NEWPORT BEACH, Calif., July 22, 2005 (PRIMEZONE) -- Wi-Fi TV, Inc. (Pink Sheets:WTVN) has announced that its new ticker symbol, effective today, is WTVN (formerly Pink Sheets:WFTV) The Company's new ticker symbol coincides with a 1-for-200 stock split, also effective as of today.
Wi-Fi TV Inc. also announces that it has entered into a Letter of Intent, effective as of today, with Consolidated Streaming, Inc. (Other OTC:CSEMF), providing for the parties to enter into a definitive agreement whereby WTVN will own 15 million shares of Consolidated Streaming's common stock in consideration for providing communications and strategic services to Consolidated Streaming worth approximately $150,000 in value. Consolidated Streaming is a company engaging in Internet streaming video broadcasting, and Wi-Fi TV has garnered extensive experience in that field during the last several years, through the development of such products as CinemaPop UK.
While the terms of the strategic venture are still being negotiated, the parties have already begun to provide strategic services to each other on an informal basis. As part of its definitive agreement, Consolidated Streaming will agree to use its best efforts to register with the United States Securities and Exchange Commission up to 10 million of the shares being delivered to Wi-Fi TV under the agreement, so that they may be distributed to the shareholders of WTVN. While there can be no assurance that these efforts will prevail, the Letter of Intent provides for Consolidated Streaming to commence the registration efforts within the first year of the definitive agreement becoming effective.
"We are looking for international synergy with Wi-Fi TV Inc. as we implement our streaming channels platform," said Keith Friedman, Chairman of Consolidated Streaming Inc. "We also will help Wi-Fi TV Inc. implement its global vision of online movie and TV delivery," he added.
Wi-Fi TV, Inc. also announced that it is opening a suite of new corporate offices on August 1, 2005, located at 3408 Via Oporto, Newport Beach, CA 92663. One of these offices will be utilized to showcase content and technology belonging to Wi-Fi TV, Inc., on a by-appointment basis.
About Wi-Fi TV Inc.
Wi-Fi TV Inc. offers free local, long distance and global telephone service with its Wi-Fi TV virtual dialer and 200 free one-click Wi-Fi TV content channels at www.Wi-FiTV.com. Wi-Fi TV, Inc. (www.wi-fitv.com) (www.cinemapop.com) has a history of innovation in online content delivery and plans to quantify the value of this unique experience, now that high-speed Internet delivery is becoming available to millions of consumers around the world. Wi-Fi TV draws on the latest IPTV technology and ten years of experience in the delivery of video over the Internet in launching its new service.
About Consolidated Streaming Inc.
Consolidated Streaming Inc., a publicly listed company, is a digital media company specializing in providing Live-On-Demand content to niche market audiences. Consolidated is preparing to launch the first multi-platform live funeral broadcast service nationwide. For further details on this and other Consolidated Streaming news, please visit: http://www.consolidatedstreaming.com.
Forward Looking Statements
Any statements made in this press release which are not historical facts contain certain forward-looking statements, as such term is defined in the Private Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.