LOS ANGELES--(BUSINESS WIRE)--Loton, Corp. (OTCBB:LTNR) announced that it has completed the previously announced acquisition of a fifty percent interest in KOKO, has a commitment to acquire the remaining 50% of KOKO from Oliver Bengough and has appointed Mr. Bengough as CEO of LTNR. KOKO is a premier multimedia and lifestyle brand and one of London’s iconic live music venues. It is internationally renowned for delivering over 250 live music events per annum for the past ten years.
KOKO provides a premier program of digital, live shows and TV entertainment to an international audience. 400,000 music fans step through its doors annually to see classic artists such as Coldplay, Pharrell, Christina Aguilera, Prince and Madonna. The venue is also the home of London Live, the UK’s longest running and internationally syndicated live concert series, which is currently distributed into 300 million TV homes globally in over 70 different countries, having featured Usher, Kanye West, The Killers, Lady Gaga and many more.
KOKO has worked with the finest EDM talent in the world today from Swedish House Mafia, David Guetta, Calvin Harris, Diplo and Skrillex to underground Berlin super DJ’s such as Paul Kalkbrenner and French Techno artist Gesaffelstein. The company has enjoyed a ten-year partnership with NME, the world’s biggest standalone music site, with more than 7 million users per month. 2014 has continued KOKO's eclectic programming mix with sold out shows from Childish Gambino, Banks, Danny Brown, Chet Faker, Moderat and Prince.
The transaction provides an opportunity for KOKO to expand the delivery of high-quality content across mobile devices and digital platforms globally. KOKO’s mission is to replicate the tremendous success of other UK-based lifestyle brands (Virgin Records, Hard Rock, Soho House, and Hakkasan), expanding into the United States and around the world. To date, KOKO has collaborated with several premier global brands including Apple (launching iTunes Festival), Spotify, Diesel, Chanel, MTV, AOL and Virgin Records (40th Anniversary). KOKO seeks opportunities that leverage, license and expand its brand, whether in collaboration with other global companies or on its own. As part of the merger, KOKO will bring its other assets and intellectual property including digital, app and TV production into the fold.
“Bringing KOKO to the U.S. is something I have always wanted to do,” commented Mr. Bengough, CEO of Loton. “The music landscape has never been more dynamic from a live and digital perspective.”
“We are excited to announce the transaction with KOKO,” commented Robert Ellin, Chairman of Loton, Corp. Mr. Ellin further stated, “Mr. Bengough has become the Company’s CEO and the Company expects to enter into an employment agreement in conjunction with acquiring his remaining 50% interest in KOKO, promptly following the closing of this transaction. He will lead a world-class team of professionals at Loton so that Loton may expand organically as well as via targeted Media and Technology acquisitions.”
Mr. Bengough is the founder and CEO of KOKO. He has created cutting edge media and entertainment brands in the world of film, fashion and music, over the past ten years. Mr. Bengough’s Mint Entertainment has grossed over $350 million dollars, netting over $60 million in profits, since its inception in 2000. In 2009, he created Cinemoi, an international movie channel, on News Corps SKY which was distributed into 10 million homes. In 2012, he went on to launch Cinemoi on DirecTV into a further 20 million homes.
About Loton, Corp.
Loton, Corp. acquired a fifty percent interest in KOKO, a premier multimedia and lifestyle brand and one of London’s iconic live music venues. The company has a commitment to acquire the remaining 50% of KOKO and expects for this transaction to be completed shortly. KOKO is internationally renowned for delivering over 250 live music events per annum for the past ten years. Loton is backed by Trinad Capital, a micro-cap and small-cap activist hedge fund based in Los Angeles, California. The fund is led by Robert Ellin, a seasoned portfolio manager with 25 years of investment experience. Mr. Ellin spearheaded investments in several publicly traded companies including ThQ, Grand Toys, Forward Industries (FORD), Majesco Entertainment (COOL), Command Security (MOC), Mandalay Digital Group (MNDL), iVillage (IVIL), Points International (PCOM), as well as private companies including iWon.com and SS industries. Stella Capital Advisors provided advisory services to KOKO’s shareholders on this transaction.
Forward Looking Statement
Statements in this news release concerning future results from operations, financial position, economic conditions, product releases and any other statement that may be construed as a prediction of future performance or events are forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause actual results to differ materially from those expressed or implied by such statements. These factors include uncertainties as to levels of orders, ability to record revenues, release schedules, market acceptance of new products, changes in economic conditions and market demand, pricing and other activities by competitors, and other risks including those described from time to time in the Company’s filings on Forms 10K and 10Q with the Securities and Exchange Commission (SEC), press releases and other communications.