LOS ANGELES--(BUSINESS WIRE)--
Loton, Corp (OTC: LIVX) has entered into a non-binding Letter of Intent
to sell its 50% ownership interest in KOKO, London’s iconic live music
venue. As part of the proposed transaction, Loton’s wholly-owned
subsidiary, LiveXLive, a new live music streaming platform, shall enter
into a three (3) year agreement for certain exclusive digital broadcast
rights of KOKO events. The proposed sale would strengthen the company’s
balance sheet enabling flexibility with regards to future transactions.
Any sale would be subject to due diligence and definitive agreements and
other approvals.
“We are strategically positioning ourselves away from owning and
operating venues toward the focus of securing rights, owning and
distributing digital content, and becoming a pure play digital company.
LiveXLive plans to leverage the mobile device preference of millions of
millennial fans, creating the first independent global live music and
lifestyle network delivered across all digital platforms. The proposed
digital broadcast rights agreement for KOKO events will represent a
milestone in our development. We look forward to announcing many other
multiyear agreements with leading venues, festivals and content
providers,” said Robert Ellin, LiveXLive Founder and Chairman.
LiveXLive is planning to launch this fall with the world’s first live
music streaming platform. Currently, the company is in discussions with
content partners, venues and artists from around the world.
KOKO is a premier multimedia and lifestyle brand and one of London's
iconic live music venues. KOKO is internationally renowned for
delivering over 250 live music events per annum for the past ten years
and streaming live music to more than 300 million viewers in 70
countries around the globe.
About Loton, Corp (OTC: LIVX)
Loton, Corp (LIVX.OB) is a parent company in the emerging live / digital
music space. The company's LiveXLive subsidiary intends to be the
world's first premium live music streaming network that will deliver
around the clock live music to viewers on any connected device as an
authentic and experiential platform. The platform plans to offer the
world's leading music festivals with multiday and multistage coverage,
unique concerts, intimate performances and cutting edge programming. We
plan to extend the live experience to fans on desktop, laptop, mobile,
tablets, consoles, connected TVs and virtual reality platforms. The
LiveXLive network expects to provide compelling and curated content that
showcases the entire spectrum of music to include music inspired
fashion, food, and lifestyle content and showcase interviews, backstage
access and both fan and artist perspectives. LiveXLive intends to
feature all genres of music including rock, pop, indie, alternative,
EDM, country and feature major festival headliners as well as emerging
artists performing at clubs and venues around the globe.
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 the Company's filings on Forms 10-K
and 10-Q with the Securities and Exchange Commission, press releases and
other communications.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150911005866/en/
Loton, Corp
Business Inquiries:
Robert Ellin, (310) 601-2500
[email protected]
Source: Loton, Corp