(Information sent by the signatory company)
Vinco Ventures completes the purchase of all of ZVV's media capital from ZVV Media Partners. ZVV is the joint venture between Vinco Ventures and Zash Global Media.
ROCHESTER, N.Y., Dec. 20, 2022 /PRNewswire/ -- Vinco Ventures announces the purchase of all ZVV shares from ZVV Media Partners, a joint venture with ZASH Global Media, including TikTok rival Lomotif.
It is the latest achievement for the Board of Directors in its successful and fast-paced strategy to build the company's content-driven ecosystem with existing synergies Lomotif, AdRizer, Magnifi U and Honey Badger.
Lomotif was recently named one of the Top 12 TikTok Alternatives for sharing short viral videos. Furthermore, Lomotif was ranked #3 on begindot.com's Best TikTok Alternatives. https://www.begindot.com/best-tiktok-alternatives/
Vinco's closure of the JV and ZASH portfolio comes amid government crackdowns and political concerns over the China-based TikTok company.
The Senate recently passed legislation to ban TikTok on all US government devices after the No TikTok on Government Devices Act passed by unanimous consent.
"Vinco Ventures' leadership is very confident in its accelerated and collaborative mission to build the company into a major player in the media and entertainment space. This is another step toward that goal and the company will continue to identify and pay close attention to brands that can complement and scale operations," Vinco Ventures spokesman Javan Khazali said.
Through the purchase of shares in ZVV Media Partners, Vinco expands its portfolio with the exciting addition of several in-house produced television series.
About Vinco Ventures
Vinco Ventures (Nasdaq: BBIG) focuses on the development of digital media and content technologies. Vinco Ventures' consolidated subsidiary, ZVV Media Partners, LLC, a joint venture of Vinco Ventures and ZASH Global Media and Entertainment Corporation, holds an 80% interest in Lomotif Private Limited. Vinco Ventures owns a 100% interest in AdRizer, LLC. For more information, visit investors.vincoventures.com.
Forward-Looking Statements and Disclaimers
This press release contains "forward-looking statements" as defined by the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995, which are based on the beliefs and information currently available to Vinco Ventures' management, as well as estimates and assumptions made by Vinco Ventures' management. These statements can be identified by the fact that they do not strictly relate to current or historical facts. When the words "estimate", "expect", "intend", "believe", "plan", "anticipate", "project" and other words or the negative of these related terms and expressions are used in this presentation to the applicable company or its management identify forward-looking statements. Such statements reflect Vinco Ventures' current views with respect to future events and are subject to risks, uncertainties, assumptions and other factors relating to Vinco Ventures and its subsidiaries and consolidated variable interest entities, including Lomotif, its industry, financial condition, operations and results of operations. Such factors include, but are not limited to, the risks and expected rewards of the proposed increase in Vinco Ventures' authorized shares as described in our proxy statement, Vinco Ventures' investments in ZVV Media Partners, LLC, Lomotif Private Limited, PZAJ Holdings, LLC and related growth initiatives and strategies, such as blended media, multi-platform distribution strategy, expected benefits from Lomotif's participation and sponsorship of live entertainment events, expected benefits from the AdRizer acquisition, and planned integration of AdRizer technology with Lomotif and Honey Badger and the synergies between AdRizer, Lomotif and Honey Badger, regulatory risks with the NFT and blockchain business lines and other risks and uncertainties described in more detail in the filings by Vinco Ventures and Cryptyde before or provided to the Securities and Exchange Commission, including The risk factors discussed in Vinco Ventures' Annual Report on Form 10-K for the period ended December 31, 2021 filed April 15, 2022 which is available at www.sec.gov. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, actual results could differ materially from those anticipated, believed, estimated, anticipated or anticipated. While we believe that the expectations reflected in forward-looking statements are reasonable, we cannot guarantee future results, performance or achievements. Except as required by applicable law, including United States securities laws, we do not intend to update any forward-looking statements to align these statements with actual results.
For more information, contact:
Rogers Media Contact
Logo - https://mma.prnewswire.com/media/1971276...Logo - https://mma.prnewswire.com/media/1971277...
View original content: https://www.prnewswire.com/news-releases/vinco-ventures-completa-la-adquisicion-de-lomotif-rival-de-tiktok-301707237.html