SEATTLE, Sept. 21, 2005 (PRIMEZONE) -- Reeltime Rentals, Inc. (Pink Sheets:RLTR) announces that the Company has signed an agreement with Scream Networks transferring 100% ownership of all co-developed technology with Scream to date, including but not limited to the player, codec, encoding systems, Gridcast, and website to Reeltime Rentals. In consideration, ReelTime will relinquish its ownership stake in Scream Networks. The agreement settles technology ownership and licensing rights issues between the two Companies that caused delays in the roll-out of ReelTime's much anticipated Rental-On-Demand Service. The agreement has been executed, and will be ratified by a Scream Networks Shareholder Vote and Agreement in the coming weeks.
With this agreement in place, ReelTime will now focus on achieving strategic objectives centered on its core business of content delivery over the Internet. Among these objectives are plans to continue acquiring new content licensing deals, executing existing letters of intent with content providers, identifying a solid path for further development of the delivery system, and addressing capital requirements necessary to complete the delivery system and launch ReelTime's Rental-on-Demand service.
About Reeltime Rentals, Inc.
Headquartered in Bellevue, Washington, Reeltime Rentals' mission is to deliver diverse media content to consumers over the Internet enabling them to view the media content that they choose, whenever they would like to see it. The Company streams full-screen media content directly to consumers, while implementing security measures to combat the threat of piracy. Subscribing customers of ReelTime's service will have access to an extensive library of quality full-screen movies and other programming without the hassles of going to the video store or mailbox, nor the added expense of late fees.
For more information on Reeltime Rentals, Inc. you may visit our web site at www.reeltimetv.net.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Although Reeltime Rentals Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any assumption could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion should not be regarded as a representation by Reeltime Rentals Inc or any other person that the objective and plans of Reeltime Rentals will be achieved.