Media360 Licensing Inc., a subsidiary of NOHO Inc (OTCMKTS:DRNK) has announced the implementation of its plan of operations.

The majority of NOHO’s shareholders and board of directors struck a Share Exchange Agreement with Media360 Licensing. The deal was structured such that Media360 would exchange 100% of its common stock shares with 54,000,000,000 common stock shares of NOHO. This means Media360 will continue its operations as a wholly-owned subsidiary of NOHO and it shall continue its operations under the parent company.

The terms of the deal dictate that the firm must sell off some of its assets and liabilities to a third party. Subsequently, NOHO signed a spin-off deal with Purple Investment Group, Inc. The latter will acquire NOHO’s multi-level marketing business known as DRNK Direct, LLC. Purple Investment Group will also acquire various assets and liabilities owned by Dolce Bevuto, LLC., a subsidiary of NOHO. The parent company sold assets worth $647,057.00 and liabilities worth $2,271,830.00 as part of the spin-off deal.

The deal also had a positive impact on Media360’s books because its audited financial statements had an additional $4,000,000.00 in equity as of September 30. The company’s net worth after a consolidation of the spin-off deals and share exchange was $3,455,601.00 as of the same date. NOHO also settled three convertible notes that were held by Vis Vires Group, Inc. and KBM Worldwide, Inc. on October 5, 2016. The settlement of these notes means KBM and Vis Vires no longer own any NOHO stock.

Media360 Licensing Inc. provides an advertising technology platform that offers point of sale and branding campaigns to advertisers both locally and nationally. The firm installs point of sale screens and digital menus in restaurants and retail establishments. It also has a brand called Sticky Media that installs interactive tablets in taxis for advertisers. NOHO, on the other hand, focuses on functional lifestyle beverages such as a flavored drink that can be added to liquor to reduce the effect of hangovers.

Noho stocks closed the latest trading session at $ 0.00010.