POMPANO BEACH, Fla., June 29, 2012 /PRNewswire/ -- Ludwig Enterprises, Inc. (OTC: LUDG) Board of Directors announces it received its first payment of $100,000 towards a 10 year multi-million dollar licensing agreement for deployment of Ludwig's Technology into the Canadian Market.
Multiple Canadian Television stations are by law scheduled to permanently turn off their analogue transmitters on December 31, 2012 as Canadian Television convert to the ATSC broadcast standard. This standard is the foundation of Ludwig's revolutionary technology.
Under terms of the agreement Worthington Financial Services, Inc. has agreed to purchase licensing rights to the patented technology owned by Ludwig for the transmission of 50 audio channels over the new digital TV networks within Canada, called "TheOne™" radio. Initial projections indicate that upon completion of network build-out Ludwig should receive approximately $18 million per year in licensing fees.
ABOUT LUDWIG ENTERPRISES, INC. – Ludwig Enterprises, Inc., (LUDG:OTC), is a Nevada based technology company with regional offices in Pompano Beach, Florida. LUDG has patented a revolutionary new method of radio broadcasting over unused digital television spectrum. This technology attaches fifty new digital radio channels to an existing digital television broadcast signal.
Forward-looking statements made in this release are made pursuant to the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements made by Ludwig Enterprises, Inc. are not a guarantee of future performance. This news release includes forward-looking statements, including with respect to the future level of business for the parties. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward-looking statements as a result of certain risk factors that could cause results to differ materially from estimated results. Management cautions that all statements as to future results of operations are necessarily subject to risks, uncertainties and events that may be beyond the control of Ludwig Enterprises, Inc. and no assurance can be given that such results will be achieved. Potential risks and uncertainties include, but are not limited to, the ability to procure, properly price, retain and successfully complete projects, and changes in products and competition.
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