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| [February 11, 2013] |
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ASI Entertainment Receives First Royalties
SEATLLE --(Business Wire)--
ASI Entertainment, Inc. (OTCQB:ASIQ) announced today that it has
received royalties from its intellectual property licensed to ASiQ
Limited. The product is marketed by ASiQ under the brand name
BizjetMobile, and following 2 years of flight testing, was released in
November 2012 and is currently in operation on aircraft in Australia and
the USA.
The Company initially receives royalties from system sales and then from
ongoing data communication revenues as each aircraft commences
operation. In addition, the Company has entered into a heads of
agreement with its former subsidiary that will increase the Company's
revenue potential even further.
Under the new agreement, not only will the Company receive its 10%
intellectual property royalty but, will also manage the billing and
associated communication services on behalf of ASiQ for the North
American Bizjet market and receive a further 5% of all net revenue after
agents fees and financing costs.
President of the Company, Ron Chapman, stated:ASiQ under license from
the Company, has developed a revolutionary inflight communications
system for business aircraft, integrating iPhones and iPads to the
global Iridium and Inmarsat (News - Alert) satellite networks.
The heads of agreement is for a period of 45 days, during which time a
formal 12 months agreement will be entered into which will include the
option for the Company to acquire the�permanent�rights.
About the Company
ASI owns the intellectual property called SafeCell. The original
SafeCell concept was developed to allow communications in aircraft by
shutting down the primary cell phone transmitter and connecting via
Bluetooth to a personal electronic devise, to primarily facilitate data
communications. The technology currently focuses on Apps for Apple (News - Alert)®
devices.
ASiQ was licensed by the Company in May 2008, to commercialize the
intellectual property, and from this license, the BizjetMobile system
has evolved.
Safe Harbor Disclosure:
This press release includes "forward-looking statements" within the
meaning of the federal securities laws, commonly identified by such
terms as "believes," "looking ahead," "anticipates," "estimates," "may,"
"will," "should," "could," "expect," "intend," "project," and other
terms with similar meaning. Although the company believes that the
assumptions upon which its forward-looking statements are based are
reasonable, it can give no assurance that these assumptions will prove
to be correct. Important factors that could cause actual results to
differ materially from the company's projections and expectations are
disclosed in the company's filings with the Securities and Exchange
Commission. All forward-looking statements in this press release are
expressly qualified by such cautionary statements and by reference to
the underlying assumptions.
* Apple, the logo, iPhone (News - Alert) and iPad are trademarks of Apple Inc.,
registered in U.S. and other countries.
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