ALBUQUERQUE, N.M., April 29 /PRNewswire-FirstCall/ -- Today, Nexicon , New Symbol a leading supplier of anti-piracy and network security solutions provided the following update from Richard Urrea, CEO:
"As we continue into the second quarter of 2008, I am pleased to provide updates on Nexicon related to our recent financing, operations, and sales activities.
"As of the market open today, our stock will undergo a 1:1.6 reverse split, and our stock symbol will change to NXCO. This reverse split benefits the company by providing an improved capital structure for future financing activities. Our planned future financing requirements will support three main Nexicon initiatives: 1) begin the steps necessary for relisting on a broader financial exchange; 2) further enhance the architecture which supports our anti-piracy platform; and 3) improve the positioning of Nexicon in the marketplace as the global leader in anti-piracy solutions.
"On February 25th of this year, we announced that an investor group had entered into an agreement to acquire our outstanding notes due to Yorkville Advisors LLC, also known as Cornell Capital Partners. This was an extremely important accomplishment for Nexicon because the terms with our new investment partner are now aligned with the long term success of the company.
"For the last six months, Nexicon's pilot customers used our flagship GetAmnesty product to accomplish what has never been done before -- monetize on a large scale the losses caused by online piracy. We helped our customers achieve this accomplishment by leveraging our extremely efficient and robust technology platform. Now, for the first time in the copyright industry, a company offers a technology solution that simultaneously monitors illegal copyright downloads, analyzes this data, reports on these infringements, and collects settlement fees for our customers from these copyright infringers.
"One important feature of the GetAmnesty program is the distribution of DMCA notices on a mass scale. When we first tested the GetAmnesty program by emailing DMCA notices to individuals who had illegally downloaded a copyrighted movie, we received a settlement payment in 11 minutes. For our customer who owned the copyright to the movie, this was a watershed event. It confirmed that converting illegal downloaders of digital media into consumers -- without costly and time-consuming litigation -- is a reality.
"Other copyright owners heard about the success of the GetAmnesty solution, and we met with a number of high-profile companies in the motion picture industry. These companies are the leaders in their field -- including several of the "Big Six" motion picture studios. To date, one of these Big Six studios is contracted to receive business intelligence from Nexicon, and we have enrolled four independent motion picture studios in the GetAmnesty program. While we're proud of these contract signings, an even more exciting aspect of the GetAmnesty program for our team and for shareholders is that companies and artists who own copyrighted material are reaching out to us to learn about our anti-piracy solution. They like what they see, and want to enroll in the program.
"As a result of this feedback, Nexicon has further scaled our technology platform to meet demands, as evidenced by our technology platform's new ability to send 95 million infringement notices in a single day. Congratulations go to our CTO Tommy Stiansen and his team for continuing to drive innovation in our technology platform and developing a truly remarkable anti-piracy solution.
"Because of the complexity of our anti-piracy technology solutions, the sales cycles with some of these prospects are long - which can be frustrating to both management and our shareholders. That being said, I am now happy to report that we are in final negotiations to provide GetAmnesty and additional anti-piracy services to several motion picture studios. When complete, these agreements will provide Nexicon the green light to enforce the copyrights of the studios' digital media through GetAmnesty. Based on the number of titles and the online piracy associated with the titles, the size and scope of these potential agreements is significant -- we anticipate sending tens of thousands of settlement notices each day.
"Outside of the motion picture industry, Nexicon has recently made strong headway into the music industry by partnering with a marketing group representing a major artist in the music industry -- a Hall of Fame musician with dozens of Top-100 albums. Our technology development team is completing the final updates to a customized, artist-branded GetAmnesty site.
"Now is a very exciting time for Nexicon and its shareholders. We are working diligently to keep up with the demand for GetAmnesty product demonstrations. We are at last on sound financial footing. Our technology and infrastructure is ready. We've added an experienced and capable advisory board representing talent from Microsoft, Viewpoints Network, and City Capital Advisors. We've engaged with a boutique marketing consulting group who is currently upgrading our sales collateral, establishing relationships with IT analysts and journalists, and assisting in the establishment of the Nexicon brand. We at last have line of sight into significant revenue leading to sustainable profitability.
"On behalf of our management team, we thank you for your support, and I look forward to providing continued updates as we progress through 2008."
Nexicon Inc. delivers next-generation anti-piracy, intellectual property security, business intelligence, and network security products and solutions. For more information on Nexicon, visit http://www.nexiconinc.com http://www.getamnesty.com . For more information on GetAmnesty, visit .
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
Web site: http://www.nexiconinc.com/