Rich Dad Companies and Tigrent Inc. Agree to New Licensing Agreement
SCOTTSDALE, Ariz. and CAPE CORAL, Fla., May 27, 2010 /PRNewswire-FirstCall/ -- Rich Dad Operating Company, LLC, Rich Global, LLC, and Tigrent Inc. (OTC Bulletin Board: TIGE) today jointly announced that they have entered into a series of definitive agreements that restructure the agreements pursuant to which Tigrent operates under the Rich Dad Brand. The definitive agreements are the culmination of negotiations among the parties that were first announced on March 17, 2010. Rich Dad Operating Company, LLC and Rich Global, LLC are entities controlled by Robert and Kim Kiyosaki. Mr. Kiyosaki is the author of the internationally best selling Rich Dad Poor Dad and other books that teach readers about financial literacy. Tigrent provides courses that are based on the teachings and philosophies outlined by Mr. Kiyosaki in the Rich Dad Poor Dad book series.
"I am pleased that Rich Dad and Tigrent have come together in a way that focuses on serving and fulfilling the educational needs of our students," said Robert Kiyosaki. "We look forward to our new cooperative relationship with Tigrent that reflects our common goal of creating a seamless Rich Dad brand experience for our customers."
"Entering into this new arrangement demonstrates our commitment to the success of the Rich Dad brand," said Steven C. Barre, Interim Chief Executive Officer of Tigrent. "We are excited about the prospects for Tigrent due to the enhanced cooperation between Rich Dad and Tigrent that these agreements will help bring about."
The new licensing agreement contains revised economic terms that improve Tigrent's ability to provide customer fulfillment services to Rich Dad customers. Additionally, Tigrent and the Rich Dad Companies will work together to provide increased oversight in the areas of quality assurance and compliance. The agreement also commits Tigrent to new standards of excellence in providing customers of Rich Dad Education products the best of class solutions in all aspects of its offering.
The definitive agreements further provide for the issuance of 9.9% of Tigrent's issued and outstanding common stock to Rich Global and the redemption of Rich Global's 49% interest in Tigrent's affiliate that currently conducts the Tigrent-Rich Global operations. In addition, the transaction will enhance operational cooperation between the parties in advertising, marketing, and fulfillment of educational programs.
About Tigrent Inc.
Tigrent Inc. (OTC Bulletin Board: TIGE) is a provider of educational training seminars, conferences and services across multiple delivery channels that help students become financially literate. The company provides students with comprehensive instruction and mentoring in real estate and financial instruments investing, personal finance, and entrepreneurism in the United States, United Kingdom, and Canada. Additional information can be found at www.tigrent.com.
About Rich Dad
The Rich Dad companies were formed based on the teachings of Robert Kiyosaki and Kim Kiyosaki. In 1996, the Kiyosakis formed certain of the Rich Dad group of entities to raise global financial literacy. The Kiyosakis continue their efforts on an international basis through the use of the Rich Dad series of books, CASHFLOW games, audio/video products, Internet channels, live seminars, and educational programs.
The Rich Dad series of books, launched with the "Rich Dad Poor Dad" book, was a New York Times bestseller for over 5 years and has sold copies throughout the world, translated into multiple languages. "Rich Dad Poor Dad" has been followed by additional books in the Rich Dad series and the Rich Dad's Advisor series.
Kim Kiyosaki is the author of the "Rich Woman" book; which is one of the top 50 best-selling personal finance books of all time.
Special Note Regarding Forward Looking Statements
This press release includes certain forward-looking statements that are based upon the Tigrent's current expectations and involve a number of risks and uncertainties. Those forward-looking statements include all statements that are not historical statements of fact and those regarding the intent, belief or expectations of the Company, including, without limitation, Tigrent's ability to realize the benefits of successfully restructuring its licensing agreement with Rich Global. In order for Tigrent to utilize the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, investors are hereby cautioned that certain factors may affect these forward-looking statements, including but not limited to (i) Tigrent's ability to perform its obligations under the definitive licensing agreement that sets forth the new licensing terms, as well as the related restructuring agreements with Rich Dad, and (ii) additional risks which are identified in the Company's SEC filings, including but not limited to Tigrent's Annual Report on Form 10-K for the year ended December 31, 2009.
SOURCE Tigrent Inc.