Regency Resources Announces Binding Letter of Intent to Merge With Digitally Distributed Acquisition Corp for Entry Into High Growth Internet TV Sector
LOS ANGELES, CA, Apr 12, 2012 (MARKETWIRE via COMTEX) -- Regency Resources, Inc. (OTCBB: RSRS) ("Regency" or the "Company") a development stage company today announced the signing of a binding Letter of Intent ("LOI") outlining plans to seek a merger with Digitally Distributed Acquisition Corporation ("DDAC") in order to develop a media based business offering an in-depth portfolio of content for Internet TV distribution.
Martin W. Greenwald, former CEO of Image Entertainment and the CEO of DDAC, signed the binding letter of intent with Regency Resources aimed at merging the two companies. The business combination will target the distribution of content in the rapidly expanding internet broadcast TV market. Greenwald has been a pioneer in the media distribution sector for over 30 years and believes that a move to internet television is a perfect culmination of a career spent bringing media to a viewing public in the most advanced way possible.
DDAC has developed exclusive technology over the past four years specifically designed to enhance the delivery of content through internet TV as well as through proprietary software protocols. This innovative technology is in the final stages of beta testing, which will insure delivery of content in a more efficient and dramatically less expensive manner than existing systems.
"We are delighted to enter into this agreement with Regency Resources. The public markets will afford us the ability to demonstrate our technology to a broader audience and to simultaneously build shareholder value," commented Mr. Greenwald. Furthermore, "It is our intent to communicate with the investment community on a regular basis outlining details of the Company's activities and milestone achievements."
Regency intends to rapidly develop a portfolio of content management agreements and licenses for entertainment content and distribute them to the new Over-the-Top (OTT) Internet TV providers such as, Apple TV, Google TV, Roku, Western Digital and others. Regency's business model is to share revenues with the content owners and provide unique monetization methods. According to industry research by iDate this market sector is expected to grow tenfold from its current $400 million in revenues to $4 Billion in 2016.
Additional details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database. For more information, visit our website at: www.regencyresources.com
About Regency Resources (OTCBB: RSRS) Regency Resources is a development stage company. Through a merger with DDAC the Company seeks to build a media business using proprietary technologies and close industry relationships to develop a broad-based and varied portfolio of content for Internet TV distribution. Visit us at www.regencyresources.com
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