|By Business Wire||
|February 11, 2013 09:06 AM EST||
ASI Entertainment, Inc. (OTCQB:ASIQ) announced today that it has received royalties from its intellectual property licensed to ASiQ Limited. The product is marketed by ASiQ under the brand name BizjetMobile, and following 2 years of flight testing, was released in November 2012 and is currently in operation on aircraft in Australia and the USA.
The Company initially receives royalties from system sales and then from ongoing data communication revenues as each aircraft commences operation. In addition, the Company has entered into a heads of agreement with its former subsidiary that will increase the Company’s revenue potential even further.
Under the new agreement, not only will the Company receive its 10% intellectual property royalty but, will also manage the billing and associated communication services on behalf of ASiQ for the North American Bizjet market and receive a further 5% of all net revenue after agents fees and financing costs.
President of the Company, Ron Chapman, stated: ASiQ under license from the Company, has developed a revolutionary inflight communications system for business aircraft, integrating iPhones and iPads to the global Iridium and Inmarsat satellite networks.
The heads of agreement is for a period of 45 days, during which time a formal 12 months agreement will be entered into which will include the option for the Company to acquire the permanent rights.
About the Company
ASI owns the intellectual property called SafeCell. The original SafeCell concept was developed to allow communications in aircraft by shutting down the primary cell phone transmitter and connecting via Bluetooth to a personal electronic devise, to primarily facilitate data communications. The technology currently focuses on Apps for Apple® devices.
ASiQ was licensed by the Company in May 2008, to commercialize the intellectual property, and from this license, the BizjetMobile system has evolved.
Safe Harbor Disclosure:
This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates," "may," "will," "should," "could," "expect," "intend," "project," and other terms with similar meaning. Although the company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the company's projections and expectations are disclosed in the company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.
* Apple, the logo, iPhone and iPad are trademarks of Apple Inc., registered in U.S. and other countries.
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