SCOTTSDALE, Ariz., Oct. 20, 2016 (GLOBE NEWSWIRE) -- The newly acquired wholly-owned subsidiary of NOHO, Inc. (OTCQB:DRNK), Media360 Licensing, Inc., has announced the implementation of their Plan of Operations.
Media360 Licensing, Inc. is an advertising technology platform which provides point of sale and branding campaigns to advertisers on a local and national basis. The company provides and installs digital menu and point of sale screens into retail establishments and restaurants. Through the company’s wholly owned brand Sticky Media, it specializes in placing interactive, touchscreen tablets in taxi cabs where advertisers can manage branding and awareness campaigns in addition to having trackable metrics, including impressions and touches, as well as the potential to convert actual purchases in real time.
On September 9, 2016, NOHO, Inc., a Wyoming corporation (the “Company”), by and through its Board of Directors and majority shareholder entered into the Share Exchange Agreement (the “Agreement”) with Media360 Licensing, Inc., a Wyoming corporation (“Media360”). Pursuant to the Agreement, the shareholders of Media360 exchanged 100% of their shares of common stock of Media360 for 54,000,000,000 shares of common stock of the Company. As a result, Media360 became a wholly-owned subsidiary of the Company and the business of Media360 shall continue through the Company.
As a condition subsequent to the Agreement with Media360, the Company must Spin-Off certain assets and liabilities to a third party (described below). On October 19, 2016, NOHO, Inc. entered into a Spin-Off agreement with Purple Investment Group, Inc., a Nevada corporation, (“Spin-Off Agreement”), to ostensibly Spin-Off its ownership in a multi-level marketing business named DRNK Direct, LLC, as well as, certain assets and liabilities of Dolce Bevuto, LLC, the wholly-owned subsidiary of NOHO, Inc. Of additional importance is that notes payable of approximately $608,000.00 have been assigned to the buyer and are no longer obligations of NOHO, Inc.
A material effect of the Spin-Off Agreement resulted in the sale of liabilities of $2,271,830.00 and assets of $647,057.00 (expressed on the consolidated balance sheet of NOHO, Inc. as of June 30, 2016). A material effect of the Share Exchange Agreement resulted in an additional $4,000,000.00 of equity as expressed in the Media360 audited financial statements dated September 30, 2016. After consolidation of both the Share Exchange and Spin-Off Agreements, the net worth of the Company was approximately $3,455,601.00 as of September 30, 2016.
On October 5, 2016, NOHO, Inc. settled all (3) of its convertible notes (“Notes”) held by KBM Worldwide, Inc. (“KBM”) and Vis Vires Group, Inc. (“VVG”) for $100,000.00. These Notes will cancel in its entirety and as a result KBM and VVG do not own any stock of NOHO.
About NOHO, Inc.
NOHO Gold Premium and Functional Lifestyle beverage is setting the standard for beverages that not only taste great, but also serves a functional purpose. The 8.4 oz can's light refreshing flavor can be used to help combat against hangovers by mixing it with your favorite liquor or can be used as a healthy alternative to high sugar sodas and juices. With only 6 grams of sugar and 30 calories, it proves that healthy can taste good.
Cautionary Note Regarding Forward-Looking Statements.
This press release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Noho, Inc. (the “Company”), its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control, and actual results may differ materially from those projected in the forward looking statements as a result of various factors. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
Investor Contact: Phillip Sugarman, Vice President Investor Relations Partners Phone: 818-280-6800 firstname.lastname@example.org