LOS ANGELES, Oct. 24, 2011 /PRNewswire/ -- Loton, Corp (OTC BB: LTNR) announced that it has signed a non-binding letter of intent to acquire the FilmOn.TV Networks Inc. (FilmOn), which holds a License and Franchise Agreement for The Americas from FilmOn.com Plc (FMX:GR), the internet-based, high-definition television (IPTV) service provider with properties in the U.S. and Europe. The letter of intent is subject to due diligence and negotiation of a definitive acquisition agreement, and certain other conditions, and is exclusive to Loton for 60 days. If the transaction is completed, Loton will merge with FilmOn.
FilmOn delivers high-quality subscription-based television services to IP-enabled devices including TVs, set-top boxes, PCs, mobile phones, and tablets across a proprietary delivery platform connected to datacenters in London, Amsterdam, Geneva, New York and Los Angeles.
FilmOn.com customers currently have access to over 120 television broadcast and pay-per-view (PPV) channels from content partners including Hollywood movie studios and major news syndicates, including ReelzChannel TV, My Combat Channel, the Barclays Premier League, Wealth TV, MyFamily TV, The Ski Channel, NWA Wrestling, Fashion TV, and AP Breaking News. There are another 100 plus channels in the pipeline including major US networks, sports leagues and producers.
FilmOn also produces in house-branded TV shows exclusive to FilmOn with advertising agencies such as Quigley-Simpson who collaborate in producing branded content for traditional PPV systems to all 150 million cable homes in the USA through partner carriers such as DIRECTV, Dish Network, iN DEMAND and Avail-TVN.
FilmOn launched its Interactive Artist Management division to create interactive channels for artists and celebrities, based on the FilmOn technology platform. The Company has formed relationships and alliances with key artist management groups and leading artists and celebrities in the entertainment and media industries.
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 Loton's filings on Forms 10-K and 10-Q with the Securities and Exchange Commission (SEC), press releases and other communications.
SOURCE Loton, Corp