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Knightscove Announces Further Advances to RSKB Acquisition(December 13, 2011)
TORONTO, ONTARIO -- (Marketwire) -- 12/13/11 -- KNIGHTSCOVE MEDIA CORP. (TSX VENTURE:KC.A)(TSX VENTURE:KC.B) (www.knightscove.com) ("Knightscove"), is pleased to announce that it has entered into a Rights Acquisition Agreement with Toronto-based RSKB Communications Inc. ("RSKB"). The Rights Acquisition Agreement has been entered into in connection with Knightscove's upcoming purchase of a fifty-one percent (51%) interest in RSKB as recently disclosed by Knightscove in its press release dated November 10, 2011 (the "RSKB Acquisition"). Pursuant to the terms of the Rights Acquisition Agreement, Knightscove has acquired the right to either re-acquire 250,000 of its Subordinate Voting Shares issued as partial payment for the purchase of the fifty-one percent (51%) interest in RSKB or purchase an additional fifteen percent (15%) interest in RSKB should the RSKB fail to achieve its initial annual Revenue Target.
RSKB is the owner of SouthAsianLife.com ("SouthAsianLife.com"), one of the largest ethnic sites in Canada, with original daily coverage of politics, personalities, entertainment, fashion and food. Updated hourly, it's a dynamic and engaging resource that offers readers commentaries on the hottest trends, health, beauty, fashion, shrewd dissections of breaking national and local news, blow-by-blow accounts of TV's greatest shows, the scoop on what's cooking with the latest top chefs and more. Inspired by the vision to highlight who South Asians are at their best, SouthAsianLife.com is the go-to guide for living the South Asian life, wherever you are. SouthAsianLife.com attracts up to 5 million hits daily.
"We are extremely pleased with the acquisition of RSKB Communications and SouthAsianLife.com," says Knightscove's CEO Leif Bristow. "The strength of the site as a social network creates an immediate advertising platform which provides recognizable brands with unique access to the South Asian community".
Current RSKB CEO Raaj Brar has been appointed President of Knightscove's newest subsidiary, Knightscove Digital Inc. ("Knightscove Digital"). The Knowledge base and platform which Mr. Brar has created can easily be transitioned to support Knightscove's broadcast initiatives in both the ethnic and non-ethnic broadcast channels.
In addition, through digital and social strategies, Knightscove can begin to transition all proprietary content to a digital App store, allowing consumers to purchase or rent content directly. This will provide enhanced revenue at lower costs than through the previous physical manufacturing and distribution of content on DVDs.
The RSKB Acquisition remains subject to approval by the TSX Venture Exchange.
About Knightscove Media Corp.
Knightscove is a fully integrated entertainment company specializing in the distribution, creation and financing of live action feature films and television productions. The Canadian company offers family-friendly third party and proprietary film and television content through its Knightscove Family Films and Knightscove-Ellis International brands.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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