PRZOOM - /newswire/ -
Woodinville, WA, United States, 2012/01/12 - Kaleidoscope Venture Capital, Inc., dba Kaleidoscope Digital Media Systems, announces the purchase of certain assets of Xillient, LLC - KaleidoscopeMediaSystems.com. KLDO: PK
Kaleidoscope Venture Capital Inc. (“Kaleidoscope” or the “Company”), today announced that it closed an asset purchase with Xillient, LLC (“Xillient ” ), a California based company, to own and operate the rights of entry (“ROEs”) to 5,452 dwelling units of Xillient’s portfolio in multi-dwelling unit complexes (“MDUs”), through Kaleidoscope-TV, a division of kaleidoscope. Xillient, among other things, provides DIRECTV satellite television to MDUs, with service in San Francisco and Seattle-metro markets. Xillent additionally has agreements in place to serve 142 MDUs complexes in San Francisco and Seattle.
Xillient has served the apartment and condominium marketplace since its inception in 2002. Robert Gruhn, Xillient’s founder Customer adoption of DIRECTV through Xillient’s
“This is the first of several acquisitions we are planning in order to take advantage of the underserved, multi-dwelling marketplace” commented Eric Luttio, Chief Executive Officer of Kaleidoscope. “We will continue to support Xillient with expansion capital and acquisitions.” Denny Andrews, Executive Vice President of Kaleidoscope, will be heading up “Kaleidoscope Digital Media Systems Completion of the asset purchase agreement is conditioned upon Kaleidoscope’s obtaining sufficient capital financing sufficient to provide the necessary purchase payments to Xillient for the 5,452 ROEs, totaling $599,720 in cash in addition to up to $272,600 worth of common stock of Kaleidoscope through the first half of 2012. Additionally, Kaleidoscope announced, today, the termination of the previously announced transaction with QED Connect, Inc.
Kaleidoscope Venture Capital Inc. (kaleidoscopemediasystems.com), a Nevada corporation (the “Company”) is a multi-tiered communications and media holding company, currently focused on the acquisition of, or partnership, grow nationally and which provide digital satellite television, high-speed Internet, and voice over IP, to customers living in multi-dwelling units.
Safe Harbor Statement
This Press Release contains forward-looking statements identified as such because the context of the statement includes the words such as Kaleidoscope "expects," "should," "believes," "anticipates" or words of similar import. Forward-looking statements are subject to certain risks and uncertainties including the financial performance of Kaleidoscope, which could cause actual results, performance or achievements of Kaleidoscope to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.