NanoTech Entertainment, Inc. (OTCMKTS:NTEK) recently announced that its subsidiary, NanoTech Gaming, will now be trading under the ticker NTGL in the OTCMKTS. The news came soon after the acquisition of High Velocity Enterprises Inc. (HVEL). NTGL was spun out of the gaming labs division of NanoTech. The new company now holds the division’s complete portfolio and will take over all gaming operations. Additionally, NanoTech has also been acquiring the services of distributors for its 4K HD network UltraFlix.
The latest addition to UltraFlix would be Film Karavan, a distributor of Indian movies. As per the agreement, UltaFlix would be able to stream full length movies from the Film Karavan library and also any newly released movies by the latter. NanoTech’s 4K studios are currently re-mastering the films for better compatibility with 4K HD display. Currently, only the most popular hits from the library are being revamped.
At the moment, the company is focusing on sorting out the details for the new acquisition and spun out subsidiary. NTEK has yet to release details regarding the stock split for NTGL, which is being worked out with the help of Omnivance Advisors. Mr. Alan Stone has been appointed as the CEO of the new company. The new company aims to develop a series of products for the gaming industry, with an aim to change the future of gaming.
However, NTEK has a lot that needs to be sorted out for the transition. Apart from the new investors and shareholders from HVEL, the company also needs to have a look at its finances. The December 2014 filing from NTEK had revealed an alarmingly poor financial health for such a large company. NTEK had just $360,000 in cash, with $4.1 million in assets. While the company’s net gain stood at $830,000, despite having revenues worth $2.3 million for the 4Q2014.
NanoTech Entertainment, Inc. (OTCMKTS:NTEK) closed at $0.0125, after trading 724.87 million shares in the stock market and losing 15.54% in the June 3rd session.