SAN JOSE, Calif.--(BUSINESS WIRE)--NanoTech Entertainment (OTCPINK: NTEK). The NanoTech Board of Directors wishes to provide a shareholder update regarding corporate reorganization, business summary, and forward looking improvements planned for the coming months. As many shareholders have recently communicated, the board is equally disappointed with the current price per share and market valuation especially during this unprecedented time of growth for the company. We are confident in the future of the company and the success that will return shareholder value.
Effective immediately, the board is announcing the departure of Peter Riordan as CEO. Chairman Jeff Foley will act as interim-CEO and lead the efforts, to affect several changes in operations including a search for a new CEO. Mr. Foley will immediately implement an improved communications strategy with the board, the shareholders, users and the media. We thank Mr. Riordan and wish him well in his future business ventures.
The current valuation is not indicative of the actual business operations and the many major accomplishments the company has experienced with its flagship UltraFlix network in the past year including:
- Releasing support for several new high profile hardware platforms
- Being a featured app on Roku, Vizio and Sony TV's
- Increasing the library offering by 4 times including major studio offerings increasing in the past year from 10 titles to over 1,000 titles
- Establishing exclusive distribution of 4K Ultra HD Movie Offerings from Major Studios including several new releases such as Terminator Genisys
- Releasing original content with major partners such as the San Francisco 49ers
- Customer base growth over 1000% including a recent 10 times month over month growth during the past 2 quarters and on track to hit One Million Users in 2016
- Establishing UltraFlix as the source for the best quality versions of any movies available by any consumer network
- Being featured in store promotions with major brands including Sony, Roku and Vizio
Moving forward, Mr. Foley will be implementing a go forward strategy which should not only bolster shareholder confidence, but help propel the company into even more significant accomplishments this quarter and entering into 2016. Some of the short term goals include:
- Working with financial consultants to define and implement a recapitalization plan that will substantially reduce debt early in 2016.
- Continue to expand the movie catalog including the addition of more major studio catalogs, original content, live events, and exclusive offerings
- Expand exclusive vertical channel offerings such as Armada TV and the San Francisco 49ers channels
- Continue to add new platforms and devices including Amazon Fire TV and Apple TV
- Identify acquisition targets in both the content and technology sectors to accelerate growth
- Establish regular communications and updates to shareholders every month
- Work with new strategical consultants to help implement organizational, staffing, communication, and technology strategies for continued growth.
With the holiday season at hand and the growth we are experiencing, it has been very encouraging that our efforts are showing such progress. The number of 4K TV’s being sold and projected 4K TV sales, will ensure that UltraFlix will be available to an extremely large customer base, and the TV manufacturers have continued to make sure their users know about the largest 4K content library we have to offer.
Thank you for your patience during these extremely busy times, and we will be communicating our progress as we move forward.
We want to hear from you so that we can regularly address any questions or concerns, as well as provide updates on a regular basis. Please contact Dan Wong at 858-381-5740 or email@example.com
Jeffrey A. Foley – Chairman
Offering the world’s largest library of 4K Ultra HD content, UltraFlix is a streaming network that enables users to choose from a library of pristine 4K Ultra HD VOD content in a broad range of categories which include hours of free content. UltraFlix has also become the preferred 4K set-top box and Smart TV App for leading 4K Smart TV manufacturers including Samsung, Sony, Vizio, HiSense and others that are in the process of completing their testing and integration. www.UltraFlix.com.
About NanoTech Entertainment
Headquartered in San Jose, CA, the heart of Silicon Valley, NanoTech Entertainment is a technology company that focuses on 4K media procurement, production, processing and delivery. NanoTech’s solutions includes the world's first 4K Ultra HD streaming service which is now found on most major 4K TV and OTT Streaming Devices. Nanotech’s 4K Studios creates digital 4K Ultra HD content using both licensed materials as well as original productions. 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.