In addition, Paltalk has entered into transition services agreements with certain employees or affiliates of Visicom to facilitate the transfer of the assets from Visicom to Paltalk. Paltalk acquired certain assets from Visicom related to the Man圜am software, including, among others, all assets related to, or used by Visicom in connection with, the business of developing and distributing virtual webcam driver software, including virtual backgrounds and/or “masks” or other camera effects, whether tangible or intangible, including, but not limited to, Visicom’s Man圜am software and related source code, customer lists, customer relationships and all associated customer information, contracts with contractors and suppliers, brand names, trade secrets, trademarks, trade names, designs, copyrights, websites, all URLs, goodwill and intellectual property associated with each of the foregoing. Man圜am is a logical extension for the Paltalk and Camfrog customer base, and we believe it is an application that our existing users will be willing to pay for.” We believe the integration of the Man圜am software into our current application offerings has the potential to generate positive cash flow in the near term and contribute to positive EBITDA over the long term. Man圜am gives users the ability to have multiple camera feeds, backgrounds and effects while also enabling users to share presentations, spreadsheets, documents and much more. We believe that Man圜am is not only a perfect fit for our existing video chat communities, but also a great addition to other video conferencing applications like Zoom or Google Meet. Jason Katz, Chairman and CEO of Paltalk, commented, “I have been impressed with the Man圜am software for many years. Man圜am is a live streaming software and virtual camera that allows users to deliver professional live videos on any streaming platform, video conferencing app or distance learning tool. (“Paltalk,” the “Company,” “we,” “our” or “us”) (Nasdaq: PALT), a leading communications software innovator that powers multimedia social applications, today announced that it has acquired the core assets of Man圜am from Visicom Media Inc. JERICHO, NY, J(GLOBE NEWSWIRE) - via NewMediaWire – Paltalk, Inc.
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