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Replies to post #267553 on NanoTech Entertainment Inc (NTEK)
As of the close of business on 12/15/2014, the following is the outstanding information for:
NanoTech Entertainment, Inc
Authorized Shares 740,000,000
Total Shares Issued & Outstanding 730,474,022
Free Trading Shares Outstanding 652,918,523
Restricted Shares Outstanding 77,555,499
As of the close of business on 12/23/2014, the following is the outstanding information for:
NanoTech Entertainment, Inc
Authorized Shares 740,000,000
Total Shares Issued & Outstanding 724,874,022
Free Trading Shares Outstanding 652,918,523
Restricted Shares Outstanding 77,555,499
NanoTech Entertainment, Inc CHANGES so far!!
Authorized Shares NO CHANGE
Total Shares Issued & Outstanding REDUCTION
Free Trading Shares Outstanding NO CHANGE
Restricted Shares Outstanding NO CHANGE
FOR IMMEDIATE RELEASE
Investor Contact: Daniel Wong
Phone: (858) 381-4677
Email: dwong@ntek.com
NanoTech Releases Letter to Shareholders
SAN JOSE, CA – December 23, 2014 – NanoTech Entertainment (OTCPINK: NTEK),released the following letter to shareholders answering several inquiries from shareholders and investors updating them on many aspects of the business.
I would first like to wish all of our shareholders and their families a very happy holiday season. I am happy to take this opportunity to address several recurring questions that have been coming into the company through our IR group. NanoTech has been extremely busy lately and there is a lot going on that has not yet been completed, so are not allowed to release information until such time as certain deals are complete. I can however address in general terms many of the questions that have been asked lately.
NanoTech has become one of the leaders in the 4K Ultra HD market. This is due to the large investment of time and money that we have put into this space in the past two years. By focusing on a complete end to end solution, creating streaming content from any source, we have been able to build the UltraFlix platform into the largest offering of 4K Ultra HD content. The past few months have not only seen adoption by major television manufacturers, with UltraFlix now being built into 4K TV’s, but also we have recently licensed top class movies from companies including MGM and Magnolia. As we work with studios and producers in building our library and offering, we have found it necessary to raise additional capital in order to have the budget necessary to acquire movie rights such as our recently announced Rocky, Robocop, et al. We have setup the Ultra Media Group which will be announcing fund offerings for additional investments into more content acquisition. In addition to fund raising, Ultra Media Group has also been given several acquisitions to target to increase the amount of content that we own or have exclusive rights to, further expanding our asset base.
NanoTech recently notified investors of the acquisition of HVEL. Once the deal is completed, HVEL will have a name change, and NTEK plans on using that company to help the expansion the gaming division. This will also help the company accelerate the licensing and certification phase for the gaming division in multiple jurisdictions as casino products are rolled out in multiple states. NanoTech has recently issued more shares. We have no intention of raising the authorized share structure, nor any contemplation of a reverse split. In conjunction with issuing shares under various contract obligations, many shares have been issued to employees who have the ability to exercise stock purchases on a quarterly basis.
We have at the same time started to identify share buyback opportunities and are completing those at the same time, reducing the issued shares by over 5 million shares this week alone. We will continue to balance the issued and outstanding shares against the buyback and our ultimate goal is to reduce the share count, but at this time we don’t see any need to increase the authorized shares, which have been reduced once already in the past 2 years, and as we get to a point of further reductions, we will once again reduced the authorized share count.
A lot of people have asked us why we are focused on the UltraFlix network, and not the NP-1 product line. As we explained in detail at the shareholders meeting, the NP-1 was always planned as a transition product to enable us to capture as many 4K TV customers as possible. What we did not anticipate was how fast the Smart 4K TV's would be available. We have sold through all of our manufacturing runs of the NP-1 to our distribution network. With 90% of the 4K TV’s now being sold able to load the UltraFlix app without an external device, we don’t see the market for the NP-1 expanding.
Our new CPA firm has been working on the audit process for all seven of our companies. Once all of the companies have been completed, NTEK will file the audits and will file the necessary forms with the SEC to complete our uplisting and return to the OTCQB board and beyond.
We continue to be very excited about the future of NanoTech and some of the major accomplishments that we have achieved in the past couple of months. With UltraFlix being talked about with Netflix and Amazon Prime, and the demand for our gaming technology and products at an all-time high, as well as many new soon to be announced Magic Screen relationships, the company continues to expand and achieve the goals that we have laid out for it.
I encourage you to continue to communicate with our IR department with any questions that you have as we continue to grow the company and help define the Future of Entertainment.
