Attached files
| file | filename |
|---|---|
| 8-K - NextPlay Technologies Inc. | v200488_8k.htm |
| EX-4.1 - NextPlay Technologies Inc. | v200488_ex4-1.htm |
| EX-10.1 - NextPlay Technologies Inc. | v200488_ex10-1.htm |
| EX-10.2 - NextPlay Technologies Inc. | v200488_ex10-2.htm |
|
PRESS
RELEASE
Contact:
John R. Exley, III
Acorn
Management Partners
Jre@AcornManagementPartners.com
Direct:
678-368-4002
Company
Profile: NXOI.Acornmanagementpartners.com
|
For
Immediate Release
November
1, 2010
|
Next
One Interactive Signs $15,000,000
Purchase
Agreement with Lincoln Park Capital
Fund,
LLC
Ft. Lauderdale, FL, November 1, 2010 - Next One Interactive,
Inc. (OTCBB:NXOI) (the "Company"), a provider of travel and real estate
services, announced today that on October 26, 2010, it signed an equity purchase
agreement for up to $15 million with Lincoln Park Capital Fund, LLC ("LPC"), a
Chicago-based institutional investor.
"We are
pleased to have partnered with LPC on this purchase agreement due to the
successes that LPC has had with growing other companies by infusing their
experience along with their capital. We anticipate they will help us
as well by funding our business on favorable terms which we believe will benefit
all of our shareholders," said William Kerby, Vice-Chairman & CEO of Next
One Interactive, Inc. The proceeds of the financing will be used for
the further development of the R&RTV Network and the Travel and Real Estate
Video on Demand platforms. Any additional funds will be used to
improve other lines of business and to make acquisitions of companies in the
same sector.
Upon
signing the purchase agreement, LPC invested $200,000 in Next One as an initial
purchase under the agreement at $.50 per share together with warrants to
purchase additional shares at an exercise price of $1.00. The
Company, under the agreement, also has the right at its discretion to sell
shares of its common stock to LPC from time to time over a 30-month period in
amounts up to $500,000 and up to an additional $14.8 million depending on
certain conditions as set forth in the purchase agreement including that a
registration statement related to the transaction has been declared effective by
the U.S. Securities & Exchange Commission ("SEC").
There are
no upper limits to the price LPC may pay to purchase Next One common stock, and
Next One will control the timing and amount of any sales of shares to LPC with
the purchase price fixed on the date of sale and based on the prevailing market
prices of the Company's shares for a period immediately preceding the
sale. The purchase agreement may be terminated by Next One at any
time, at its sole discretion, without any cost or penalty.
The
Company encourages a review of the more detailed description of the agreement as
set forth in the Company's Current Report on Form 8-K filed with the
SEC.
About Lincoln Park Capital
(“LPC”)
LPC is an
institutional investor headquartered in Chicago, Illinois. LPC’s experienced
professionals manage a portfolio of investments in public and private entities.
These investments are in a wide range of companies and industries emphasizing
life sciences, energy and technology. LPC’s investments range from multiyear
financial commitments to fund growth to special situation financings to
long-term strategic capital offering companies certainty, flexibility and
consistency. For more information, visit www.LincolnParkCapital.com.
About Next One Interactive
Inc.
Next One
Interactive Inc. (NXOI) is a multi-faceted media company, specializing in Travel
and Real Estate. Next One delivers targeted content via digital platforms,
including Satellite, Cable, Broadcast, Broadband, and Mobile. Along with the
full-time R&R TV network, the company delivers its content and sponsors'
messages on Video on Demand outlets, enhanced by interactive applications. The
company also provides content in customized print publications. In today's
digital market, Next One Interactive delivers both targeted information and
entertainment to consumers. The company has created multiple revenue streams,
including transactional commissions, referral fees, branded content,
advertising, and sponsorship. The multiple revenue streams, delivered on
integrated media platforms, allow for measurable return on investment to its
advertisers, sponsors and business partners. For more information, please visit
www.nxoi.com
Safe Harbor
Statement
This news
release contains forward-looking statements as defined by the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include statements
concerning plan, objectives, goals, strategies, future events or performance,
and underlying assumptions and other statements that are other than statements
of historical facts. These statements are subject to uncertainties and risks
including, but not limited to product and service demand and acceptance, changes
in technology, economic conditions, the impact of competition pricing,
government regulation, and other risks described in statements filed from time
to time with the Securities and Exchange Commission. All such forward-looking
statements whether written or oral, and whether made by or on behalf of the
Company, are expressly qualified by the cautionary statements that may accompany
the forward-looking statements. In addition, the Company disclaims any
obligation to update any forward-looking statements to reflect events or
circumstances after the date hereof.
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