Prospective XTV Purchaser to Have Stock Delisted

DEERFIELD BEACH, Fla. — Media holding company Interactive Brand Development, current holder of a non-binding letter of intent to acquire 99 percent equity in XTV, has received notice that the company’s common stock is going to be delisted from the American Stock Exchange, due in part to a series of insider trading transactions.

Formerly known as Care Concepts, IBD disclosed in recently filed SEC documents obtained by XBiz that AMEX told the company on Jan. 10 that it intends to begin the delisting process and the company had seven days to appeal the decision.

According to the SEC documents, AMEX officials voiced concern about IBD’s acquisition of 39.9 percent minority interest in Penthouse Media Group and the financing that needed to be obtained for that purchase, as well as the issuing of more than 20 percent of the company’s outstanding stock without shareholder approval.

AMEX officials also believe that the company may have engaged in operations contrary to the public interest by selectively disclosing non-public information, having insiders trade securities while in possession of that information and inaccurately reporting the amount of outstanding common stock in SEC filings.

The company is also financially impaired and reported a working capital deficit of $37,000, according to AMEX.

Interactive stated in a press release that it believes that the AMEX staff made conclusions based on incomplete or unclear information.

Interactive’s stock listing has been hanging in the balance since September, when the company first announced that it intended to purchase beleaguered payment processor iBill. At the time, AMEX temporarily restricted trading on the stock citing a variety of public interest concerns.

With the termination of the iBill acquisition at the beginning of December, though, Interactive said that it believed all of its stock listing issues had been resolved.

The company also said in December that the public interest concerns cited by AMEX were due to the company’s involvement with the adult industry.

“The American Stock Exchange objected to the closing of the iBill transaction and cited, among other factors, concerns that iBill may be inadvertently engaging in transactions with web merchants that offer pornographic materials on the Internet in violation of federal and state laws,” said Interactive at the time.

While that information was contrary to press releases filed with the SEC, which stated that the public interest concerns were due to not properly furnishing information related to the iBill acquisition, it appears now that the concerns addressed by AMEX actually had to do with insider stock sales made based on non-public information made in July.

Calls to Interactive spokespeople were not returned by deadline.

Copyright © 2025 Adnet Media. All Rights Reserved. XBIZ is a trademark of Adnet Media.
Reproduction in whole or in part in any form or medium without express written permission is prohibited.

More News

Texas Resumes AV Lawsuit Against Aylo Following SCOTUS Decision

A district court judge in Texas has unfrozen the state’s $1.6 million lawsuit against Aylo for allegedly failing to comply with age verification requirements, Bloomberg Law is reporting.

JuicyAds Wins Trademark Infringement Case Against Fraudulent Domain

JuicyAds has won its World Intellectual Property Organization (WIPO) case against a website using a similar domain to impersonate the company's site and defraud customers.

Anissa Kate, Jordan Starr Top AEBN for Q2 of 2025

AEBN has published its top-selling stars for the second quarter of 2025, with Anissa Kate landing atop the leaderboard for straight theaters and Jordan Starr heading up the gay rankings.

AEBN Reveals Eva Maxim as Top Trans Star for Q2 of 2025

AEBN has published its top trans stars list for the second quarter of 2025, with Eva Maxim landing atop the leaderboard.

France Reinstates Age Verification Rule for EU Sites

France’s highest court, the Council of State, on Tuesday reinstated age verification rules for EU-based sites under the country’s Security and Regulation of the Digital Space (SREN) law, ruling in favor of the French government and against Hammy Media.

Whisper Fans Joins Pineapple Support as Supporter-Level Sponsor

Whisper Fans has joined the ranks of over 70 adult businesses and organizations committing funds and resources to Pineapple Support.

Utherverse Launches 'Red Light Center' Virtual World

Virtual reality and metaverse technology company Utherverse has launched its new virtual world, RedLightCenter.io.

European Commission Approves AV Guidelines, Unveils Prototype App

The European Commission on Monday released its final, approved guidelines for protecting minors online under the EU’s Digital Services Act (DSA) and made public a “white label” age verification app intended to help sites and platforms comply with age verification rules under the DSA.

Show More