LOS ANGELES, Dec. 9, 2015 /PRNewswire/ -- Loton, Corp. (OTC: LIVX) announced that it has received a credit line expansion to secure additional content acquisitions, build out its premier digital team and provide capital for potential acquisitions. Trinad Capital has increased the maximum advance amount on its Amended and Restated Senior Promissory Note to Loton from $1,000,000 to $2,000,000. Loton has also filed a demand notice with KOKO's holding company for the immediate repayment of all indebtedness as of October 28th, 2015. Additionally, Loton's previously announced Letter of Intent for the sale of its 50% interest in KOKO, London's iconic live music venue, has not closed and the company will analyze all strategic options.
"Trinad has extended its credit line to Loton based on our confidence in the management team, the success of Rock in Rio and the continued progress of the LiveXLive digital business. Regarding KOKO, Loton's board of directors has substantial flexibility in considering all options. Our LiveXLive subsidiary plans to launch the world's first live music streaming platform in 2016. LiveXLive leverages the mobile device preference of millions of millennial fans, creating the first independent global live music and lifestyle network delivered across all digital platforms," said Robert Ellin, LiveXLive Founder and Chairman.
KOKO is a premier multimedia and lifestyle brand and one of London's iconic live music venues. KOKO is internationally renowned for delivering over 250 live music events per annum for the past ten years and streaming live music to more than 300 million viewers in 70 countries around the globe.
About Loton, Corp. (OTC: LIVX)
Loton, Corp. (LIVX.OB) is a parent company in the emerging live / digital music space. The company's LiveXLive subsidiary intends to be the world's first premium live music streaming network that will deliver around the clock live music to viewers on any connected device as an authentic and experiential platform. The platform plans to offer the world's leading music festivals with multiday and multistage coverage, unique concerts, intimate performances and cutting edge programming. We plan to extend the live experience to fans on desktop, laptop, mobile, tablets, consoles, connected TVs and virtual reality platforms. The LiveXLive network expects to provide compelling and curated content that showcases the entire spectrum of music to include music inspired fashion, food, and lifestyle content and showcase interviews, backstage access and both fan and artist perspectives. LiveXLive intends to feature all genres of music including rock, pop, indie, alternative, EDM, country and feature major festival headliners as well as emerging artists performing at clubs and venues around the globe.
Forward Looking Statement
Statements in this news release concerning future results from operations, financial position, economic conditions, product releases and any other statement that may be construed as a prediction of future performance or events are forward looking statements which involve known and unknown risks, uncertainties and other factors which may cause actual results to differ materially from those expressed or implied by such statements. These factors include uncertainties as to levels of orders, ability to record revenues, release schedules, market acceptance of new products, changes in economic conditions and market demand, pricing and other activities by competitors, and other risks including those described from time to time in the Company's filings on Forms 10-K and 10-Q with the Securities and Exchange Commission, press releases and other communications.
SOURCE Loton, Corp.