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Rosca Enters into LOI for Acquisition of Secure Path Technology, LLC
November 04, 2009 -- SAN DIEGO, BUSINESS WIRE --
Rosca, Inc., a Nevada corporation (OTCBB: RSCA) (the 'Company'), entered into a Letter of Intent (the 'LOI') with the members of Secure Path Technology LLC ('Secure Path') for the acquisition by the Company of 100% of the outstanding membership interests in Secure Path, in exchange for Four Million Five Hundred Thousand (4,500,000) shares of the Company's common stock.
Secure Path is a major Registration Agency for the International Standard Audiovisual Number ('ISAN') in North America and is the exclusive global Licensing Agency providing commercial access to the ISAN database.
ISAN is an ISO (International Standards Organization) standard which provides a unique, permanent and internationally recognized reference number for the identification of every audiovisual work, including film, television, online and mobile content, regardless of the format in which the work is distributed (e.g. theatrical, DVD, streaming media). The ISAN code was developed to be the identifier for the audiovisual (AV) industry's supply chain, just as the ISBN code is the unique identifier for publications and the foundation for all tracking (e.g. distribution, inventory, royalties) for the global publishing industry.
The ISAN standard was initiated in order to make more efficient the process of identifying audiovisual works, and significantly enhance their ability to collect, distribute and/or receive royalties and residuals.
Secure Path holds two seats on the 12 member Administration Committee which oversees ISAN-IA, with responsibilities including budget, policy and the approval of new Registration Agencies. Secure Path also holds one seat on the three-member Executive Committee, which has direct oversight of ISAN International Agency's personnel. This new governance structure ensures that Secure Path will be integrally involved in guiding the development of the standard in a way that is amenable to the markets the Company serves, and commercially viable.
NOTE: The information contained in this press release contains forward looking statements which are based on the current expectations of the management of Rosca, Inc. only, and actual results may differ materially. For a more detailed discussion of risks and other factors related to Rosca, Inc., please refer to its Form 10-K and Form 10-Q reports, as filed with the U.S. Securities and Exchange Commission.