Ban of TikTok in United States
Vinco Ventures (Nasdaq: BBIG) announced that the U.S. House of Representatives Foreign Affairs Committee has voted on H.R. 1153, which enables the government to impose a nationwide ban on TikTok, citing security concerns linked to China. This legislation could lead to significant market shifts, allowing Vinco’s Lomotif platform to capture TikTok's user base. Lomotif is a mobile app for creating and sharing short videos, requiring no cost for users and designed for ease of use. Vinco holds an 80% interest in Lomotif through its subsidiary, ZVV Media Partners.
- Potential for Lomotif to gain market share following a TikTok ban.
- Lomotif's user-friendly platform appeals to content creators.
- Dependence on legislative changes creates uncertainty.
- Risks associated with increased competition in the social media space.
Syracuse, NY, March 02, 2023 (GLOBE NEWSWIRE) -- 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
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.
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FAQ
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