LONGWOOD, Fla., April 23, 2012 /PRNewswire/ -- 3D Entertainment Holdings dba 3D Eye Solutions, Inc. (OTCPK: TDEY) is pleased to announce that it has completed a year of transition which included the signing of a 10 Year worldwide license agreement between 3D Network International, Inc. and 3D Eye Solutions and a significant reduction of debt. The new company will focus on licensing and distribution of 3D Eye Solutions' 3D content worldwide and the future acquisition of optical technologies.
3D Entertainment Holdings wholly owned subsidiary 3D Network International signed a 10 Year worldwide license agreement with Michael Gibilisco as part of a settlement agreement. As part of the settlement agreement, 3D Network International received a 10 Year license agreement without the necessity of incurring any additional fees to Michael Gibilisco. Michael Gibilisco, the former CEO, will retain the rights, patents, and trademarks for 3D Eye Solutions and will continue to develop the technology.
"We believe the 10 Year License Agreement is in the best interest of all the shareholders. The license has already been paid for, which will allow 3D Entertainment Holdings and 3D Network International to market the technology without the large R & D cost which were prohibitive to the growth of the Company," stated Dominic Crain, 3D Entertainment Inc. CEO.
The public company has already begun the process of undergoing a name change to better reflect its new business model. The new Company will market and sell the 3D technology under the 10 Year license agreement. All agreements are posted at http://www.otcmarkets.com/stock/TDEY/financials. 3D Network International is currently working on projects for television, motion pictures and animation including Bobo Tales and Who Am I. 3D Network International will help 3D Eye Solutions fulfill 3D conversion projects in various markets worldwide.
3D Entertainment Holdings reduced its long term liabilities from ($2,306,554) for yearend Dec. 31, 2010 to ($1,425,892,) yearend December 31, 2011. As a result of the debt forgiveness, the Company posted under "Other Income" a gain of $738,010, and its net loss for the Year End 2011 was reduced by $862,652. The Net loss for Year end 2011 was just ($278,948) compared to ($1,141,600) in 2010.
The Company's former management Chairman Marc Jablon and CEO Michael Gibilisco worked to position the Company moving forward with less debt and the benefits of a 10 Year Software and Trademark License. New Management, Dominic Crain and Cynthia Cassidy are currently working on completing the Who Am I pilot so it could be shopped at NATPE, and interviewing merger and acquisition candidates to continue to strengthen the Company's bottom line.
To learn more about 3D Network International, Inc., please visit: www.3dnetworkintl.com
About 3D Eye Solutions, Inc.:
3D Eye Solutions, Inc. is a service provider and integrator for the 3D Stereo and Auto-stereo media industry that covers a wide range of markets. 3D Eye Solutions, Inc. produces and processes media content for corporate, venues, and trade show events. The Company also provides turnkey systems and converts existing media to enable end users to showcase properties in multi-view format. For more information, please visit the Company's Web site: www.3deyesolutions.com.
Safe Harbor: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
3D Eye Solutions, Inc.
SOURCE 3D Eye Solutions, Inc.