Next 1 Exchanges R&RTV Assets for a Minority Stake in Launch 360 Network
FORT LAUDERDALE, Fla., May 12, 2015 /PRNewswire/ -- Next 1 Interactive, Inc. (OTCQB: NXOI) announced today that it has agreed to sell its assets in the R&R Television Network to Launch 360 Media, Inc. in exchange for a 10% minority interest in Launch 360 Media, Inc., with the remaining 90% retained and owned by Cherokee Black Entertainment, Inc. Additionally Next 1 will receive the rights to limited daily advertising time to promote its Travel, Real Estate and Employment platforms to Launch 360's viewing audience.
As part of the agreement, Launch 360 will commence broadcasting under the R&R TV branding to its approximate 37 million households in the Caribbean, Canada and the United States. Additionally a distribution agreement has been reached with Simply Me that will position R&R Television to be carried on a VOD platform on Dish Network, Verizon FIOS and the 126 million mobile devices on Verizon Wireless.
As part of the Networks expansion, Cherokee Black Entertainment, Inc. plans to reach out to its significant relationships in the sports, music and television entertainment communities to develop new content to enhance the current programing lineup. This new content will include Pay-Per-View music and comedy concerts as well as live and taped interviews and events which can also be sub-licensed to third party operators to generate significant ancillary revenue for the company.
Jimmie Wheeler (a highly skilled, entrepreneurial-minded leader in entertainment) and R&R Television's president, David Simon, will be heading efforts to aggressively expand R&R Televisions US distribution. "After years of working in both the entertainment and television industries we are excited about bringing together the synergies of the parties to create a truly unique lifestyle and entertainment network under the R&R TV brand," commented Mr. Wheeler.
The immediate goal is to capitalize on the union between the Network's North American reach and certain Next 1 product offerings including; Maupintour, the Home & Away Club and NameYourFee.com (employment recruiting) platforms. Next 1 CEO, Bill Kerby stated, "I am very excited to see R&R TV re-launching during this strong economic environment for jobs, travel and real estate. There is no medium like television to capture awareness and we plan to use both our valuable advertising time and R&R TV's new celebrity connections to help drive products, services and sales to multi-million dollars levels."
The parties are working towards a new comprehensive marketing agreement covering multiple areas where synergies exist and they hope to announce final terms shortly.
About Launch 360 Media, Inc.:
Launch 360 Media, Inc. is a fully programed television network which now broadcasts to an estimated 37 million households in the Caribbean, Canada and the United States. The company began broadcasting initially to 27 English Caribbean countries from the US, before being recognized by the US cable and broadcast companies. Recent growth includes Toronto and Montreal, Canada, NY-Tri-State area (New York, New Jersey and Connecticut) and Comcast Denver, Colorado. Additionally the company has entered into both video on demand (VOD) and over the top television platforms with VOD platforms on Dish Network, Verizon FIOS and Verizon Wireless mobile devices and "over the top" TV programing with ROKU to several million subscribers.
About Next 1 Interactive, Inc.:
Next 1 Interactive, Inc. (NXOI) is a service company specializing in the employment, travel and real estate arenas. Next 1 plans the delivery of targeted content via multiple digital platforms. In today's digital market, Next 1 delivers information and entertainment to consumers. The company business plan calls for multiple revenue streams from recruiting, real estate and travel content delivery including transactional commissions, referral fees, advertising and sponsorship.
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 plan, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks 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 statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
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SOURCE Next 1 Interactive, Inc.
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