V2K Signs Letter of Intent for Exclusive Software License Agreement for Australia
LAKEWOOD, Colo., Feb. 12 // PRNewswire-FirstCall // -- V2K International, Inc. (OTC Bulletin Board: VTOK), announced today that its wholly owned subsidiary, V2K Technology, has entered into a letter of intent to license a customized version of its patent pending technology with Merkin Window Furnishing Pty Ltd of Melbourne, Australia, on an exclusive basis.
Merkin Window Furnishings, is a company recently formed by the principals of a leading fabricator and distributor of window treatments in Australia. The newly formed company was founded solely for the purpose of the distribution of V2K's exclusive software technology throughout Australia. The license agreement would enable Merkin to use the software for its own business and sub-license the software to other businesses in the industry throughout Australia. To date there is no visual marketing technology like the V2K 3D Decor Creator Software in Australia. This agreement will be an important strategic step for V2K Technology in achieving its goal of generating an additional revenue stream for the company.
The software application creates a virtual, three dimensional room, where everything is 100% to scale and true perspective. The user can select the customer choices from the software product library and place it into the virtual room for viewing on a laptop screen. The software also generates instant pricing, purchase and production orders, and shipping and installation instructions completing a total turnkey solution.
"I'm excited about what this software will do for our business," said Benjamin Kazatsky, General Manager of Merkin Window Furnishings. "V2K's cutting edge software will give us significant advantage over our competitors. The features in the software will be extremely effective in closing sales with our customers."
"This agreement will mark an important milestone for our software licensing model," said Vic Yosha, V2K's President and CEO, "as it clearly validates our business philosophy that customized versions of our current software can be licensed and sold on an international level to a variety of manufacturers, distributors and retailers in the commercial and home architecture design and decor markets. Australia will mark the first of countless international software licensing agreements we expect, as we expand our licensing business into additional markets worldwide."
About V2K International, Inc.
Through its wholly owned subsidiary, V2K Technology, V2K develops and licenses proprietary software that is designed to be used in the commercial and home decor markets. Almost anything can be done to the interior of a room utilizing its software. In a three dimensional view, where everything is 100% to scale, the user can add, adjust, color and texture walls, windows, doors, ceilings and floors, and then drag and drop items from a library of products into the scene. V2K Technology licenses a version of the software for custom window treatments to another wholly-owned subsidiary, V2K Window Fashions, which operates the franchise system, V2K Window Decor & More. Using the technology as the centerpiece of a franchise offering, V2K Window Fashions sells and supports franchises in the window fashion industry. V2K currently has approximately 180 franchisees operating in the United States, Canada and Aruba.
Forward Looking Statement Notice: This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical fact, included in the press release that address activities, events or developments that the company believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors the company believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company and may not materialize. Investors are cautioned that any such statements are not guarantees of future performance. The contents of this release should be considered in conjunction with the warnings, risk factors and cautionary statements contained in the company's recent filings with the SEC, including its Annual Report on Form 10-KSB. Furthermore, the company does not intend (and is not obligated) to update publicly any forward-looking statements, except as required by law.
SOURCE V2K International, Inc.