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SEC Requirements Postpone RTGV/NMTV Close
2009-09-30 14:00 ET - News Release
NEW YORK, NY -- (MARKET WIRE) -- 09/30/09
RTGV (OTCBB: RTGV): The officers of RTGV and NMTV have announced that it has to defer the closing of the share exchange between RTGV and ANHL, NMTV et al, for a period not expected to be longer than six weeks in order for NMTV to complete the acquisition of BMC and to integrate all of the reporting required into the Super 8-K which has to be produced 4 days after the share exchange is completed. As announced on August 3, 2009, RTGV has met all of its Conditions of Closing, but because of the imminent acquisition of BMC, announced on September 24, 2009, NMTV is unable to meet its Conditions. The management of NMTV seriously considered passing on the acquisition of BMC or delaying it until after the scheduled closing, but all agreed that this would adversely affect investors' ROI, and we have assured shareholders that we would be opportunity-driven. If the acquisition was post the share exchange this would be a public company merger and subject to the increasingly stringent SEC requirements, together with associated cost and would have been a major distraction in the execution of the Business Plan. The additional time required is not expected to affect the operational ability of NMTV in any way.
NMTV's President, Domenic Hawes-Fairley, explained: "It's frustrating to everyone that this deal is not closing today. The entire management team is aware that this announcement will not be popular in the market, but we genuinely believe the shareholders' patience will be well worth it. RTGV's shareholders should be reassured that the business development plans announced during the last week will be quickly integrated into the business plan and provides entry into the retail industry segment. There is no adverse impact, only positive growth. This is a hiccup, not a heart attack and we're going full steam ahead."
About NMTV: RTGV, through NMTV, has a new media business model which leverages an exclusive technology to deliver multicast transmissions of TV quality transmissions without buffering or freezing. This is a significant technological breakthrough and provides a competitive edge to its shareholders. The evolving venture originally included a 44,000 square foot studio outside London which is equipped to service traditional film and TV requirements, while also being refurbished to attract state-of-the-art customers. This asset has been sold. A (new media) studio has been identified in Bristol, England which provides a better base, with all ancillary services, i.e. post-production and music gallery facilities, already available. Broadband is the global growth engine of the 21st century for new media. NMTV's technology and multiple revenue steams from its television production company to a payment systems product with 3 brands, epaypoint, Web-Pay and iPAYU to manage consumer cash flow through the Internet in the most cost effective and secure methodology, positions it well for the future through both organic growth and growth by acquisition. NMTV's objective is to become a leader in new media and reward its stakeholders: shareholders, customers, suppliers and business development partners. For all available Due Diligence, visit our website at: www.rtgventures.com
Safe Harbor Provisions: The foregoing contains certain predictive statements that relate to future events or future business and financial performance. Such statements can only be predictions, and the actual events or results may differ from those discussed due to, among other things, those risks described in RTGV's reports filed with the SEC. Opinions expressed herein are subject to change without notice. This document is published solely for information purposes, and is not to be construed as an offer to sell or the solicitation of an offer to buy any securities in any state. Past performance does not guarantee future performance. Additional information is available upon request.
Investor Relations Contact:
RTG Ventures, Inc.
917 488 6473
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