ValCom Announces Agreement Regarding My Family TV
BOONTON TOWNSHIP, NJ--(Marketwired - Nov 20, 2013) - ValCom, Inc. ("Company"), an integrated entertainment company, announced today that the Company has signed an agreement regarding its joint venture in My Family Television, LLC ("MFT"), a Tennessee limited liability company. The terms of the agreement provide for the return of the Company's assets, including the company's content library and affiliates, which it previously contributed for use in the Tennessee based company.
MFT has operated the My Family Television network and distributed the network to broadcast affiliates since March 2011. An orderly transition will occur over the next several months in which ValCom and MFT's other member, Luken Communications, LLC, each individually will establish new network identities and will transition their respective affiliates and programming to the new networks. At the end of the transition period, the MFT trade name will be changed.
Tim Harrington, ValCom CEO, stated, "We are pleased to have reached an agreement for the orderly transition of ValCom's television network programming and affiliates back to ValCom's oversight. We have engaged Robert B. Becker Inc., a private consulting company, experts in the management of television networks, to oversee this transition and to continue to work with and advise ValCom on the highest and best use of this major asset. To this end, Anthony Barrett, an executive in the Becker firm, will take a leading role in the management of ValCom's new Television network."
Patrick Willemsen, Chairman of the ValCom Board of Directors stated, "As previously announced, under the direction of our Controller, Barbara Kane Burke, we are committed to ValCom's relisting as a public company, and we have been diligently taking the steps necessary to achieve that goal. Taking direct control of our Television network assets is a major step in ValCom's efforts to monetize the company's assets including the audio and film library. We believe that with the Becker firm's expert assistance ValCom will be able to realize the full potential income from our Television network."
