Press Release Source: Next 1 Interactive Inc. On Tuesday April 5, 2011, 8:30 am EDT
FORT LAUDERDALE, FL--(Marketwire - 04/05/11) - Next 1 Interactive, Inc. (OTC.BB:NXOI - News) ("Next 1") announced that it has entered into an agreement to acquire a controlling interest in ValCom, Inc. ("ValCom") (www.valcom.tv) through the acquisition of a new series of convertible preferred stock of ValCom that is convertible into at least fifty one percent (51%) of the common stock ValCom on a fully diluted basis in exchange for newly-issued shares of Next 1 common stock and an operating loan.
Next 1 shall provide to ValCom an operating loan that will be secured by all of the assets of ValCom, including, but not limited to: (i) My Family TV, LLC; (ii) Valencia Entertainment; (iii) ValCom's intellectual library (iv) ValCom's music library; (v) real property; (vi) intellectual property; (vii) equipment; and (viii) ValCom's Broadcasting -- a forty five percent (45%) equity interest in Palm Springs TV Station, subject to existing security interests held by third parties.
Next 1's R&R TV television network currently reaches approximately 30 million homes, and ValCom's My Family TV television network reaches approximately 40 million households. Next 1 plans to combine some of the programming content from both My Family TV and its R&R TV television network in the second quarter of 2011, thereby allowing Next 1 to reach approximately 70 million homes.
Bill Kerby, CEO of Next 1, stated, "We believe that the combination of content in our television networks provides three synergies: (1) increased distribution, which is expected to provide new advertising opportunities; (2) reduced operation costs through shared services; and (3) as the result of ValCom's artist library, additional programming in a better program line up for R&R TV viewers."
ValCom has contracted with an accredited outside appraiser to determine a fair market value of the content owned by the company. In the first phase of the appraisal, representing roughly 30 percent of the assets, a fair market value has been placed on television and film portions of the library of over $23 million. Vince Vellardita, President and CEO of ValCom, stated, "We know we have phenomenal titles in the ValCom library that are going to command top dollar as we license them in the domestic and international marketplace. Having worked with Next One Interactive on a number of projects including a series of successful real estate auctions, we have realized there are some great synergies when we've combined the My Family TV and R&R TV networks in the past."
R&R TV's programming will be integrated with My Family TV's significant film library to result in "best of breed" blocks of programs that will include real estate, travel, lifestyle, movie nights, retro, children and live auctions.
About ValCom Inc. ValCom, Inc. ("ValCom"), based in Clearwater, FL, is a diversified, fully integrated, independent entertainment company that has been in operation since 1983. For over 25 years, ValCom has acquired a content library of movies, television series, "Retro TV" shows, sporting events, specials and audio content, resulting in ValCom having over 6,000 titles in its library, Some of the best known titles of ValCom's Retro TV shows include, Bonanza, the Ozzie and Harriet Show, the Green Hornet, Tarzan, Flash Gordon, Judy Garland library and The Beverly Hillbillies. ValCom, through its four operating divisions (television and film production, broadcasting, distribution and live theatre) and its subsidiaries, creates and operates full service facilities that accommodate film, television and commercial productions. ValCom's clients include MGM, Paramount Pictures, Warner Bros, Disney, CBS, Sony, NBC, Phantom of the Opera and HSN. For more information, please visit ValCom's website at http://www.valcom.tv.
About Next 1 Interactive, Inc. Next One Interactive Inc. ("Next 1") is a multi faceted media company that specializes in travel and real estate content and delivers information and entertainment to consumers. Next 1 delivers targeted content via digital platforms such as satellite, cable, broadcast, broadband and mobile. In addition to Next 1's R&R TV television network, Next 1 plans to deliver its content and sponsors' messages on Video-on-Demand outlets that will be enhanced by interactive applications, resulting in integrated media platforms.
Safe Harbor Statement This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These forward-looking statements are identified by words such as "will," "future," "expect," "look forward to," and similar expressions. These statements are subject to uncertainties and risks, some of which are beyond the control of Next 1, including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in filings made with the Securities and Exchange Commission, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC at sec.gov or by contacting Next 1's public relations departments. All information set forth in this press release is current as of April 4, 2011. Next 1 does not undertake any duty to update any statement in light of new information or future events. Contact:
Contact: NXOI Corporate Headquarters Next 1 Interactive, Inc. Direct: 954-888-9779 investorrelations@nxoi.com
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