SOURCE: Next 1 Interactive Inc.

June 09, 2009 13:21 ET

Next 1 Interactive Inc. Announces Agreement to Acquire Resort and Residence TV Network

FT. LAUDERDALE, FL--(Marketwire - June 9, 2009) - Next 1 Interactive Inc. (OTCBB: NXOI) announces its agreement to purchase the full time TV programming network Resort and Residence TV (R&R) from Colorado limited liability company Televisual Media Works, LLC (TVMW). The purchase of R&R will open the doors to expand Next 1 Interactive's distribution from its current 1.6 million households to roughly 25 million households.

The asset purchase of Resort & Residence TV includes all branding elements and interactive applications designed by TVMW. This interactive technology allows consumers to use their TV remote control to access programming, advertising, request information, and even make purchases on demand. Of significant benefit to advertisers is the real quantifiable data provided through the interactive on demand technology.

R&R is a known entity to satellite and cable operators having been profitably distributed in over 17 million homes on EchoStar's Dish Network and in various cable markets between 2005 and 2007. Resort & Residence established relationships with multiple major advertising firms and the network was one of the first full time cable/satellite networks to be enhanced with interactive applications. "The acquisition of Resort & Residence is the next step for Next 1 Interactive in becoming a leader in the digital media space leveraging the company's background and assets in the travel and real estate industry," stated Bill Kerby, CEO and Vice Chairman of Next 1 Interactive Inc.

Next 1 Interactive is the owner of Maupintour Extraordinary Vacations, Cruise Shoppes, the Travel Magazine video series and the full time Home & Away Channel (formerly the Home Preview Channel).

Next 1 Interactive will now change the name of its full time Home & Away Channel to Resort & Residence and will roll out R&R with proprietary programming and revenue through its various travel and real estate offerings. "The strength in programming networks today is in having targeted content and the support of a vertical industry. I believe that Next 1 Interactive has the right assets and relationships to leverage and grow the base that Resort & Residence established. This is the right blending of assets," stated Gary Turner, Founder of Televisual Media Works.

Terms of the agreement included cash, a 3 year zero coupon note and a convertible debenture allowing Televisual Media to convert into 3.5 million shares of Next 1. Conversion can be triggered by either party, based on achieving certain minimum performance benchmarks. The closing of the transaction is anticipated by June 30th, 2009.

About Next 1 Interactive Inc.

Next 1 Interactive Inc. (Next 1) is an interactive media company specializing in Digital Media with a focus on Travel and Lifestyle. Next 1 utilizes its online and offline expertise to deliver targeted content via digital platforms including broadcast. Cable, Satellite, Video on Demand enhanced by interactive applications, terrestrial and internet radio delivering a targeted media environment attractive to the consumers those brands want to reach. Through integrated, interactive promotional offerings and targeted marketing, our clients reach and engage the consumers who are the best customers for their offers. In today's digital market Next 1 Interactive delivers value and a measurable return on investment to its advertisers, sponsors and business partners.

About Televisual Media Works, LLC

Televisual Media Works, LLC (TVMW) is a privately held Denver-based media organization formed in 2007, with interests in a comprehensive suite of digital interactive television networks each targeting those specifically defined demographics so highly sought after by advertisers and distributors. TVMW boasts unsurpassed expertise in interactive programming and optimized content development.

NO ONE IN THE WORLD HAS DEVELOPED AND DEPLOYED MORE INTERACTIVE APPLICATIONS IN THE UNITED STATES. With over 20 years of success and expertise in the television advertising and content business, TVMW is the leader in advanced, transactional media.

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.

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