Omni Bridgeway is backing a claim by Florida-based NovelStem International Corp. against its 50% partner in Netco Partners, which owns the Net Force publishing and entertainment franchise.
NovelStem is a biotechnology company focused on the stem cell-based technology platform developed by 30%-owned, Israel-based NewStem, Ltd. but is trying to maximize shareholder value from its legacy 50% ownership in Netco Partners.
NovelStem Chairman, Jan Loeb, commented, “We have initiated an arbitration proceeding against our 50% partner in Netco Partners, in an effort to maximize the total potential value to be derived from fully utilizing the Netco Partners intellectual property across publishing, entertainment, digital media, merchandising and other ancillary markets. Arbitration proceedings for the joint owners of Netco Partners are scheduled for this summer.”
Mr. Loeb, added, “The Netco Partners intellectual property franchise has generated over $12M in payments for our 50% ownership interest since its inception, and we believe it offers substantial additional potential across a range of entertainment and digital outlets. We are eager to forge a mutually beneficial path forward for Netco Partners, one that will fully capitalize on the potential of the Net Force franchise across a broader array of opportunities. With the support of Omni Bridgeway, we are able to pursue this potential without taking away from the value creation strategy for our NewStem Ltd. investment. We look to provide an investor update on NewStem’s progress in the coming months.”
Pryor Cashman LLP is NovelStem’s legal representative.