TORONTO--(Marketwire - Nov 14, 2012) - Consorteum Holdings Inc. (OTCQB: CSRH) is pleased to announce that it filed its Report on Form 10-K for the fiscal year ended June 30, 2012, with the Securities and Exchange Commission and resumed its status as an issuer quoted on the OTCQB.
As part of the process of completing the required work for the 10-K Report, the Company and some of its affiliates entered into a settlement agreement with its former CEO and Chairman of its Board of Directors. The settlement agreement was filed as an exhibit to the Form 10-K Report. Subsequent to the execution of the Settlement Agreement, the Company and its former CEO executed and delivered to each other general releases.
As a result of Mr. Fielding's resumption of his roles as Chairman and CEO, the Company has redirected its energies on promising opportunities for the remainder of 2012 and beyond. Consorteum Holdings is very focused on executing processing and transaction management initiatives both in North America and in new overseas markets. The Company will leverage its existing relationships with various casinos and resorts throughout North America and also focus on mobile gaming and wagering transactions.
"This is an exciting time for the world of mobile digital media as state and local governments are looking for creative alternatives to raise revenue. Mobile gaming is one possible revenue enhancer," said Craig Fielding, CEO of Consorteum Holdings. "We remain focused on our traditional transaction management, technology and card businesses. Now with the addition of new opportunities utilizing our mobile gaming platform, we are ideally positioned to step into new markets in a meaningful way."
"I am optimistic that we can demonstrate to our shareholders that the past year of establishing key relationships across multiple verticals in the financial transaction processing and gaming businesses will translate into revenue opportunities for the Company," added Mr. Fielding. "In the next several months we intend to launch new projects that are in the final stages of planning and will soon be ready for announcement. We also intend to continue our efforts to build a strong management team, Board of Directors and relationships with new partners."
Consorteum is a transaction management and mobile publishing company focused on financial transaction processing, including its suite of mobile offerings, delivery of mobile content, mobile payments solutions and related products through a mix of on-deck partnerships, license agreements and joint venture revenue sharing arrangements. It operates as a technology and services aggregator to meet the diverse needs of its client base by leveraging a wide range of products and services to develop end-to-end, turnkey card and payment transaction processing solutions. The Company has extensive expertise within the payments and transaction industry in North America and internationally.
For more information about the Company, please visit: www.consorteum.com
Forward Looking Statements
Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate," "project," "intend," "forecast," "anticipate," "plan," "planning," "expect," "believe," "will likely," "should," "could," "would," "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, the need to raise additional funding in amounts sufficient to support the Company's initiatives, domestic or global economic conditions, activities of competitors and the presence of new or additional competition, and changes in Federal or State laws. More information about the potential factors that could affect the Company's business and financial results is included in the Company's filings, available via the United States Securities and Exchange Commission.