SAN ANTONIO, June 1, 2010 (GLOBE NEWSWIRE) -- Nighthawk Systems, Inc. (Pink Sheets:NIHK) (the "Company") announced today that it has begun doing business under the assumed name of Video River Networks as part of its previously announced agreement with Dutchess Private Equities Fund, Ltd. ("Dutchess") that settled all claims and counterclaims filed between Dutchess and the Company in January and February of this year.
Under terms of the settlement, Nighthawk granted and assigned to Dutchess all personal and intangible assets, excluding cash, used by the Company's Power Controls Division, including intellectual property rights, domain names, contracts and customer relationships. The Company also agreed to change its name in due course, and has assigned the rights to the name "Nighthawk Systems" and its associated trademark to Dutchess.
Doug Saathoff, Nighthawk's Chief Executive Officer, stated, "We're excited about our new name and the re-branding efforts that are now taking place. We're focused on producing and selling the best set top box technology to the hospitality, medical and digital signage markets, and our new name and logos put a fresh face on what is essentially a new company here at Video River Networks."
About Video River Networks
Video River (www.videorivernetworks.com) designs and manufactures a suite of IP set top boxes for use in hotels, casinos, cruise ships, hospitals, and digital signage applications. Scalable and flexible, our fan-less units can deliver 1080p source material at full resolution as well as the PC-like performance required by the latest software programs and in-room control products and services. Video River has partnered with hardware and software companies to provide digital content and services to customers around the world.
The Video River Networks logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7536
Statements contained in this release, which are not historical facts, including statements about plans and expectations regarding business areas and opportunities, acceptance of new or existing businesses, capital resources and future business or financial results are "forward-looking" statements. You should not place undue reliance on these forward-looking statements. Such forward-looking statements are subject to risks and uncertainties, including, but not limited to, customer acceptance of our products, our ability to raise capital to fund our operations, our ability to develop and protect proprietary technology, government regulation, competition in our industry, general economic conditions and other risk factors which could cause actual results to differ materially from those projected or implied in the forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this press release to conform these statements to actual results or to changes in our expectations, except as required by law.