rVue Holdings Inc (OTCMKTS:RVUE) shares are trading at $0.0122. The company has a market cap of $3.07 million at 278.35 million shares outstanding. Share prices have been trading in a 52-week range of $0.00 to $0.05.
In a press release, rVue Holdings Inc announced that Roche Enterprises, Ltd., formerly known as Acorn Composite Corp., which is its majority shareholder and an affiliate of director Robert Roche, has completed the process of foreclosing upon its security interest in the company’s assets.
Last month, the company was unable to repay the short-term bridge secured financing provided by Roche Enterprises in the aggregate principal amount of $416,000. Roche Enterprises issued a notice of default to the Company announcing its intention to foreclose upon the company’s assets and conduct a public sale of the assets under the Uniform Commercial Code.
Later that month, Roche Enterprises commenced the UCC sale and bid $100,000 of the company’s indebtedness to it, effectively offering to cancel rVue Holdings Inc indebtedness in return for taking ownership of the company’s assets.
“We greatly appreciate the support of all of our investors and customers. We regret that the Company could no longer operate in its current form and wish each of our shareholders and our team nothing but the best,” said rVue Holdings Inc CEO Mark Pacchini.
Formerly Rivulet International Inc, rVue Holdings Inc is an advertising technology company that operates rVue, which is a demand-side platform for planning, buying and managing digital place-based media networks.
As such, the company provides media services, including an online, Internet-based DSP that connects advertisers and/or advertising agencies with third-party DPBM networks, that allows the company to create a targeted advertising campaign and media plan for the advertiser and negotiate that media plan simultaneously with all the third-party networks selected.
The company’s rVue DSP is accessible through the Internet. rVue allows programming and advertising to be customized for display in specific venues, at specific times, and for demographic targeting. Through its strategic media services group, it executes campaigns on behalf of advertising clients or their agencies. It offers over 170 networks comprising approximately 1,200,000 screens.