NanoTech Entertainment, Inc. (OTCMKTS:NTEK) has been making quite a lot of progress with its new 4K HD service UltaFlix. Recently the company acquired the services of Alchemy, known for its distribution of film and TV content. The two companies reached an agreement, whereby Alchemy would grant UltraFlix access to its library of film and TV content. The agreement also covers any new releases by the company.
NanoTech has been quite busy adding series of large content to its award winning 4K HD service UltraFlix. The company is itself re-mastering the content from various distributors and preparing it for the 4K HD service. Aaron Taylor, NanoTech’s Executive VP, expressed his delight at the agreement. He stated that Alchemy has been a top-notch independent studio for years and has rights to well known content, with the most famous names in the film industry. The CEO went on to state that the agreement was signed while keeping in mind the need to add more genres to the UltraFlix 4K HD network.
It is also important to note here that NTEK is also amongst the few OTC companies that are in excellent financial health. For its 1Q2015, the company reported $44,000 in cash, $5 million in assets and $2.63 million in sales. In conclusion, the company reported a net profit of $333,000 for its 1Q2015. Unfortunately, despite all the positive updates from the company and the great balance sheet, investors tend to remain uninterested in the company. It might be that investors do not believe that the UltraFlix network would not be able to compete with giants like Netflix.
Additionally, the company recently spun out its gaming labs to form a separate company under the NTGL ticker. It might be that the investors want the two companies to sort out the problems of stock and assets division before the investors start placing their faith in the company.
NanoTech Entertainment, Inc. (OTCMKTS:NTEK) traded a total of 724.87 million shares during the June 15 session, but failed to report any change. The stock closed at a value of $0.0135.