In a surprise announcement, Io Group, Inc., parent company of Titan Media, disclosed today that the previously reported USA licensing agreement whereby Io Group, Inc., would distribute Bel Ami Entertainment features has been cancelled.
According to a press release from Titan Media, the two parties had an oral agreement that satisfied all "operating points," but when turned over to legal counsel, "final agreements could not be made that satisfied both sides. As such, all agreements have been rescinded and the licensing deal has been revoked."
"We simply could not sign a contract with a foreign corporation without having full disclosure of the officers of the corporation, and without having the signature of George Duroy on the contract," said Bruce Cam, President and CEO of Titan Media. "Our legal counsel was so vehemently opposed to our signing a contract without full disclosure that we saw no other choice but to walk away from the agreement."
Cam reiterated his high regard for Bel Ami product. "Bel Ami produces excellent features; we wish George Duroy and his team only the best in their future endeavors, and hope they find a viable solution for their U.S. distribution."
For further information contact Io Vice President Keith Webb at [email protected]