DALLAS, Jan. 10, 2005 (PRIMEZONE) -- Immediatek (OTCBB:ITEK) announced today that it has acquired the assets and personnel of strategic alliance partner Moving Records of Minneapolis, MN, successfully combining that company's technical and audio engineering strengths with Immediatek's wholly owned subsidiary, DiscLive, to form the most pervasive live content recording and onsite mass duplication company in the world. Simultaneously, Immediatek announced it has reorganized to better position the company's resources and various products and services.
All live recording, duplication, and on-site content distribution functions are now grouped under DiscLive and its industry-leading brand, while Immediatek's non-traditional record label, which was announced in March of last year, has now officially been named "Moving Records."
Software solutions such as NetBurn Secure(tm), digital delivery and online services, and CD burning kiosks will continue to be offered via Immediatek and through DiscLive's services where applicable.
Moving Records CEO Wes Schuck has been appointed to Immediatek's board of directors, and also takes on the role of Chief Technical Officer for Immediatek.
"We believe we have assembled the largest and most experienced team in this sector," said Immediatek CEO and founder Zach Bair. "With the combined strengths of Immediatek's unique and groundbreaking technology, DiscLive's leadership in the market, and Moving Records expertise and engineering prowess, we expect to continue to improve, enhance, expand and grow our services throughout 2005. This move will allow us to create significantly more value and opportunities for not only artists and labels, but will also reflect favorably as value we are building for our shareholders."
"The new model of the record industry is currently unfolding and we are creating effective adaptable solutions to embrace these changes," said Moving Records CEO and founder Wes Schuck.
In other changes, Bair has been appointed CEO, President and Chairman of DiscLive, and Paul Marin, COO of Immediatek, has also been named COO of that company as well. Stephen Prendergast and Larry Lemoine are no longer affiliated with either company.
"We wish Stephen and Larry the best for the future, and I regard these gentlemen as two of the most knowledgeable businessmen I know," said Bair.
Immediatek (OTCBB:ITEK) is the parent company of DiscLive, and is the developer of NetBurn Secure(tm) (www.netburncd.com), the only "single-click CD download and burn" software product on the market that helps record labels, artists, and content providers curb Internet piracy and protect their revenues by providing copy control even after digital music has been burned to disc, and which provides a new paradigm in digital delivery through the NetBurn Portal System. Immediatek is combining technologies to create new and exciting product offerings, all geared for creating new revenue streams for artists and labels, and implementing copy management to help reduce illegal file-sharing activity. Immediatek was founded by CEO and musician Zach Bair, who also founded venture-backed Voyence (www.voyence.com) as PowerUp Networks in 2000. NetBurn Secure also employs technology by third parties such as Microsoft (Nasdaq:MSFT) and includes security components by SunnComm International (SCMI). Immediatek's company website is www.immediatek.com.
DiscLive (www.disclive.com) is the leading player in the quickly growing market of live discs made available immediately after the concert, and utilizes patent-pending technology and industry experience to crank out 1,000 high quality double-disc CD sets in less than 20 minutes after a performance. A May 2nd headline in The New York Times dubbed the DiscLive offer of legal, high-quality CDs made available immediately after the concert "Rock's Best New Souvenir." DiscLive Europe (www.discliveeurope.com) was launched in November 2004 with a successful United Kingdom tour by the Levelers. DiscLive also broke new ground by recording a digital-only concert for legendary band the Doors of the 21st Century from the Universal Lending Pavillion in Denver, CO. The show was available online within just a few hours via Immediatek's NetBurn.
Launched in 2002 by Minnesota-based music entrepreneur Wes Schuck, Moving Records (www.movingrecords.com) has created a patent pending process adapting the same techniques used to produce a CD in a recording studio, and applying that process to the live performance environment. This process goes far beyond other "instant CD" experiments by seamlessly integrating multi-channel mixing, remixing, mastering and manufacturing into a real-time operation. A three-page feature devoted to Moving Records in the July issue of industry-leading Mix Magazine states, "Moving Records is offering a step above," and details their unique studio quality approach. It was tested on the road coast to coast over much of 2003, with everything from full-blown arena-sized events to intimate small club performances. Moving Records partnered with nationally-known jam band The String Cheese Incident to record their 2003 "Almost Winter" Tour, including two memorable "Hulaween" shows in Las Vegas, all three New Year's holiday shows in Chicago, and other notable performances in Los Angeles, Seattle, and more.
Safe Harbor Statement: This press release includes forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such risks, uncertainties and other factors, including but not limited to, changes in the retail market place, changes in underwriting results affected by economic conditions and other factors described from time to time in the Company's Securities and Exchange Commission filings, including the Company's Annual Report on Form 10KSB for the year ended December 31, 2002. All forward-looking statements made in this press release are based on information presently available to management of the Company. The Company assumes no obligation to update any forward-looking statements.