SOURCE: RTG Ventures, Inc.

July 15, 2010 12:01 ET

RTG Ventures, Inc. Files Forms 8-K/A and 10-Q and Replaces UK Accountant

Shareholders Are Invited to Join a Conference Call on: Tuesday, July 20th at 1pm EDT, Details Below

NEW YORK, NY--(Marketwire - July 15, 2010) -  RTGV (OTCBB: RTGV): By the end of this month, the company will have passed the $2 million revenue mark and exceeded the targets set in its business plan. A proud achievement. Unfortunately, the UK operating companies have been obliged to replace the accounting firm that was engaged to work with RTG Ventures' auditor in order to fulfill the requirements for audited financials in public company transactions. Following disagreements over both process and fee levels, well after the project should have been completed, the UK operating companies' executive team has agreed with the contracted accountant to cease activity and move on to a firm who will commit to timetables and budgets.

Dominic Hawes-Fairley, RTG Ventures' CEO/President, commented: "We are confident that the audit will now be concluded within a few weeks. As soon as the UK numbers are consolidated with the US numbers, we'll file a subsequent 8-K/A with the closing dates of the transactions coinciding. Even though this event is disappointing to the company and its shareholders, and has probably caused the erosion in our share price, it is a necessary step to take in order to meet the SEC requirements and deliver documented facts that shareholders are waiting for. In spite of the adverse effect to this point, the upside is in sight and the 8-K/A was filed today."

Once the long-awaited consolidated audit is filed, Sherb & Co. LLC, the company's auditor since 2004, will manage and conduct all future audit requirements for RTG Ventures and its divisions. This enhanced process will begin with the 10-K fiscal year ending August 31, 2010.

RTG Ventures' management team is working round the clock to deliver its business model, and has renamed Cloud Channel Limited to RTG Ventures (Europe) Limited to build its brand as a global public company. Highlights of the business plan are included in the 8-K/A and the company is encouraging shareholders to take the time to familiarize themselves with the details of the execution of the venture. Hawes-Fairley says these are exciting times with the company being established on a very firm foundation that will meet all stress tests.

He continued: "While the audit process has been fraught with frustration, business development has proceeded as planned. The iPayu joint venture was launched and new servers are being installed in the company offices. The demonstration module should be up and running within weeks. We are currently engaged in strategy testing to ensure that the business niches are the most appropriate to deploy and our first commercial products should be launched this Fall."

The 10-Q was also filed today after the 8-K/A, but could not include UK operating financials without having the historic audit required in public company share exchanges completed. There is a sequential element in building a Company, and the quarterly results are always depicted in the context of previous audited financials and comparison with relative quarterly reports.

Hawes-Fairley concluded: "RTG Ventures has never cut corners and that standard has been a strength which we believe the market will reward when the data is documented and provided in a public filing. The Business Plan objectives are being exceeded as we develop a sustainable company in one of the most exciting industry spaces. The prospects are coming together better than we expected."

The company encourages its shareholders and prospective investors to join the conference call next Tuesday. Dial in +1-213-289-0500, access code 593384.

About RTG Ventures, Inc.
RTG Ventures, Inc. is a NASDAQ BB listed company (OTCBB: RTGV) offering a turnkey media monetization solution to rights owners of music video content. At the heart of RTGV's total product offering is a Monetization Platform which allows rights owners to define and tag media content in detail, set and enforce rights management and distribution rules, receive payment on distribution and obtain detailed analytics in real time.

RTG Ventures is organized as three divisions; Media Systems, Payment Systems and Software and Services, each of which contains both wholly-owned companies and joint ventures with independent business plans, strategies and management. In addition to servicing their discrete markets, these companies all contribute to RTG Venture's total product offering for media rights owners.

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