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Regency Resources Announces Binding Letter of Intent to Merge With Digitally Distributed Acquisition Corp for Entry Into High Growth Internet TV Sector
LOS ANGELES, CA, Apr 12, 2012 (MARKETWIRE via COMTEX) --
Regency Resources, Inc. (OTCBB: RSRS) ("Regency" or the "Company")
a development stage company today announced the signing of a binding
Letter of Intent ("LOI") outlining plans to seek a merger with
Digitally Distributed Acquisition Corporation ("DDAC") in order to
develop a media based business offering an in-depth portfolio of
content for Internet TV distribution.
Martin W. Greenwald, former CEO of Image Entertainment and the CEO of
DDAC, signed the binding letter of intent with Regency Resources
aimed at merging the two companies. The business combination will
target the distribution of content in the rapidly expanding internet
broadcast TV market. Greenwald has been a pioneer in the media
distribution sector for over 30 years and believes that a move to
internet television is a perfect culmination of a career spent
bringing media to a viewing public in the most advanced way possible.
DDAC has developed exclusive technology over the past four years
specifically designed to enhance the delivery of content through
internet TV as well as through proprietary software protocols. This
innovative technology is in the final stages of beta testing, which
will insure delivery of content in a more efficient and dramatically
less expensive manner than existing systems.
"We are delighted to enter into this agreement with Regency
Resources. The public markets will afford us the ability to
demonstrate our technology to a broader audience and to
simultaneously build shareholder value," commented Mr. Greenwald.
Furthermore, "It is our intent to communicate with the investment
community on a regular basis outlining details of the Company's
activities and milestone achievements."
Regency intends to rapidly develop a portfolio of content management
agreements and licenses for entertainment content and distribute them
to the new Over-the-Top (OTT) Internet TV providers such as, Apple
TV, Google TV, Roku, Western Digital and others. Regency's business
model is to share revenues with the content owners and provide unique
monetization methods. According to industry research by iDate this
market sector is expected to grow tenfold from its current $400
million in revenues to $4 Billion in 2016.
Additional details of the Company's business, finances, appointments
and agreements can be found as part of the Company's continuous
public disclosure as a reporting issuer under the Securities Exchange
Act of 1934 filed with the Securities and Exchange Commission's
("SEC") EDGAR database. For more information, visit our website at:
www.regencyresources.com
About Regency Resources (OTCBB: RSRS)
Regency Resources is a
development stage company. Through a merger with DDAC the Company
seeks to build a media business using proprietary technologies and
close industry relationships to develop a broad-based and varied
portfolio of content for Internet TV distribution. Visit us at
www.regencyresources.com
Notice Regarding Forward-Looking Statements
This news release
contains "forward-looking statements" as that term is defined in
Section 27(a) of the United States Securities Act of 1933, as amended
and Section 21(e) of the Securities Exchange Act of 1934, as amended.
Statements in this press release which are not purely historical are
forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future. Such
forward-looking statements include, among other things, reference to
new technologies, software and sales methods as well as financial
projections for the size of the internet TV market. Actual results
could differ from those projected in any forward-looking statements
due to numerous factors. Such factors include, among others, the
inherent uncertainties associated with new projects and development
stage companies. These forward-looking statements are made as of the
date of this news release, and we assume no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those projected in the forward-looking
statements. Although we believe that any beliefs, plans, expectations
and intentions contained in this press release are reasonable, there
can be no assurance that any such beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consult all of
the information set forth herein and should also refer to the risk
factors disclosure outlined in our annual report on Form 10-K for the
most recent fiscal year, our quarterly reports on Form 10-Q and other
periodic reports filed from time-to-time with the Securities and
Exchange Commission.
Contact:
Brad Long
Oceanview IR Services, Inc.
Tel: 1-888-906-6427
investors@regencyresources.com
www.regencyresources.com
SOURCE: Regency Resources, Inc.
mailto:investors@regencyresources.com
http://www.regencyresources.com/
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