NEW YORK, NY — (Marketwired) — 09/05/13 — (the “Company”), a global provider of -over-the-top- video monetization software and solutions, announced that it has commenced legal action against Ethos Sports GmbH, which does business under the name “Visual Unity.”
In November of 2010, KIT digital, Inc., the predecessor company to Piksel, sold the Visual Unity business to Tomas Petru for approximately $13.8 million, comprised of an initial cash payment of $3.0 million and a $10.8 million senior secured loan from KIT digital to Visual Unity. The loan agreement required Visual Unity to repay the balance of $10.8 million in 48 monthly installments. During 2011, Visual Unity made approximately $2.2 million in payments to KIT digital under the loan agreement, however no payments have been made since December 2011.
“Having tried to enforce payment over the past year, we have taken legal action to recover the money we are owed. If Visual Unity does not have the resources to satisfy its financial obligations under the loan agreement, we will enforce our right to take possession of certain assets of Visual Unity,” said Kevin Joyce, Chief Commercial Officer of Piksel.
“Tomas Petru sold the assets of Visual Unity to KIT digital in 2008. Over 2 years later, prior management of KIT digital decided to sell the business and Tomas Petru agreed to buy it back. After the deal closed, Visual Unity and Tomas Petru chose not to pay for the assets they received. KIT digital-s transaction with Petr Stransky and -utd by content- had a similar fact pattern and Piksel filed suit against Petr Stransky and -utd by content- last month.”
A complete copy of the complaint is available on .
About Piksel
Piksel helps the world-s leading brands maximize their reach and return with video.
Comprised of a global team of -televisionaries,- Piksel has helped to design, build, and manage online video services for major media companies like AT&T, BSkyB, Celcom, Mediaset, Sky Deutschland and Televisa, as well as enterprise brands like Airbus, Barnes & Noble, and Volkswagen.
Headquartered in New York City, Piksel offices can be found throughout Europe and the Americas, serving more than 1,600 clients in over 50 countries.
Piksel Media Contact:
Natasha Roberton
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