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One Horizon Group (OTCQB:OHGI), a media and digital technology company, announced in a preliminary agreement that it was acquiring Redspots Creative. In the stock transaction, One Horizon are to provide working capital loans by May 31st, the closing date of the transaction to Redspots Creative. As a multi-media company that provides AR platforms and interactive …
One Horizon Group (OTCQB:OHGI), a media and digital technology company, announced in a preliminary agreement that it was acquiring Redspots Creative. In the stock transaction, One Horizon are to provide working capital loans by May 31st, the closing date of the transaction to Redspots Creative. As a multi-media company that provides AR platforms and interactive technologies, Redspots has created a “virtual idol” proprietary software. The “vrtual idol” is created through utilizing voice-control and mapping an actors movements, expression and voice to create a virtual character in real-time.
As quoted in the press release:
Mark White, Founder and CEO of One Horizon, commented, “We are excited to announce this planned acquisition, which we believe will prove transformational to the business and can be easily leveraged across our media and digital technology platform, including Love Media House, Browning Productions and 123Wish. Redspots is a pioneer in the area of augmented/virtual reality and developed the first virtual idol system in Hong Kong. Since then, Redspots’ virtual idol platform has been adopted by leading global companies and featured on television networks as well as at major international conferences. Redspots’ virtual idol system has been used to develop virtual avatars for numerous celebrities, including sports stars such as Stephon Marbury, whose avatar has been featured prominently at major sporting events such as the World E-Sports Games (WESG) E-sports Festival 2018 hosted by Alibaba. We believe this transaction will be accretive to earnings and our interests are closely aligned with Redspots on several levels including that the purchase price is based on Redspots achieving future earnings targets.”