FORT LAUDERDALE, Fla., Oct. 10, 2012 /PRNewswire/ -- Next 1 Interactive, Inc., (OTCBB: NXOI) announced today that it has completed its previously proposed Exchange Agreement with Webdigs, Inc. Under the terms of the Exchange Agreement, Next 1 transferred its wholly-owned subsidiary, Attache Travel International, Inc. d/b/a Next One Realty, which held Next 1's real estate assets to Webdigs Inc. in exchange for the controlling interest of their publicly traded company. The assets of Next One Realty included its share ownership in RealBiz360, a real estate joint venture agreement for video on demand and web portal, its Home Preview Channel assets and current or pending real estate media contracts including the Foreclosure2Fabulous TV contracts.
As part of the Exchange Agreement the Webdigs, Inc. name has now been changed to Realbiz Media Group, Inc. to better reflect the company's real estate media and service history. The new company will initially trade under the trading symbol WBDG pending assignment of a new trading symbol anticipated shortly. This new entity originally founded in 2007 developed real estate websites and technology and possesses a licensed real estate brokerage division with affiliations in 19 states. The addition of the Next 1 Realty assets lays the foundation for expansion of the real estate media services including expansion of video on demand real estate listings services for television and web, enhanced mobile, broadband & web based services, as well as targeted advertising and lead generation solutions for the real estate community.
In order to consummate the new real estate company, during the last 2 quarters, Next 1 Interactive restructured debt and provided the necessary operating and acquisition capital through the issuance of over $5 million of dual convertible Preferred B and D shares. These Preferred shares allow the holders the option of converting into either Next 1 Interactive or Realbiz Media Group, Inc. common shares for a 2 year period. The completion of this agreement allows Realbiz Media Group, Inc. to operate independently as a singularly focused real estate media and service company.
"With the turning of the real estate market in the U.S., significant growth opportunities have begun to appear and the creation of this independent public real estate services and media company will allow Realbiz Media Group, Inc. to capture opportunities while still allowing Next 1 shareholders to participate in any growth & development from the new public real estate company," says, Bill Kerby, CEO of Next 1 Interactive.
About Next 1 Interactive, Inc.
Next 1 Interactive, Inc. (NXOI) is a multi faceted media company specializing in Travel and Real Estate. Next 1 plans the delivery of targeted content via multiple digital platforms including Satellite, Cable, Broadcast, Broadband and Mobile. In today's digital market Next 1 delivers information and entertainment to consumers. The company business plan calls for multiple revenue streams from real estate and travel content delivery including transactional commissions, referral fees, advertising and sponsorship. The multiple revenue streams and integrated media platforms allow for the delivery of measurable return on investment to its advertisers, sponsors and business partners.
Safe Harbor Statement
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plan, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Next 1 Interactive, Inc.
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