially from expectations and the company disclaims any obligation to update them except as required by law.

Source: Brilliant Technologies Corporation



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For Brilliant Technologies/Qtrax
The Morris + King Company
Justin Kazmark
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or
Richard Schineller
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