NTN Buzztime, Inc. produces interactive entertainment games, promotions, and technology across consumer platforms. It distributes various interactive multi-player games, including trivia quiz shows, play-along sports programming, casino-style, and casual games to restaurants, sports bars, taverns, and pubs in North America and the United Kingdom under the name Buzztime Interactive Television Network. The company also distributes and licenses its content and technology to various third-party consumer platforms, including cable television, satellite television, mobile phones, online, retail games and toys, airlines, and books under the name Buzztime Distribution. It sells its network primarily through direct sales employees, independent dealers, and representatives. The company was founded in 1983. It was formerly known as Alroy Industries and changed its name to NTN Communications, Inc. in 1985. Further, the company changed its name to NTN Buzztime, Inc. in 2005. NTN Buzztime is headquartered in Carlsbad, California.
Posts: 138 | From: FLORIDA | Registered: Dec 2004
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It's my understanding that NTN sold off a LOT of its product... However, they're cash friendly and have recently announced a cash buy back, so I guess it could go either way...
from 4/4/07 8K -Apr-2007
Completion of Acquisition or Disposition of Assets, Change in Directors or Princ
Item 2.01 Completion of Acquisition or Disposition of Assets. On March 29, 2007, NTN Buzztime, Inc. (the "Company"), NTN Wireless Communications, Inc., the Company's wholly-owned subsidiary ("NTN Wireless"), and HME Wireless, Inc. ("Buyer"), a subsidiary of H.M. Electronics, Inc. ("HME"), entered into a definitive asset purchase agreement (the "Asset Purchase Agreement") for the sale of substantially all of the assets of NTN Wireless to Buyer for $2,400,000 in cash, subject to adjustment under certain circumstances.
The completion of the sale of assets was subject to customary closing conditions, including the consent of third parties to the assignment of certain contracts from NTN Wireless to Buyer in connection with the transaction. On March 30, 2007, the Company and NTN Wireless completed the sale of assets under the Asset Purchase Agreement.
Prior to this transaction, no material relationship existed between the Company and NTN Wireless, on the one hand, and Buyer and HME, on the other hand, or their respective affiliates, directors or officers. The sale of the assets of NTN Wireless is part of the Company's announced strategy to narrow the scope of its business to its core Entertainment Division.
On March 30, 2007, the Company and HME issued a press release announcing the completion of the sale of assets of NTN Wireless. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein in its entirety.
Posts: 949 | From: Little Rock, AR | Registered: Dec 2005
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Press Release Source: NTN Buzztime, Inc. NTN Buzztime, Inc. Announces First Quarter 2007 Results Wednesday May 9, 4:15 pm ET * Cash and equivalents increased $2.3 million during the first quarter of 2007 to $11.1 million * The sale of the NTN Wireless business was completed for $2.0 million in net proceeds * Gross margin as a percentage of revenue increased to 71% compared to 70% in prior year period due to operating efficiencies gained
Posts: 949 | From: Little Rock, AR | Registered: Dec 2005
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