|Debt, 4/11 ||$4.15M|
KNOWLEDGE NATION - NEW EDUCATIONAL GAMES VENTURE ANNOUNCED
The Directors of Entellect Solutions Ltd (ESN or the Company) announce that Knowledge Nation Inc. (â€œKNIâ€) â€“ a US incorporated and San Francisco based educational games and learning initiator - will become a subsidiary of the Company under the terms of the recently announced collaboration with Mooter Media Limited (Mooter) and Hot Shot Media Ltd (Hot Shot).
KNI will be a major development arm of the joint educational collaboration between ESN, Mooter, and Hot Shot. Subject to final determination by the co-developers, the collaboration will be established through a Singapore registered joint venture (â€œKnowledge Nation Pte Ltd or â€œKNJVâ€).
The equity holders in KNJV will be Entellect: 60%, Mooter: 20% and Hot Shot: 20%. Entellect is listed on the Australian Securities Exchange (ASX) with the code ESN. Mooter is listed on both the ASX (listing code: MMZ) and the OTCQX in the US (listing code: MOTMY). Hot Shot is a Singaporean incorporated and based, unlisted public corporation.
The KNJV will be the parent entity for the development, marketing and implementation of the co-venturersâ€™ unique suite of interactive educational games, learning initiatives and educational derivatives.
Professor Paul Fullwood, who is internationally recognised as a pioneer in the educational games arena and a highly experienced educational strategist, will be appointed as the Senior Advisor to KNJV. Professor Fullwood was the product development initiator and VicePresident of Nasdaq listed, education success story, Lightspan Inc.
Professor Fullwood was the Professor and First Chair of Computer Games Technology at the University of Abertay in Scotland and a Director of IC-CAVE (the International Centre for Computer Arts and Virtual Entertainment), a European Union funded video games research centre. Professor Fullwood was also Vice President and Head of World-Wide Studios for Hasbro Interactive and a founder and President of Accent Media Productions.
Mr. Robin Matthews has been appointed Studio Head of KNI and the new venture. Mr.Mathews has over 20 years of games development experience. A lawyer and former Studio Head at Microprose in the US, Mr. Mathews has held senior positions at Electronic Arts, Disney/Walker Digital, Hasbro Interactive, EAI, Sirtech and most recently, Namco Bandai Games as Director of Development and Head of their San Diego studio. He also founded a hi-tech company, pioneering innovative concepts within the teaching and training arenas in the NFL/NCAA and in other sporting and social gaming fields.
Commenting on the new venture, Professor Fullwood said: â€œI am absolutely delighted to be part of this very exciting concept and to join with the other founding partners in bringing this extremely important educational advancement project to fruition. Having been involved, from the commencement, in Lightspan Inc., a company that found enormous financial and academic success, I know directly how specially created educational games can be highly productive and highly profitable. We have been planning and working on this project for some time now and have achieved significant advancement. The opportunities in this field are almost limitless in scope. With the team we are putting together to implement our vision I am particularly confident that this venture will find early and substantial successâ€.