Next 1 Interactive, Inc. Reaches Agreement With First Secured Creditor
February 25 2014 - 8:15AM
Marketwired
Next 1 Interactive, Inc. Reaches Agreement With First Secured
Creditor
FORT LAUDERDALE, FL--(Marketwired - Feb 25, 2014) - Next 1
Interactive, Inc., (OTCQB: NXOI) (OTCBB: NXOI) has announced that
it has reached terms with its first secured creditor representing a
debt of $6 million dollars. Key elements of the agreement
include extending the debt upwards of two years, putting a $0.50
conversion price of the debt, and allowing the company to force a
conversion if it achieves profitability in any quarter, and/or, if
the company achieves a market price of $1.50. This agreement
is crucial in allowing the company to begin plans for rearranging
travel programs as well as utilizing its relationship and share
ownership with RealBiz Media Group, Inc. Preferred A
shares. This will accelerate travel opportunities and engage
RealBiz technology platforms that can be applied to the travel
industry.
"While there continues to be significant challenges, this is
clearly a key milestone in allowing us to reposition Next 1
Interactive. The company will proceed to develop its business model
to capitalize upon business outreach via cutting-edge technologies
that differentiate its products," said William Kerby, Chief
Executive Officer of Next 1 Interactive.
ABOUT NEXT 1 INTERACTIVE INC. Next 1 Interactive, Inc. (NXOI) is
a multi-faceted media company specializing in Travel and Real
Estate. Next 1 plans the delivery of targeted content via multiple
digital platforms including Cable, Web, Broadband and Mobile.
In today's digital market, Next 1 delivers information and
entertainment to consumers. The company's business plan calls for
multiple revenue streams from real estate and travel content
delivery including transactional commissions, referral fees,
advertising and sponsorship.
ABOUT REALBIZ MEDIA GROUP, INC. RealBiz Media Group, Inc. is a
real estate digital media and technology company whose proprietary
video processing technology makes it one of the leaders in
providing home video tours to the real estate industry. Its client
base includes more than 250,000 real estate agents and brokers.
Through its wholly owned Home Tour Network operation, the company
provides a Television video on demand network, a growing MVA
network, and an existing Virtual Tour network. The company enjoys
access to the nation's largest real estate companies with numerous
approved vendors and national contracts. Both key to its future
development programs.
Safe Harbor Statement This news release contains forward-looking
statements as defined by the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include statements
concerning plan, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements that
are other than statements of historical facts. These statements are
subject to uncertainties and risks including, but not limited to,
product and service demand and acceptance, changes in technology,
economic conditions, the impact of competition and pricing,
government regulation, and other risks described in statements
filed from time to time with the Securities and Exchange
Commission. All such forward-looking statements whether written or
oral, and whether made by or on behalf of the Company, are
expressly qualified by the cautionary statements that may accompany
the forward-looking statements. In addition, the Company disclaims
any obligation to update any forward-looking statements to reflect
events or circumstances after the date hereof.
Investor relations contact Chesapeake Group Kevin Holmes (410)
825-3930 info@chesapeakegp.com Next 1 Interactive Inc. 954 888 9779
RealBiz Media Group, Inc. Direct: (888) 777-3333
investorrelations@realbizmediagroup.com