Next 1 Interactive, Inc., (OTCBB: NXOI) announced today, it has entered into an Exchange Agreement whereby it will acquire an approximate 93% controlling interest in Webdigs, Inc. Under the terms of the Exchange Agreement, Next 1 will transfer its wholly-owned subsidiary, Attache Travel International, Inc. d/b/a Next One Realty, which holds Next 1's real estate assets, including its share ownership in RealBiz360, a real estate joint venture agreement for video on demand, its Home Preview Channel assets and current or pending real estate media contracts, in exchange for the controlling interest of the publicly traded company.
Webdigs, founded in 2007, has developed and acquired real estate websites & technology and has a licensed real estate brokerage division with more than 30 years of experience and affiliations in 19 states.
Next 1 plans to utilize the new public entity for expansion of its real estate media services including expansion of video on demand real estate listings services, enhanced mobile, broadband & web based services, as well as targeted advertising and lead generation solutions for the real estate community.
This agreement will allow for Next One Realty to operate independently and obtain funding specifically targeted to Next 1's real estate division, while still allowing Next 1 shareholders to benefit from Next One Realty's growth and development through the Company's approximate 93% controlling interest.
Pursuant to the terms of the exchange agreement, closing is conditioned upon (i) Webdigs effecting a 200:1 reverse split of its common shares, (ii) bringing its SEC filings current and (iii) Next 1 completing its due diligence review of Webdigs, to its satisfaction. The parties anticipate closing of the agreement to be within 60 days.
"With the turning of the economy in the U.S., significant growth opportunities have begun to appear and the creation of an independent public real estate services and media company will allow us to capture opportunities and independent financing to achieve our objectives while still allowing Next 1 shareholders to participate in any growth & development of the new public real estate division," says Bill Kerby, CEO of Next 1 Interactive.
About Next 1 Interactive, Inc.
Next 1 Interactive, Inc. (NXOI) is a multi faceted media company specializing in Travel and Real Estate. Next 1 plans the delivery of targeted content via multiple digital platforms including Satellite, Cable, Broadcast, Broadband and Mobile. In today's digital market Next 1 delivers information and entertainment to consumers. The company business plan calls for multiple revenue streams from real estate and travel content delivery including transactional commissions, referral fees, advertising and sponsorship. The multiple revenue streams and integrated media platforms allow for the delivery of measurable return on investment to its advertisers, sponsors and business partners.
