SAN JOSE, Calif., Feb. 2, 2015 /PRNewswire/ -- NanoTech
Entertainment (OTCPINK: NTEK), an entertainment conglomerate
leveraging technology to deliver state-of-the-art products and
services, announced today that it has completed the acquisition of
a controlling interest in High Velocity Enterprises, Inc. (HVEL) as
part of an overall corporate reorganization. NTEK will place the
NanoTech Gaming Labs division into HVEL which will include the
division's IP portfolio and full gaming operations.
With the acquisition complete, NanoTech shareholders of record
as of February 6, 2015 will be
allocated shares in HVEL equivalent to their percentage of
ownership in NTEK. Shares will be issued to NTEK shareholders upon
effectiveness of a to be filed Form S-1 Registration Statement with
the Securities and Exchange Commission ("SEC") pursuant to the
Securities Act of 1933 as amended. NanoTech will strive to
complete the shareholder allocation as soon as possible, but cannot
provide a specific date of issuance until the transaction has been
approved the appropriate regulatory authorities.
HVEL shareholders will benefit from the immediate acquisition of
NanoTech Gaming Labs Staff, Technology, IP Portfolio and product
line up. HVEL will immediately change its name to NanoTech
Gaming, Inc. ("NanoTech Gaming") and apply for a new ticker symbol
to reflect the new name. NTEK will retain the majority
controlling interest in NanoTech Gaming.
Alan Stone, is the new Chairman
and CEO of NanoTech Gaming where he will focus on licensing the
portfolio of IP and the acquisition of global gaming licenses as
well as the manufacture and distribution of gaming products.
Alan and the other board members will be joined by Aaron Hightower, Senior VP of Gaming Technology
who has accepted a board seat.
As part of NanoTech's new corporate reorganization and
management plan, Peter Riordan,
previously NanoTech's Vice President of Strategic Planning, has
been named the new CEO of NanoTech Entertainment and has been
appointed to the Board of Directors. In his new
position, Peter will focus on the overall corporate strategy,
completing the audit process and up listing. He will also provide
support for each business unit head to facilitate their continued
success in their various endeavors. Jeff
Foley, NanoTech's former CEO, remains on Board of Directors
and will be focusing on expanding the licensing of several of the
company's patent pending technologies and franchising
opportunities. Riordan noted, "I've been fortunate to work
with Jeff, Al and Ted over the past year in formulating a plan to
take NanoTech to the next level. We have performed well on
all fronts in our transition from the R&D phase to product
delivery. By reorganizing the management structure to have
each business unit have a focused set of goals and leadership, we
believe that we can bring the greatest value to our shareholders
this year."
The goal of NanoTech's corporate reorganization and management
plan is to optimize business opportunities by leveraging staff
skill-sets, maximizing revenues and shareholder value. Key
objectives include focusing on how to complete audits for each
division and how to organize the management structure to best serve
the business as a whole. To these ends, a new corporate governance
oversight board has also been created and details will be released
with the new FY2015 business plan in the coming weeks.
Riordan closed by stating, "I, along with other shareholders want
to thank Al, Jeff and Ted for having the foresight to expand the
business and to setup each business unit for maximizing results and
increasing value. I look forward to 2015 and beyond as we
make significant strides in each market segment that we are in,
complete audits and up listings further shareholder value."
About NanoTech Entertainment
Headquartered in San Jose, CA, the
heart of Silicon Valley, NanoTech Entertainment is a technology
company that focuses on all aspects of the entertainment industry.
With seven technology business units, focusing on 3D, Gaming,
Content, Media & IPTV, Mobile Apps, and Manufacturing, the
company has a unique business model. The company has a diverse
portfolio of products and technology. NanoTech Gaming creates the
world's most compelling gaming experiences by using the latest
innovative technology in land-based casino, consumer and arcade
gaming markets. Based on research of modern social and
competitive games, NanoTech gaming machines allow players to choose
exactly how they want to balance their skill and intelligence
against the risk / reward model of the game. Players enjoy
compelling video experiences that are entertaining independently of
the gambling component. NanoTech Media develops proprietary
technology which it licenses to publishers for use in their
products as well as creating and publishing unique content.
NanoTech Media Technology includes the world's first 4K Ultra HD
streaming solution. NanoTech Communications develops and sells
proprietary apps and technology in the Mobile and Consumer space.
Clear Memories is the global leader in 3D ice carving and
manufacturing technology. 4K Studios creates digital 4K Ultra HD
content using both licensed materials as well as original
productions. Ultra Media Group focuses on the acquisition and
licensing of content. UMG also develops and creates original
programming and live events for use on NanoTech networks.
More information about NanoTech Entertainment and its products can
be found on the web at www.NTEK.com.
"Safe Harbor" Statement: This press release contains
forward-looking statements, including expected industry patterns
and other financial and business results that involve known and
unknown risks, uncertainties and other factors that may cause our
actual results, levels of activity, performance or achievements to
differ materially from results expressed or implied by this press
release. Such risk factors include, among others: the
sustainability of recent growth rates in of the company; the
positioning of NanoTech Entertainment, Inc. in the market; ability
to integrate both developed and acquired companies and technology;
ability to retain key employees; ability to successfully market
product offerings and customer acceptance of products; general
market conditions, fluctuations in currency exchange rates, changes
to systems and product strategy by vendors of systems; and whether
NanoTech Entertainment, Inc. can successfully gain market share.
Actual results may differ materially from those contained in the
forward-looking statements in this press release. Since this
information may contain statements that involve risk and
uncertainties and are subject to change at any time, the company's
actual results may differ materially from expected results.
NanoTech Entertainment, NanoTech Media, NanoTech Gaming Labs,
NanoTech Communications, MagicScreen, 4K Studios, 4K Ultra HD logo,
UltraFlix, NanoFlix, Nuvola GP-1, Nuvola NP-H1, Nuvola TV-U1,
Nuvola NP-1, Nuvola NP-C, and ProFlix UHD and their
associated logos are trademarks of NanoTech Entertainment. "The
Future of Television", "The Future of Gaming" and "The Future of
Entertainment" are Service Marks of NanoTech Entertainment. All
rights reserved. All other marks are the property of their
respective owners.
NanoTech Contact: Andy Marken
Phone: (408) 986-0100
Email: andy@markencom.com
Investor Contact: Dan Wong
Phone: (858) 381-4677
Email: dwong@ntek.com
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SOURCE NanoTech Entertainment