UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): October 6, 2015
LOTON, CORP
(Exact Name of Registrant as Specified in Charter)
| Nevada | 333-167219 | 98-0657263 | ||
|
(State or Other Jurisdiction of Incorporation) |
Commission File Number |
(IRS Employer Identification No.) |
| 269 South Beverly Drive Beverly Hills, California |
90212 |
|
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant's telephone number, including area code: (310) 601-2500
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements to Certain Officers. |
On October 6, 2015, the Board of Directors (the “Board”) of Loton, Corp (the “Company”) appointed Blake Indursky, age 43, as the Executive Vice Chairman and Senior Vice President of Operations of the Company. Mr. Indursky has been a member of the Company’s Advisory Board since August 2015. Mr. Indursky has over twenty years of experience as an executive in various music and technology companies. Mr. Indursky was President of Flying Point Ventures, LLC, a brand marketing, live event, and online and emerging technology advisory firm, from 2009 to 2014. Between 2006 and 2008, Mr. Indursky was Director Acquisitions for RAL Companies where he purchased New York properties for development of luxury residential apartments and condominiums. Prior to that period, Mr. Indursky served as Vice President of Sony Music Entertainment from 2001 to 2004 and was employed in various executive capacities with Sony Music since 1991. Mr. Indursky is a member of both the New York and New Jersey State Bars and received a J.D. in Law from Hofstra University and a B.A. in Liberal Arts from American University.
Mr. Indursky’s employment agreement provides for a twelve-month term, renewable on an annual basis unless terminated by either party thereto, compensation of $10,000 per month and 250,000 shares of the Company’s restricted common stock which shall vest equally on a monthly basis over the twelve (12) month term of the Employment Agreement. The securities were issued pursuant to the exemption provided by Section 4(2) of the Securities Act of 1933, as amended, for transactions by an issuer not involving any public offering.
Other than Mr. Indursky’s prior services for the Company, Mr. Indursky has not engaged in a related party transaction with the Company during the last two fiscal years, and there are no family relationships between Mr. Indursky and any of the Company’s executive officers or directors.
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Item 9.01 |
Financial Statements and Exhibits. |
| (d) | Exhibits. |
| Exhibit No. | Exhibit Title |
| 99.1 |
Press Release dated October 6, 2015
|
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| LOTON, CORP | |||
| Dated: October 13, 2015 | By: | /s/ Robert S. Ellin | |
| Robert S. Ellin | |||
| Executive Chairman and President | |||
EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Press Release dated October 6, 2015 |
Exhibit 99.1
Loton Appoints Blake Indursky as Executive Vice Chairman and Senior Vice President of Operations
LOS ANGELES, OCTOBER 6, 2015— Loton, Corp. (OTC: LIVX) announced today that music industry and digital veteran Blake Indursky has joined the company as Executive Vice Chairman and Senior Vice President of Operations..
Robert Ellin, Chairman of Loton, Corp said “Blake has extensive experience in the digital media business, and most recently Blake was instrumental in negotiating the recent agreement for “Rock in Rio”, the largest festival in the world, as well as the disposition of KOKO’s, one of the premier music venues in London. Blake will continue expanding our digital network with many of the world’s leading festivals. We are fortunate to have Blake as one of the key leaders of our team.”
Mr. Indursky has 20 years experience in the music and technology industries, beginning his career at Sony Music Entertainment. As a department head at Sony Music, Mr. Indursky developed and launched new e-commerce businesses including subscription services, merchandising, artist profit sharing programs and ticketing initiatives. He focused on video-on-demand strategies, created ancillary revenue streams through strategic alliances with ISP’s, wireless carriers and major consumer brands.
Mr. Indursky has negotiated global rights deals with the major music record companies, and developed and launched an advertising based music service. In addition, he created a reorganization plan for MTV Networks in the mobile, subscription and live event businesses.
He has also been involved in the careers of Beyonce, Shakira, Jessica Simpson, and Pearl Jam among others.
Loton Corp. (LIVX.OB) is a holding company in the emerging live / digital music space. The company's LiveXLive subsidiary is the world's first premium live music streaming network that will deliver around the clock live music to viewers on any connected device as an authentic and experiential platform. The platform will offer the world's leading music festivals with multi-day and multi-stage coverage, unique concerts, intimate performances and cutting edge programming. We will extend the live experience to fans on desktop, laptop, mobile, tablets, consoles, connected TVs and virtual reality platforms. The LiveXLive network will provide compelling and curated content that showcases the entire spectrum of music to include music inspired fashion, food, and lifestyle content and showcase interviews, back stage access and both fan and artist perspectives. LiveXLive will feature all genres of music including rock, pop, indie, alternative, EDM, country and feature major festival headliners as well as emerging artists performing at clubs and venues around the globe. The company's KOKO subsidiary (50% owned) is a premier multimedia and lifestyle brand and one of London's iconic live music venues. KOKO is internationally renowned for delivering over 250 live music events per annum for the past ten years and streaming live music to more than 300 million viewers in 70 countries around the globe.
Contact
Robert Ellin, Chairman
310-601-2500
Forward Looking Statement
Statements in this news release concerning future results from operations, financial position, economic conditions, product releases and any other statement that may be construed as a prediction of future performance or events are forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause actual results to differ materially from those expressed or implied by such statements. These factors include uncertainties as to levels of orders, ability to record revenues, release schedules, market acceptance of new products, changes in economic conditions and market demand, pricing and other activities by competitors, and other risks including those described from time to time in the Company’s filings on Forms 10K and 10Q with the Securities and Exchange Commission (SEC), press releases and other communications.