Next 1 Enters Agreement to Purchase Controlling Interest in Webdigs
Apr 09, 2012 (Close-Up Media via COMTEX) --
Next 1 Interactive announced it has entered into an Exchange Agreement whereby it will acquire an approximate 93 percent controlling interest in Webdigs.
In a release dated April 4, the Company said that under the terms of the Exchange Agreement, Next 1 will transfer its subsidiary, Attache Travel International, d/b/a Next One Realty, which holds Next 1's real estate assets, including its share ownership in RealBiz360, a real estate joint venture agreement for video on demand, its Home Preview Channel assets and current or pending real estate media contracts, in exchange for the controlling interest of the publicly traded company.
Webdig has developed and acquired real estate websites and technology and has a licensed real estate brokerage division with affiliations in 19 states.
Next 1 plans to use the new public entity for expansion of its real estate media services including expansion of video on demand real estate listings services, enhanced mobile, broadband and web based services, as well as targeted advertising and lead generation solutions for the real estate community.
This agreement will allow for Next One Realty to operate independently and obtain funding specifically targeted to Next 1's real estate division, while still allowing Next 1 shareholders to benefit from Next One Realty's growth and development through the Company's approximate 93 percent controlling interest.
Pursuant to the terms of the exchange agreement, closing is conditioned upon (i) Webdigs effecting a 200:1 reverse split of its common shares, (ii) bringing its SEC filings current and (iii) Next 1 completing its due diligence review of Webdigs, to its satisfaction. The parties anticipate closing of the agreement to be within 60 days.
"With the turning of the economy in the U.S., significant growth opportunities have begun to appear and the creation of an independent public real estate services and media company will allow us to capture opportunities and independent financing to achieve our objectives while still allowing Next 1 shareholders to participate in any growth and development of the new public real estate division," said Bill Kerby, CEO of Next 1 Interactive.
Next 1 Interactive is a multi faceted media company specializing in Travel and Real Estate.
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