SEATTLE, Feb. 21, 2006 (PRIMEZONE) -- ReelTime Rentals, Inc. (Pink Sheets:RLTR) today announced that the Company has entered into an agreement with Grid Network Systems, Inc. to transfer the rights to certain technology in exchange for cash and future services. This agreement provides Reeltime with additional capital to move forward with its launch of an online movie rental service and establishes Grid Network Systems as one of the Company's primary hosting partners.
"This move will help to fortify key components in Grid Networks' technology portfolio while providing ReelTime with the capital and outsourced professional services necessary to accelerate the introduction of their video rental-on-demand business," commented Jeff Payne, Chief Executive Officer of Grid Network Systems.
Per the agreement, Grid Network Systems has become the owner of certain hosting technology originally developed by Scream Networks in collaboration with ReelTime. The agreement does not impact or include any technology that touches ReelTime's media rental system contained in ReelTime's patent application.
"With the addition of this agreement to ReelTime's existing media device rental system methodology, the Company is positioned to take advantage of significant opportunities in the emerging marketplace," added Reeltime Rentals Chairman, Barry Henthorn.
About Reeltime Rentals, Inc.
Headquartered in Seattle, 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. Upon launch, subscribing customers of ReelTime's service will have access to a 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 www.reeltimetv.net
About Grid Network Systems, Inc.
Grid Network Systems, Inc, headquartered in Seattle, Washington, seeks to revolutionize the delivery of digital media using a secure stream delivery system using their flagship product called the "PowerGrid Suite", licensed from parent company Net360, Inc. PowerGrid will debut publicly in 2006 as an application suite portable to virtually any operating system or device, with substantial content management tools integrated in an end to end system called the "PowerGrid Platform(tm)".
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.