Watch TIVU for a multiday move on this news
Tivus Pioneering IPTV Within U.S. Hotel Industry
Date : 11/10/2010 @ 10:16AM
Source : MarketWire
Stock : Tivus, Inc. (TIVU)
Quote : 0.07 0.005 (7.69%) @ 10:27AM
Tivus Pioneering IPTV Within U.S. Hotel Industry
Tivus (USOTC:TIVU)
Intraday Stock Chart
Today : Wednesday 10 November 2010
Click Here for more Tivus Charts.
Tivus, Inc. (PINKSHEETS: TIVU), a provider of turnkey media entertainment technology to the hotel and hospitality industry, today commented on several ongoing company initiatives, including progress on the Company's hotel IPTV installation, accounting status, share structure, and sales.
"We have made important progress on a number of initiatives over the past few weeks," commented Shiva Prakash, Tivus' president and chief executive officer.
"Our IPTV contract fulfillment with the Downtown Omaha Doubletree Hotel & Executive Meeting Center is currently on schedule and progressing as we expected. Tivus engineering team has reported successful completion of the infrastructure survey, which analyzed quality of legacy wiring, service access, quality of electrical power, and satellite placement logistics. Tivus' integration team has also completed its analyses of the local advertising market and the property's guest portfolio. Accordingly, IPTV orders have been placed with our European manufacturer, and I expect the subsequent activities of physical installation and system launch to occur in earnest as components are soon completed and shipped.
"In addition, the Company has just completed an exhaustive review of its financials and associated documentation. With that information, our CPA is now preparing the last two-plus years to comply with Generally Accepted Accounting Principles, or GAAP, which is required for all fully reporting companies. I now expect the GAAP conversion exercise to conclude soon; and, upon its completion, I anticipate updating our financials, including our third quarter report, on OTC Markets' website.
"Our securities counsel has also just informed me that we have received the official copy of our corporate charter reflecting the reduction in the company's authorized share count from 2 billion to 300 million shares. The official corporate charter, updated and stamped with the Delaware Department of State, Division of Corporations' seal, is available for inspection in Houston, Texas. Simply contact investor relations to make an appointment. Shareholders can also view a copy at the Company's new blog site,
www.tivusconnect.com.
"Finally, on the sales and marketing front, although we are certainly approaching any and all hotel properties, the brunt of our present marketing efforts is focused at the corporate chain level, including hotel franchise management companies operating multiple properties. Currently, we are engaged in advanced negotiations with a number of such targets, and I look forward to soon sharing details of these efforts," Prakash concluded.
About Tivus, Inc.
Tivus, Inc. is a technology entertainment services company that provides internet-based TV and Cable programming, interactive game content, and goods & services to the hotel/hospitality industry. Using onsite hardware and software, including flat-screen HD televisions, Tivus' unique IPTV hotel entertainment system is a complete, multifaceted entertainment platform that, for the first time in the industry, generates previously untapped income to the hotel through ad revenue sharing. For more information, please visit
www.tivus.com.
One of our most important responsibilities is to communicate with shareholders in an open and direct manner. Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events. We urge investors to review the risks and uncertainties contained within its filings with the OTC Markets and/or Securities and Exchange Commission.
Media Relations:
Steven Haag
(877) 608-3388
tivus@smallcapss.com
