and London International Television Ltd
announced an investment by GameZnFlix in LITV for the purpose of creating the "The Business Channel" to be broadcast on digital satellite later in 2006. GameZnFlix intends to purchase a 25% interest in LITV with the payment of $2,000,000 over the next year. In addition, GameZnFlix may invest up to an additional $10,000,000 to $25,000,000 within 12 months.
"We're excited about our investment in LITV and the opportunity to extend our company into the United Kingdom. Our relationship with LITV over the past few years has allowed both companies the chance to know and understand each other. This is another step in our business model of providing movies and games to our members through our core business model (postal delivery), but additionally of moving towards on-demand and other media," notes John Fleming, GameZnFlix CEO.
The two companies intend to produce a new channel to be aired in the United Kingdom. Focusing on the needs of British business owners and entrepreneurs to be better informed about the business of doing business, The Business Channel will be the leading component of a venture into this media space that the two companies believe is poorly served by mainstream and financial broadcast channels.
"Having had an interest in the growth and development of GameZnFlix during the last three years, I am delighted now that this new relationship continues to grow. The agreement with GameZnFlix will provide LITV with the opportunity to expand and direct its operations into a new arena, providing its present and future clients worldwide, a new route to the UK B2B and B2C markets, including a new dedicated broadcast and IPTV channel combined with other web-based commercial features," adds LITV's Martin Everard.