On Command Corporation, the leading provider of in-room interactive entertainment, Internet services, business information and guest services for the lodging industry, today announced that pending litigation between On Command and MagiNet Corporation, a leading Asia-Pacific pay-per-view company, has been resolved, and pending lawsuits have been withdrawn. As part of the settlement, On Command will transfer its Asian-Pacific Rim subsidiaries to MagiNet, in return for a minority interest in the newly combined company.
This is one of those all too rare situations where both sides to the settlement of a lawsuit have improved their positions, said Jerome H. Kern, On Command`s chairman and CEO. MagiNet`s increased market penetration with the combined assets will improve their competitive position in Asia. In addition, the company`s ability to offer improved service to their existing and future hotel clients will be substantially enchanced. On Command, in turn, receives a minority interest in MagiNet, which is based in Asia and can service the combined hotel clients efficiently and economically. MagiNet will be operating from a position of market strength and On Command looks forward to the financial success of this venture.
This agreement provides MagiNet with increased market share in the Asia-Pacific region, and provides significant improvement in services and technology to our combined hotel clients. The consolidation also serves to enable MagiNet to provide efficient and enhanced service and support to all our customers. We look forward to working with On Command in providing the region with the best in-room entertainment and information services, said Kevin Lee, president and CEO of MagiNet.
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On Command
On Command Corporation (www.oncommand.com) is the leading provider of in-room interactive entertainment, Internet services, business information and guest services for the lodging industry and its guests. Based in Denver, with offices across the U.S. and around the world, On Command annually serves more than 250 million guests through nearly one million rooms in approximately 3,450 hotel properties in more than 22 countries. These hotel partners include more than 100 of the most prestigious hotel chains and operators in the lodging industry: Adam`s Mark Hotels +ACY- Resorts, Marriott (Courtyard, Renaissance, Fairfield Inn +ACY- Residence Inn), Hilton (Doubletree, Embassy Suites) Hyatt, Starwood Hotels +ACY- Resorts (Westin, Sheraton, W Hotels, Four Points), Radisson, Wyndham Hotels +ACY- Resorts, Bass Hotels +ACY- Resorts (InterContinental, Crowne Plaza, and Holiday Inn), Four Seasons, Fairmont, Ramada and Loews. On Command is listed on the NASDAQ Stock Market under the symbol ONCO and its warrants are traded under the symbols ONCOW and ONCOZ.
MagiNet
MagiNet (www.maginet.net) is the first and largest provider of video-on-demand and Internet services to hotels in international markets providing total solutions to in-room entertainment, information services and Internet technologies geared expressly to the hospitality industry. MagiNet`s market and product penetration encompasses over 130,000 rooms in 380 properties in 64 cities in 14 countries, representing top names in the luxury hotel classification. These customer hotels include Burswood, Four Seasons, Hilton, Holiday Inn, Hyatt, Inter-Continental, Mandarin Oriental, Marriott, Novotel, Okura, Radisson, Regent, Renaissance, Ritz-Carlton, Shangri-La, Sheraton, Sofitel, Southern Pacific Hotel Corporation, Southern Suns Hotel Group, Westin, and many more prestigious hotel groups. MagiNet is represented through its subsidiaries and distribution channels in Australia, France, Hong Kong, India, Israel, Japan, Korea, New Zealand, Philippines, Singapore, South Africa, Taiwan and Thailand.