Ban of TikTok in United States
March 02 2023 - 7:30AM
Vinco Ventures, Inc. (Nasdaq: BBIG) (“Vinco Ventures,” “Vinco,” or
the “Company”), a digital media and content technologies company.
On March 1, 2023, the U.S. House of
Representatives Foreign Affairs Committee voted to put H.R. 1153 or
the Deterring America’s Technological Adversaries Act to a vote of
the full House of Representatives and the Senate. The bill would
appear to give the Executive Branch of the U.S. government the
ability to impose a full nationwide ban on TikTok under the
International Emergency Economic Powers Act, citing the need to
crack down on China-related economic activity. The bill, in its
present form, would require the U.S. President to impose penalties
on any entities which, among other things, might knowingly transfer
TikTok user data to any foreign person working in conjunction with
the government of China in areas such as hacking, surveillance or
information gathering involving the U.S.
And Vinco Venture’s Lomotif platform stands
ready to step up and fill the void created by a potential TikTok
ban. Lomotif is a mobile social media and video editing app with a
simple and user-friendly interface that makes it easy for anyone to
create professional-looking videos using their smartphone. It is
designed for short videos, making it perfect for social media
content creators who want to create engaging videos quickly. In
addition, Lomotif makes it easy to share videos on social media
platforms and is free to download and use. Most important, Lomotif
is owned by a public company in the USA.
About Vinco
Ventures
Vinco Ventures (Nasdaq: BBIG) is focused on the
development of digital media and content technologies. Vinco
Ventures’ consolidated subsidiary, ZVV Media Partners, LLC, a joint
venture of Vinco Ventures and ZASH Global Media and Entertainment
Corporation, has an 80% ownership interest in Lomotif Private
Limited. Vinco Ventures owns a 100% ownership interest in AdRizer,
LLC.
For more information, please visit
investors@vincoventures.com.
Forward-Looking Statements and Disclaimers
This press release contains “forward-looking
statements” as defined in the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995, which are based
upon beliefs of, and information currently available to, Vinco
Ventures’ management as well as estimates and assumptions made by
Vinco Ventures’ management. These statements can be identified by
the fact that they do not relate strictly to historic or current
facts. When used in this presentation the words “estimate,”
“expect,” “intend,” “believe,” “plan,” “anticipate,” “projected,”
and other words or the negative of these terms and similar
expressions as they relate to the applicable company or its
management identify forward-looking statements. Such statements
reflect the current view of Vinco Ventures with respect to future
events and are subject to risks, uncertainties, assumptions and
other factors relating to Vinco Ventures and its subsidiaries and
consolidated variable interest entities including Lomotif, their
industry, financial condition, operations and results of
operations. Such factors include, but are not limited to, the
expected risks and benefits from the proposed increase in Vinco
Ventures’ authorized shares as described in our proxy statement,
Vinco Ventures’ investments in ZVV Media Partners, LLC, Lomotif
Private Limited, PZAJ Holdings, LLC and related growth initiatives
and strategies such as the blended media, cross-platform
distribution strategy, the expected benefits of Lomotif’s
participation in and sponsorship of live entertainment events, the
expected benefits from acquisition of AdRizer and planned
integration of the AdRizer technology with Lomotif and Honey Badger
and synergies between AdRizer, Lomotif and Honey Badger, the
regulatory risks with the NFT and blockchain business lines and
such other risks and uncertainties described more fully in
documents filed by Vinco Ventures and Cryptyde with or furnished to
the Securities and Exchange Commission, including the risk factors
discussed in Vinco Ventures’ Annual Report on Form 10-K for the
period ended December 31, 2021 filed on April 15, 2022 which is
available at www.sec.gov. Should one or more of these risks or
uncertainties materialize, or the underlying assumptions prove
incorrect, actual results may differ significantly from those
anticipated, believed, estimated, expected, intended, or planned.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee
future results, performance, or achievements. Except as required by
applicable law, including the securities laws of the United States,
we do not intend to update any of the forward-looking statements to
conform these statements to actual results.
For further information, please contact:
Investor Contactinvestors@vincoventures.com
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