SAN JOSE, Calif., Feb. 2, 2015 /PRNewswire/ -- NanoTech Entertainment (OTCPINK: NTEK), an entertainment conglomerate leveraging technology to deliver state-of-the-art products and services, announced today that it has completed the acquisition of a controlling interest in High Velocity Enterprises, Inc. (HVEL) as part of an overall corporate reorganization. NTEK will place the NanoTech Gaming Labs division into HVEL which will include the division's IP portfolio and full gaming operations.
With the acquisition complete, NanoTech shareholders of record as of February 6, 2015 will be allocated shares in HVEL equivalent to their percentage of ownership in NTEK. Shares will be issued to NTEK shareholders upon effectiveness of a to be filed Form S-1 Registration Statement with the Securities and Exchange Commission ("SEC") pursuant to the Securities Act of 1933 as amended. NanoTech will strive to complete the shareholder allocation as soon as possible, but cannot provide a specific date of issuance until the transaction has been approved the appropriate regulatory authorities.
HVEL shareholders will benefit from the immediate acquisition of NanoTech Gaming Labs Staff, Technology, IP Portfolio and product line up. HVEL will immediately change its name to NanoTech Gaming, Inc. ("NanoTech Gaming") and apply for a new ticker symbol to reflect the new name. NTEK will retain the majority controlling interest in NanoTech Gaming.
Alan Stone, is the new Chairman and CEO of NanoTech Gaming where he will focus on licensing the portfolio of IP and the acquisition of global gaming licenses as well as the manufacture and distribution of gaming products. Alan and the other board members will be joined by Aaron Hightower, Senior VP of Gaming Technology who has accepted a board seat.
As part of NanoTech's new corporate reorganization and management plan, Peter Riordan, previously NanoTech's Vice President of Strategic Planning, has been named the new CEO of NanoTech Entertainment and has been appointed to the Board of Directors. In his new position, Peter will focus on the overall corporate strategy, completing the audit process and up listing. He will also provide support for each business unit head to facilitate their continued success in their various endeavors. Jeff Foley, NanoTech's former CEO, remains on Board of Directors and will be focusing on expanding the licensing of several of the company's patent pending technologies and franchising opportunities. Riordan noted, "I've been fortunate to work with Jeff, Al and Ted over the past year in formulating a plan to take NanoTech to the next level. We have performed well on all fronts in our transition from the R&D phase to product delivery. By reorganizing the management structure to have each business unit have a focused set of goals and leadership, we believe that we can bring the greatest value to our shareholders this year."
The goal of NanoTech's corporate reorganization and management plan is to optimize business opportunities by leveraging staff skill-sets, maximizing revenues and shareholder value. Key objectives include focusing on how to complete audits for each division and how to organize the management structure to best serve the business as a whole. To these ends, a new corporate governance oversight board has also been created and details will be released with the new FY2015 business plan in the coming weeks. Riordan closed by stating, "I, along with other shareholders want to thank Al, Jeff and Ted for having the foresight to expand the business and to setup each business unit for maximizing results and increasing value. I look forward to 2015 and beyond as we make significant strides in each market segment that we are in, complete audits and up listings further shareholder value."
About NanoTech Entertainment
Headquartered in San Jose, CA, the heart of Silicon Valley, NanoTech Entertainment is a technology company that focuses on all aspects of the entertainment industry. With seven technology business units, focusing on 3D, Gaming, Content, Media & IPTV, Mobile Apps, and Manufacturing, the company has a unique business model. The company has a diverse portfolio of products and technology. NanoTech Gaming creates the world's most compelling gaming experiences by using the latest innovative technology in land-based casino, consumer and arcade gaming markets. Based on research of modern social and competitive games, NanoTech gaming machines allow players to choose exactly how they want to balance their skill and intelligence against the risk / reward model of the game. Players enjoy compelling video experiences that are entertaining independently of the gambling component. NanoTech Media develops proprietary technology which it licenses to publishers for use in their products as well as creating and publishing unique content. NanoTech Media Technology includes the world's first 4K Ultra HD streaming solution. NanoTech Communications develops and sells proprietary apps and technology in the Mobile and Consumer space. Clear Memories is the global leader in 3D ice carving and manufacturing technology. 4K Studios creates digital 4K Ultra HD content using both licensed materials as well as original productions. Ultra Media Group focuses on the acquisition and licensing of content. UMG also develops and creates original programming and live events for use on NanoTech networks. More information about NanoTech Entertainment and its products can be found on the web at www.NTEK.com.
"Safe Harbor" Statement: This press release contains forward-looking statements, including expected industry patterns and other financial and business results that involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: the sustainability of recent growth rates in of the company; the positioning of NanoTech Entertainment, Inc. in the market; ability to integrate both developed and acquired companies and technology; ability to retain key employees; ability to successfully market product offerings and customer acceptance of products; general market conditions, fluctuations in currency exchange rates, changes to systems and product strategy by vendors of systems; and whether NanoTech Entertainment, Inc. can successfully gain market share. Actual results may differ materially from those contained in the forward-looking statements in this press release. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.
NanoTech Entertainment, NanoTech Media, NanoTech Gaming Labs, NanoTech Communications, MagicScreen, 4K Studios, 4K Ultra HD logo, UltraFlix, NanoFlix, Nuvola GP-1, Nuvola NP-H1, Nuvola TV-U1, Nuvola NP-1, Nuvola NP-C, and ProFlix UHD and their associated logos are trademarks of NanoTech Entertainment. "The Future of Television", "The Future of Gaming" and "The Future of Entertainment" are Service Marks of NanoTech Entertainment. All rights reserved. All other marks are the property of their respective owners.
NanoTech Contact: Andy Marken
Phone: (408) 986-0100
Email: [email protected]
Investor Contact: Dan Wong
Phone: (858) 381-4677
Email: [email protected]
SOURCE NanoTech Entertainment