NanoTech focuses on gaming with High Velocity acquisition
DetailsMichelle Clancy | 03 February 2015
NanoTech Entertainment has completed the acquisition of gaming specialist High Velocity Enterprises, indicating the potential that the company sees for gaming within the 4K Ultra HD ecosystem.
The move is part of an overall corporate reorganisation. NanoTech will place the NanoTech Gaming Labs division into High Velocity, which will include the division's IP portfolio and full gaming operations.
High Velocity will also change its name to NanoTech Gaming and apply for a new ticker symbol to reflect the new brand.
Alan Stone has been named as chairman and CEO of NanoTech Gaming, where he will focus on licensing the portfolio of IP and the acquisition of global gaming licences as well as the manufacture and distribution of gaming products.
Meanwhile, Peter Riordan, previously NanoTech's vice president of strategic planning, has been named the new CEO of NanoTech Entertainment and has been appointed to the board of directors. Jeff Foley, NanoTech's former CEO, remains on board of directors and will be focusing on expanding the licensing of several of the company's patent pending technologies and franchising opportunities.
Also, Aaron Hightower, senior vice president of gaming technology has also accepted a board seat.
"I've been fortunate to work with Jeff, Al and Ted over the past year in formulating a plan to take NanoTech to the next level," said Riordan. "We have performed well on all fronts in our transition from the R&D phase to product delivery. By reorganising the management structure to have each business unit have a focused set of goals and leadership, we believe that we can bring the greatest value to our shareholders this year."