Videolocity International Inc: Key Developments
Videolocity International Signs License Agreement With Air2Data
April 4, 2005 |
| Videolocity International announced a strategic licensing agreement with OnLine Entertainment, an affiliate of Air2Data. Together, Videolocity and Air2Data will offer in-room entertainment solutions, giving even the smaller hotels of less than 100 rooms a complete solution for the delivery of video-on-demand, High-Speed Internet Access, server and Internet based gaming, together with a variety of custom applications, across a large variety of network architectures. |
AIR2DATA Signs Letter of Intent to Provide Videolocity International's Digital Entertainment System to Hotel Customers
December 15, 2004 |
| Videolocity International announced that it has received a Letter of Intent with Air2Data for a licensing and revenue sharing agreement to provide Air2Data's existing and potential customers with Videolocity's DES. Upon execution of the definitive license agreement, Air2Data will license from Videolocity the non-exclusive worldwide rights to market, sell, install and operate the DES. Air2Data plans to independently brand the DES and sell to all hospitality customers, although it may offer the DES to one or more additional market outlets. The license will also include rights to other versions of the product, including upgrades and other custom market solutions. |
Videolocity International Signs Letter of Intent with Sisseton-Wahpeton Oyate
December 13, 2004 |
| Videolocity International announced that the Company has signed a Letter of Intent (LOI) with the South Dakota-based Sisseton-Wahpeton Oyate of the Lake Traverse Reservation. The LOI represents a continuation of the proposal discussed by the parties to enter into a definitive OEM agreement. Under the terms of the agreement, the Sisseton - Wahpeton Oyate will agree to deploy a minimum of 50,000 subscribers over the next year. A technology transfer fee of $1,000,000 will be payable in quarterly installments of $250,000 commencing on the signing of an OEM agreement. |
Videolocity International Deploys Digital Entertainment System In Hotel San Remo
October 13, 2004 |
| Videolocity International announced that it has installed its Digital Entertainment System (DES) in the Hotel San Remo, Las Vegas, Nevada. |
Videolocity International Announces New Standby Equity Distribution Agreement
June 8, 2004 |
| Videolocity International announced the execution of a new standby equity distribution agreement between Videolocity International Inc. and Cornell Capital Partners, LP, a New Jersey-based domestic investment fund. The agreement was completed in May 2004. Pursuant to the terms of the funding agreement with Cornell Capital, Videolocity has the right, but not the obligation, to require Cornell Capital to purchase shares of the Company's common stock in amounts up to $1 million per month to a maximum of $20 million over the next 24 months. The equity drawdowns are entirely at Videolocity's discretion and the agreement does not require minimum drawdowns. The drawdowns are subject to an effective registration statement with the United States Securities and Exchange Commission covering the resale of the shares. The Company will be working with the law firm of Kirkpatrick & Lockhart to facilitate the filing of the registration statement. |
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