$LUXD- current price .0024
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News
Lux Digital Pictures, Inc. Acquires WatchThis(TM) and Contracts for RadioLoyalty(TM)
LOS ANGELES, CA, May 23, 2012 (MARKETWIRE via COMTEX) -- Lux Digital Pictures, Inc. ("Lux" or the "Company") (OTCBB: LUXD) (OTCQB: LUXD) announced today that it has acquired the entire WatchThis(TM) business and assets, including the following tangible and intangible properties: WatchThis.com Domain Name; assignment of the patent pending for "System and Method for Providing Media Content;" the WatchThis(TM) website, database, repositories and digital assets; work product, goodwill, proprietary ideas and trade secrets; business concepts; computer hardware, software and other equipment. WatchThis(TM) is a patent-pending advanced digital media player technology, known as DoinyVision(TM), that provides commercial free content with unobtrusive in-show merchandising and advertising. This technology incorporates enhanced product placement with user driven requests for additional information on those items they deem pertinent to their lifestyle.
The Company also entered into a binding letter of intent to acquire, on or before October 1, 2012, all of the business and assets of RadioLoyalty, Inc., an affiliate of Michael Hill, in consideration for the issuance to the RadioLoyalty(TM) shareholders of approximately 90% of the total issued and outstanding stock of the Company at the time of the acquisition. Lux plans to acquire RadioLoyalty(TM) and change its name and trading symbol appropriately.
Effective May 17, 2012, Lux conveyed all of its existing motion picture and related assets and business to Lux Digital Pictures GmbH Partners, an affiliate of Lux, in consideration for the assumption of certain liabilities and the issuance of 100 shares of the Company's Series A Convertible Preferred Stock.
"We are very pleased to be able to announce this acquisition and agreement. The proprietary Internet and Mobile business models of both WatchThis(TM) and RadioLoyalty(TM) have enormous potential and will now provide the Company with an exponential opportunity to grow, become profitable and to create near term shareholder value," said Ingo Jucht outgoing Chief Executive Officer of Lux. "As a shareholder of Lux, I am excited about the Company's new business."
Michael Hill has been appointed the new Chairman of the Board of Directors and Chief Executive Officer of Lux.
This announcement contains forward-looking statements about Lux Digital Pictures, Inc. that may involve risks and uncertainties. Important factors relating to the company's operations could cause actual results to differ materially from those in forward- looking statements and which are further detailed in filings with the Securities and Exchange Commission available at the SEC website ( http://www.sec.gov ). All forward-looking statements are based on information available to Lux Digital Pictures, Inc. on the date hereof, and Lux Digital Pictures, Inc. assumes no obligation to update such statements.
SOURCE: Lux Digital Pictures, Inc
Copyright 2012 Marketwire, Inc., All rights reserved.
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