LOS ANGELES, July 20, 2016 /PRNewswire/ -- Loton, Corp's (OTC: LIVX) LiveXLive subsidiary has entered into a binding agreement to acquire Wantickets RDM, Inc. in a stock transaction.
Wantickets has more than 15 years of experience leading the electronic dance music space through its ticketing and ancillary solutions. The company, which generated approximately $50 million in revenue last year, has evolved into a media and technology business with end-to-end solutions in ticketing, marketing, artist touring, software, media and branding. Wantickets' clients include premier festivals, nightlife destinations and sporting events such as XS, Wynn Las Vegas, and Formula Drift. The company reaches more than 250 million fans across the United States.
"We are excited to become a part of the LiveXLive family," said Joe Schnair, CEO of Wantickets. "Our strong marketing and ticketing capabilities combined with LiveXLive's live music streaming network allows the company to take advantage of synergies in the emerging digital music market," he continued.
"We believe the acquisition of Wantickets presents an ideal opportunity to expand content reach and build LiveXLive's subscription model by utilizing the company's massive database of live music buyers," said Robert Ellin, LiveXLive Founder and Chairman.
The Company is a leading ticketing company with extensive marketing and branding capabilities. Its focus is to connect fans with the best tickets to events and venues across North America. Wantickets focuses on Nightlife destinations, sporting events and leading festivals that collectively reach more than 250 million consumers. Its leading customers include Wynn Las Vegas (XS and Intrigue), The Light Group, Caesars Entertainment, and Hard Rock Hotel.
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. www.livexlive.com
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.