ReelTime
Engages Pinnacle Accountancy
Group
of Utah to Complete NASDAQ Listing Requirement of Independently
Audited Financials
ReelTime
VR/ReelTime Media (OTC:RLTR) ReelTime has engaged Pinnacle
Accountancy Group of Utah
("Pinnacle" a dba
of the PCAOB-registered audit firm Heaton & Company,
PLLC) to
perform an independent audit of the Company's financial statements.
The audit will be
performed according to the guidelines set forth by the NASDAQ
Listing Requirements and the Public Company
Accounting Oversight Board auditing standards. Pinnacle
is one of the leading firms in and throughout the
United
States and abroad.
Its partners
and staff have provided audit services for SEC
registrants
since
2001
and are
highly experienced dealing with the complex auditing and
accounting challenges
facing public
companies.
Barry Henthorn
CEO stated: "We have put
forth
significant
effort to be able to take this next
critical step towards meeting the NASDAQ listing
requirements. We are very confident
in the
experience, reputation, and capabilities of Pinnacle. We look
forward to having audited financials that not only meet the listing
requirements but will give our investors additional confidence as
well."
ReelTime
has
formally submitted an application
as
a Seasoned
Company
Seeking to Transfer Equity and/or Debt Securities from Another U.S.
Exchange to be listed on the
NASDAQ Capital
Market Exchange. The application has
been logged in the NASDAQ Listing
Center,
all applicable fees have been paid, and a listing analyst has been
assigned to ReelTime to assist throughout the
process. In addition, the request for a new
symbol (NASDAQ:RT)
to be reserved
for ReelTime to trade under
once the
Company has met all quantitative
and qualitative criteria, including certain corporate governance
requirements has been approved.ReelTime
will continue to
submit additional information and documentation as it is required
based on comments from its assigned Listing Analyst and others at
NASDAQ who will be assisting ReelTime, assuring that they satisfy
all the required qualifications for NASDAQ Capital Markets
securities in Rule 4300 and or any other applicable
regulatory requirements. ReelTime will also need to adhere to
the corporate governance standards set by NASDAQ. In
addition, ReelTime must comply with NASDAQ's
requirements relating to audit committees, the director
nomination process, the compensation of officers, board
composition, executive sessions, quorum, and code of
conduct
among
others.
ReelTime
will continue to
trade on the OTC Markets under the symbol (OTC:RLTR) throughout the process and
up until the move to the NASDAQ Capital Market becomes
effective at which time the ticker
symbol will become (NASDAQ:RT).
The NASDAQ
Capital Market provides companies the required capital
in order
to grow
their business. The NASDAQ Capital Market also provides a listing
venue that promises to accommodate the different stages of
corporate lives of the companies. All companies that are listed on
NASDAQ Capital Market need to satisfy all the required
qualifications for NASDAQ securities in Rule 4300. The companies
also need to adhere to the corporate governance standards set by
NASDAQ.
Other
recent news:
ReelTime
Media reached a
technology/software license and development agreement with Baristas
(OTC:BCCI) "Munchie Magic". The
licensing agreement secures Munchie Magic global perpetual
exclusive access to use the technology and methodologies developed
by ReelTime that allow the virtual
restaurants to integrate with its partners, onboarding, marketing,
and administrative functions for use with the Munchie Magic Virtual
Restaurant or other convenience store delivery concepts. The
agreement also allows for Munchie Magic to develop in concert
with ReelTime or independently, derivatives
and/or stand-alone methodologies.In
exchange for the
global perpetual exclusive license from ReelTime for the Munchie Magic concept
and convenience store derivative Virtual Restaurants,
ReelTime
will receive a
per transaction license fee of $.35 in perpetuity in conjunction
with the terms of the agreement beginning on Jan. 1st,
2021.Baristas "Munchie Magic" has opened more than 50 locations in
the past nine months delivering Ben & Jerry's ice cream,
snacks, and hot foods to customers via delivery partners
DoorDash, GrubHub, and Uber
Eats. www.baristas.tv www.munchiemagic.com in
WA State and has now expanded into Oregon, California, Illinois, and
Arizona as
well.
ReelTime
VR/ReelTime Media (OTC Pink: RLTR) has entered into a formal binding letter
of agreement where it will acquire 100 percent ownership of
Discount Ad Brokers. a 15 year old
media company
operating within a unique niche of the advertising industry.
Discount Ad
Brokers will maintain the majority of
its
current staff with operations
expected to move from their current location in Washougal,
Washington and be consolidated into ReelTime's
location during
2021 where it will merge with the ReelTime sales, support and production
staff to increase sales and overall capabilities by bringing the
companies together. Discount Ad Brokers
has
consistently been
the agency of choice for discount media placements for notable
marquis clients such as Hooters, Hard Rock Resorts International,
Toys for Tots, Tony Robins, Glucose Health, SeaWorld, and numerous
national brands within the hospitality, finance and As Seen
On
TV sectors
generating over 30 million dollars in revenues from these accounts
of which will be maintained in accordance with the
agreement. Annual gross billings have
averaged over $20 million per year over the last 3 years resulting
in net placement revenues averaging $2.6 million per year.
Net revenues have historically
risen from, $4.2 million in 2018,
to $5.1 million in 2019, yet are
expected to be reduced to just over $1 million in 2020 due to an
elimination of ads from restaurant and travel clients that have
historically been a large percentage of the
company's mainstay business. This has
begun to shift and is intended to exceed past performance once
restrictions on travel and dining are lifted as is expected early
in 2021. There is a pent-up demand for travel and restaurant
advertising driven from both an industry and a consumer demand
standpoint.
ReelTime
VR (OTC
PINK:RLTR)
confirmed that the patent application number 15/654,613, titled
Simultaneous Spherical Panorama Image and Video Capturing System,
has officially been issued as U.S. Patent Number 10,761,303
September 1, 2020.The term of the patent is 20 years and 247 days
from the earliest filing date of the patent application, calculated
to be March 23, 2038. Although the
original technology allows any cell phone or other camera to
instantaneously capture 360 X 360 Virtual Reality Video or pictures
without any need for stitching, the patent provides protection from
infringement from any capturing of a plurality of images utilizing
at least one mirror. This spans a wide range of industries and
uses.
About
Pinnacle Accountancy Group of Utah:
Pinnacle Accountancy Group of Utah
(a
dba of Heaton & Company,
PLLC)
is a Certified Public Accounting firm providing a wide range of
business advisory and compliance services including financial
statement audit, review/preparation services, tax compliance &
advisory services, and business advisory services.
Its
financial statement audit experience is vast and includes
public and
private companies
in a variety of industries,
not-for-profit
entities, and financial institutions such as credit unions and
mortgage companies.
Its
partners and staff have provided audit services for SEC
registrants since 2001
and are highly experienced dealing with the complex auditing and
accounting standards of public companies. Additionally,
its
tax services experience includes a broad range of industries with
real estate development, construction, high-tech and manufacturing
at the core.
About
NASDAQ Capital Markets:
Nasdaq is a
global technology company serving the capital markets and other
industries. Its diverse offering of data,
analytics, software and services enables clients
to optimize and execute their business vision with confidence. A
diverse selection of over 4,000 companies choose to list on
Nasdaq's U.S., Nordic and Baltic exchanges,
representing industries such as retail, health care, finance, and
technology. In the U.S., Nasdaq is the listing venue of choice for
many of the world's most exciting companies. The Nasdaq Stock Market has
three distinctive tiers: The Nasdaq Global Select
Market®
, The
Nasdaq Global Market® and The Nasdaq Capital Market® . Applicants
must satisfy certain financial, liquidity and corporate governance
requirements to be approved for listing on any of these market
tiers.
About
ReelTime
Rentals,
Inc. d/b/a ReelTime
Media: www.reeltime.com,
is a publicly-traded company based in Seattle, WA
(OTCPK:RLTR). ReelTime Media provides end to end
production capabilities and discount media purchasing that is
redefining how companies are evaluating and purchasing their TV,
radio, print, and other new media. ReelTime is also is
in the business
of developing, producing, and distributing Virtual Reality Content
and technologies. We have an end to end
production,
editing, and distribution capabilities for internal and external
projects. ReelTime Currently produces three
ongoing series for the Samsung Gear VR platform and distributes
them over numerous VR delivery portals including Gear VR, Oculus,
Veer VR, HTC Vive, YouTube 360, Facebook, and
others. ReelTime Media also publishes the book
"It Was Always Me! Edward Edwards the
Most Prolific Serial Killer
of All Time" which has been the
subject of a cover story on People Magazine, Rolling Stone, In
Touch, and a six-part series on Paramount
network, www.itwasalwaysme.com.
Contact:
Barry
Henthorn
ceo@reeltime.com
