Directors of GoConnect (GCN) are pleased to advise that their joint venture partner Priority One Network Group have signed an Asset Sale Agreement to secure the Bollywood TV film library and its associated assets including all content, naming rights, intellectual property, patents and all existing URL’s associated with Bollywood TV from ASX listed Charter Pacific Limited (“Charter Pacific”).
Under terms of the Asset Sale Agreement, Priority One has agreed to issue 3,333,333 fully paid ordinary Shares at $0.30 per share in Priority One to Charter Pacific. The Acquisition is a significant milestone for the GoConnect/Priority One joint venture with the parties now able to actively promote the content to GoConnect’s broad viewership base and its IPTV distribution infrastructure in addition to exploiting a number of new licensing opportunities. Consisting of 5,500 titles, the library is one of the largest online media content libraries for Bollywood and regional movies, sports and entertainment. Priority One in conjunction with GoConnect will utilize the library to attract viewers to its programming schedule and expects the content will be popular among the global Indian community.