Business
One Horizon Group Announces Preliminary Agreement to Acquire Redspots Creative
One Horizon Group Announces Preliminary Agreement to Acquire Redspots Creative.
About this update from Touchpoint Group Holdings, Inc.
[{"type":"text","content":"\nMIAMI, March 28, 2019 (GLOBE NEWSWIRE) -- One Horizon Group, Inc. (OTCQB: OHGI) (the “Company”) today announced that it has entered into a preliminary, non-binding agreement to acquire a majority interest in Redspots Creative (Hong Kong) Company Limited in a stock transaction based on post-closing future earnings.  One Horizon will also have an obligation to provide working capital loans to the Redspots subsidiary upon closing of the transaction. \n Redspots is a multi-media production company that focuses on development, production, application, and marketing promotion. It provides services in three major categories: 2D and 3D video production, AR/VR interactive technologies and products, and an AR platform.  Redspots provides its clients a one-stop, multi-media promotion solution, greatly increasing marketing effectiveness.  Redspots’ clients include leading global Fortune 500 companies in the consumer products, restaurant, automotive, financial, hospitality/casinos, and other industries. Within its platform, Redspots has developed a proprietary “virtual idol” system.  Based on motion-capture and facial expression-capture technology, and real-time rendering, voice control and other systems for integration, the actor's movements, expressions, and voice can be mapped to the virtual character in real time. Redspots is currently developing a plan to license and distribute virtual idol globally.  A demonstration of the virtual idol system is available at: https://youtu.be/PitkW8DRsvk.  The preliminary agreement provides for a closing date of May 31, 2019.  The transaction will be subject to customary closing conditions including completion of due diligence, entry into definitive agreements and standard representations and warranties.  In addition, as a condition to closing, Redspots is required to enter into a specified software licensing agreement. Mark White, Founder and CEO of One Horizon, commented, “We are excited to announce this planned acquisition, which we believe will prove transformational to the business and can be easily leveraged across our media and digital technology platform, including Love Media House, Browning Productions and 123Wish.  Redspots is a pioneer in the area of augmented/virtual reality and developed the first virtu...