FORT LAUDERDALE, FL – Next 1 Interactive, Inc., (OTCQB: NXOI) (OTCBB: NXOI) has announced that it has reached terms with its first secured creditor representing a debt of $6 million dollars. Key elements of the agreement include extending the debt upwards of two years, putting a $0.50 conversion price of the debt, and allowing the company to force a conversion if it achieves profitability in any quarter, and/or, if the company achieves a market price of $1.50. This agreement is crucial in allowing the company to begin plans for rearranging travel programs as well as utilizing its relationship and share ownership with RealBiz Media Group, Inc. Preferred A shares. This will accelerate travel opportunities and engage RealBiz technology platforms that can be applied to the travel industry.
"While there continues to be significant challenges, this is clearly a key milestone in allowing us to reposition Next 1 Interactive. The company will proceed to develop its business model to capitalize upon business outreach via cutting-edge technologies that differentiate its products," said William Kerby, Chief Executive Officer of Next 1 Interactive.
ABOUT NEXT 1 INTERACTIVE INC.
Next 1 Interactive, Inc. (NXOI) is a multi-faceted media company specializing in Travel and Real Estate. Next 1 plans the delivery of targeted content via multiple digital platforms including Cable, Web, Broadband and Mobile. In today's digital market, Next 1 delivers information and entertainment to consumers. The company's business plan calls for multiple revenue streams from real estate and travel content delivery including transactional commissions, referral fees, advertising and sponsorship.
ABOUT REALBIZ MEDIA GROUP, INC.
RealBiz Media Group, Inc. is a real estate digital media and technology company whose proprietary video processing technology makes it one of the leaders in providing home video tours to the real estate industry. Its client base includes more than 250,000 real estate agents and brokers. Through its wholly owned Home Tour Network operation, the company provides a Television video on demand network, a growing MVA network, and an existing Virtual Tour network. The company enjoys access to the nation's largest real estate companies with numerous approved vendors and national contracts. Both key to its future development programs.
Safe Harbor Statement
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plan, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Investor relations contact
Next 1 Interactive Inc.
954 888 9779
RealBiz Media Group, Inc.
Direct: (888) 777-3333
SOURCE: Next 1 Interactive Inc.