MANCHESTER, N.H., March 3, 2010 (GLOBE NEWSWIRE) -- QED Connect Inc. ("QED Connect") (Pink Sheets:QEDN), an innovative, software-as-a-service (SaaS) provider for the information security market, today announced that the Company has signed a Definitive Purchase Agreement with Nazz Productions, Inc.
Under the terms of the agreement Nazz Productions will be a wholly owned subsidiary of QED Connect, Inc. The closing is scheduled for March 31. This is the second targeted acquisition under the Company's new direction to become a holding company of emerging growth companies.
Nick Stagliano, President and CEO of Nazz Productions stated, "We are looking forward to joining the QED organization and are confident that we will be able to contribute to the overall long term plan and build a stronger Company. Tom Makmann, CEO of QED Connect added, "QED is under way to implement its new strategy and deliver added share holder value."
The transaction will be in the form of a Stock Purchase whereby the owner of Nazz Productions will receive Preferred B stock in QED Connect, Inc. No other terms of the transaction were disclosed. The parent Company QED's operations remain suspended, pending receipt of needed capital. The QED-ProRemote agreement signed last month is expected to close by mid-March.
About QED Connect, Inc.
QED Connect, Inc. is an information security Software-as-a-Service (SaaS) provider that gives organizations visibility, management and control of activity on all their computers, laptops and wireless devices. The company's popular SaaS, Omni Manager, is an affordable way to monitor and manage how employees are using company computers and the Internet at any time, from any location in the world. This solves the problems created by today's 'virtual' work environment of branch offices, remote workers and traveling employees. Omni Manager is a web-hosted software application that includes e-mail and Internet filtering and blocking, antivirus, instant messaging management, asset tracking, application usage monitoring and policy management. ROI is delivered by employee productivity gains, cost savings and improved operational efficiencies. For more information, visit http://www.qedconnect.com/">www.qedconnect.com.
About Nazz Productions, Inc.
Nazz is an independent producer and distributor of film and television entertainment content. The Company focuses on producing artistic films that emphasize complex storylines and character development while curtailing overall production costs associated with feature film cinematography. Nazz intends to establish both national and international channels for distribution of films to both theaters and on television and to establish an entertainment library. It is expected that post-release distribution of the content of such a library will generate recurring revenues by distributing film directly to retailers, the expanding online distribution network, and television. The Company is currently in post-production on its latest film Good Day For It, starring Academy Award nominee Hal Holbrook, Robert Patrick, Lance Henriksen, Robert Englund, Kathy Baker, Samantha Mathis, Mika Boorem, Joe Flanigan, Christian Kane and Richard Brake. Past films include The 24th Day, starring Scott Speedman and James Marsden as well as The Florentine, which was a co-production along with Francis Ford Coppola's American Zoetrope.
About ProRemote Solutions, Inc.
ProRemote Solutions, www.proremotesolutions.com, is a manufacturer of innovative, home based technology solutions for the Home Theatre Industry. The company provides a value proposition of proprietary, single source remote control solutions integrating audio & video media servers along with remote monitoring, security and lighting systems in a single remote control unit. ProRemote also offers stand alone home theater products. ProRemote Solutions is headquartered in Marietta, GA.
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