ICT Transfers Licensing for Media Device Technology To Reeltime Rentals
Thursday , August 12, 2004 06:00 ET
SEATTLE, Aug 12, 2004 (BUSINESS WIRE) -- Innovative Communications Technologies, Inc. (OTCPK:ICTN), announces the signing of a letter of understanding that transfers its exclusive worldwide license for groundbreaking Media Device Technology to Reeltime Rentals, Inc. (www.reeltimetv.net).
"Unlike companies deploying Video on Demand, this new technology virtually eliminates media licensing costs, therefore substantially reducing delivery expenses," said Alex Stanczyk, president and CEO, Reeltime Rentals. "Furthermore, Reeltime gains a significant financial advantage by balancing inventory requirements over an entire market versus a single location."
"I have confidence that Reeltime Rentals has the qualified resources to successfully market this revolutionary media technology worldwide," said Barry Henthorn, CEO, Innovative Communications Technologies, Inc. "Transferring this Media Device Technology to Reeltime offers a greater opportunity for the product's sustained success, and value opportunity for Innovative's shareholders".
In consideration for the license, Innovative will receive equity in Reeltime and a short-term consulting contract to assist in the transition of the technology from Innovative to Reeltime.
About the Technology
The technology allows the user to remotely and electronically rent digital media content such as movies, CD's and games, resulting in a dramatic reduction in per viewing broadcast costs. In addition, rapid advancement in computing power and convergence has flooded the market place with devices to encode and decode media, therefore dramatically reducing costs and availability. As these trends continue, the obstacle of technological delivery will diminish entirely.
About the Company
Innovative's GPTN proprietary technology and alliances with industry leaders now place the company at the forefront of the telecommunications industry. Further, Innovative Communications Technologies, Inc. is currently the only T-Mobile National Premier VAR dealer in the Northwest region of the United States able to promote and sell T-Mobile's wireless products and services. For more information visit the company's website at www.ict.net.
Safe harbor statement under the private Securities Litigation reform Act of 1995
This news release contains forward-looking statements, including statements regarding Innovative's expectations about successfully expanding its GPTN business and securing significant additional customers for its products or services. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from future results expressed or implied in such statements. These risks and uncertainties include the inability to manage expected growth, the loss of a large customer, the failure to realize the increased revenues and improved operating margins that the Company has associated with sales of GPTN, the loss of any key personnel, tightening regulation of the communications technologies and channels used in our systems, our inability to introduce new services that are accepted by the market, the loss or non-performance of our sales representatives, unfavorable results of existing and potential litigation, and the possibility that competitors could develop or acquire technology that could erode Innovative's technical advantages. The Company disclaims any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements contained in this news release.
SOURCE: Innovative Communications Technologies, Inc.
CONTACT: Innovative Communications Technologies, Inc.
Barry Henthorn, 206-812-3500
www.ict.net
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