FORT LAUDERDALE, Fla., April 26, 2011 /PRNewswire/ -- Next 1 Interactive Inc. (OTCBB: NXOI) ("Next 1") today announced that it has terminated the previously announced binding letter of intent, dated April 4, 2011 (the "Letter of Intent"), with ValCom, Inc. ("ValCom"), which was approved and authorized by the board of directors of each of ValCom and Next 1, and executed by Mr. Vince Vellardita, the Chairman and CEO of ValCom, and Mr. William Kerby, the Chairman and CEO of Next 1.
The Letter of Intent involved Next 1's purchase of a controlling interest in ValCom, through the acquisition of a new series of convertible preferred stock of ValCom that would be convertible into at least fifty one percent (51%) of the common stock of ValCom, on a fully diluted basis in exchange for newly-issued shares of Next 1 common stock.
Next 1 believes that it is entitled to damages in connection with the termination and will pursue all available remedies to receive, among other things, a refund of the initial deposit made by Next 1 to ValCom.
About Next 1 Interactive Inc.
Next 1 Interactive Inc. (OTCBB: NXOI.BB) is a multi faceted media company specializing in Travel and Real Estate. Next 1 delivers targeted content via digital platforms including Satellite, Cable, Broadcast, Broadband and mobile. Along with the full time R&R TV network, the company will deliver its content and sponsors' messages on Video on Demand outlets enhanced by interactive applications. In today's digital market Next 1 Interactive delivers information and entertainment to consumers. The company has created multiple revenue streams including transactional commissions, referral fees, advertising and sponsorship. The multiple revenue streams and integrated media platforms allow for the delivery of measurable return on investment to its advertisers, sponsors and business partners.
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 plans, 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.
Contact:
NXOI Corporate Headquarters
Next 1 Interactive Inc.
Direct: 954-888-9779
investorrelations@nxoi.com
SOURCE Next 1 Interactive Inc.
