Seattle, WA, Jan. 13, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- ReelTime Media (OTC:RLTR) has reached a technology/software license and development agreement with Baristas (OTC:BCCI) "Munchie Magic". The licensing agreement secures Munchie Magic global perpetual exclusive access to use the technology and methodologies developed by ReelTime that allow the virtual restaurants to integrate with its partners, onboarding, marketing, and administrative functions for use with the Munchie Magic Virtual Restaurant or other convenience store delivery concepts. The agreement also allows for Munchie Magic to develop in concert with ReelTime or independently, derivatives and/or stand-alone methodologies.
In exchange for the global perpetual exclusive license from ReelTime for the Munchie Magic concept and convenience store derivative Virtual Restaurants, ReelTime will receive a per transaction license fee of $.35 in perpetuity in conjunction with the terms of the agreement beginning on Jan. 1st, 2021.
Baristas "Munchie Magic" has opened more than 50 locations in the past nine months delivering Ben & Jerry's ice cream, snacks, and hot foods to customers via delivery partners DoorDash, GrubHub, and Uber Eats. www.baristas.tv www.munchiemagic.com in WA State and has now expanded into Oregon and California as well.
Barry Henthorn, CEO, stated: "ReelTime has built a scalable foundation that can facilitate the expansion of the Munchie Magic concept and beyond. Having secured a per transaction fee gives ReelTime a stake in the success that Munchie Magic is experiencing while giving them the confidence that we will remain an active partner. It aligns both companies to support and grow the businesses in tandem."
ReelTime has formally submitted an application as a Seasoned Company Seeking to Transfer Equity and/or Debt Securities from Another U.S. Exchange to be listed on the NASDAQ Capital Market Exchange. The application has been logged in the NASDAQ Listing Center, all applicable fees have been paid, and a listing analyst has been assigned to ReelTime to assist throughout the process. In addition, the request for a new symbol (RT) to be reserved for ReelTime to trade under once the Company has met all quantitative and qualitative criteria, including certain corporate governance requirements has been approved.
ReelTime will continue to submit additional information and documentation as it is required based on comments from its assigned Listing Analyst and others at NASDAQ who will be assisting ReelTime, assuring that they satisfy all the required qualifications for NASDAQ Capital Markets securities in Rule 4300 and or any other applicable regulatory requirements. ReelTime will also need to adhere to the corporate governance standards set by NASDAQ. In addition, ReelTime must comply with NASDAQ's requirements relating to audit committees, the director nomination's process, the compensation of officers, board composition, executive sessions, quorum, and code of conduct among others.
ReelTime will continue to trade on the OTC Markets under the symbol (OTC:RLTR) throughout the process and up until the move to the NASDAQ Capital Market becomes effective at which time the ticker symbol will become (RT) .
The NASDAQ Capital Market provides companies the required capital in order to grow their business. The NASDAQ Capital Market also provides a listing venue that promises to accommodate the different stages of corporate lives of the companies. All companies that are listed on NASDAQ Capital Market need to satisfy all the required qualifications for NASDAQ securities in Rule 4300. The companies also need to adhere to the corporate governance standards set by NASDAQ.
In other news:
ReelTime has entered into a formal binding letter of agreement whereas it will acquire 100 percent of NWBB, Inc. a 20-year-old media company and its subsidiary Discount Ad Brokers. The acquisition is valued at 12 million dollars and is expected to formally close by the end of the year whereas the financials will be consolidated with ReelTime's.
ReelTimes VR capabilities which were showcased in Inc. Magazines' March 24th issue solve the monetization problem of high production cost in relationship to the size of the potential audience that has thwarted VR content creation. Using ReelTime process and Ubiquiview technology, content can be shot in VR yet made available to major networks and other flat content portals as well. By expanding the number of potential viewers from only those with a VR headset to nearly all widely used formats, traditional monetization via product placement, embedded advertising, pre, and post-roll sponsorships, etc. become possible.
Last month ReelTime VR topped the list published in Virtual Reality Insider of three unknown public companies set to drive the explosion of the AR/VR worlds as access and adoption/adaptation become commonplace. The full article can be seen at www.virtualrealityinsider.com . The article makes special mention of the potentially industry-shaping significance of ReelTime's patent Number 10,761,303 that was just issued by the USPTO on September 1, 2020. The patent covering apparatus and method claims for technology involving simultaneous capturing of 360 X 360 degree Spherical Panorama Images and Video.
Earlier this year ReelTime VR appeared in TIME Magazine where it was singled out as companies "Among those most likely to gain from the growing virtual reality market" and where it cited ReelTime's "In Front of View" as "The World's No. 1 VR Travel Show".
About NASDAQ Capital Markets: Nasdaq is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. A diverse selection of over 4,000 companies choose to list on Nasdaq's U.S., Nordic and Baltic exchanges, representing industries such as retail, health care, finance, and technology. In the U.S., Nasdaq is the listing venue of choice for many of the world's most exciting companies. The Nasdaq Stock Market has three distinctive tiers: The Nasdaq Global Select Market® , The Nasdaq Global Market® and The Nasdaq Capital Market® . Applicants must satisfy certain financial, liquidity and corporate governance requirements to be approved for listing on any of these market tiers.
About ReelTime Rentals, Inc. d/b/a ReelTime Media: www.reeltime.com, is a publicly-traded company based in Seattle, WA (OTCPK:RLTR). ReelTime Media provides end to end production capabilities and discount media purchasing that is redefining how companies are evaluating and purchasing their TV, radio, print, and other new media. ReelTime is also is in the business of developing, producing, and distributing Virtual Reality Content and technologies. We have an end to end production, editing, and distribution capabilities for internal and external projects. ReelTime Currently produces three ongoing series for the Samsung Gear VR platform and distributes them over numerous VR delivery portals including Gear VR, Oculus, Veer VR, HTC Vive, YouTube 360, Facebook, and others. ReelTime Media also publishes the book "It Was Always Me Edward Edwards the Most Prolific Serial Killer of All Time" which has been the subject of a cover story on People Magazine, Rolling Stone, In Touch, and a six-part series on Paramount network, www.itwasalwaysme.com .