- June 22, 2016
- Posted by: kgriadmin
- Category: News
The board of directors announced today that Interact-TV, Incorporated (ITVI) has signed an acquisition agreement in which it acquires, as of May 27th, 2016, the outstanding block of Preferred A control shares, giving ITVI an 80% control position ownership, in The Kiley Group Inc. (OTC Pinks: KGRI), a merchant banking and advisory firm.
The acquisition agreement is between ITVI and the owner of 100% of The Kiley Group’s Preferred A shares. The transaction is a share exchange with KGRI’s preferred A shareholder receiving 1,000,000 (100%) of ITVI’s Preferred H shares, a special class of ITVI preferred shares, which gives KGRI’s preferred A former shareholders the right to control most issues to do with ITVI”s new subsidiary, not otherwise regulated by Delaware law.
KGRI, recently acquired (May 16th, 2016) T-List, Inc. (http://www.tlistinc.com/) a social media technology site where brands can meet and engage social influencers, and will be actively seeking future entertainment and entertainment technology acquisitions as part of its own business plan.
Robert Bryan, President of ITVI, said “The acquisition of KGRI, allows ITVI to move forward with a giant leap in its infrastructure development as integration of entertainment and social media technology allows ITVI to grow in the direction of what appears to be entertainment’s future.”
James L. Nash, president of KGRI stated “Aligning ourselves with ITVI’s infrastructure gives us a focus for future technology acquisitions and development.
Over the last two years, ITVI’s board of directors have concentrated on building ITVI’s infrastructure – during this time ITVI has expanded its record labels and music distribution and services capability, as well as adding internet radio and TV station platforms to its infrastructure. With the recent addition of Christopher Broughton to the board of directors ( who was brought on board to actively seek and develop “original content” for its radio and TV stations) as well as with this acquisition of a controlling interest in a merchant banking firm specializing in media and entertainment technology acquisition and development, ITVI’s board feels that ITVI is rounding out and filling in the gaps in its existing infrastructure and positioning itself to be a competitive multi-media player in entertainment’s future.
Mr. Jerry McRoberts, former beneficial owner of KGRI’s control block, will also be joining ITVI as a consultant specializing in entertainment and technology finance. Mr. McRoberts, is resident in Manhattan, and will be representing both ITVI and KGRI’s financial interests and strategies to Wall Street.