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

Age Verification Watch: Patching the Holes

This roundup provides an update on the latest news and developments on the age verification front as it impacts the adult industry.

Pineapple Support to Host Autism Spectrum Support Group

Pineapple Support is hosting a free online support group for performers and creators who are, or suspect they may be, on the autism spectrum.

ImLive Launches Revamped Member Loyalty Program

Cam platform ImLive has revamped its member loyalty program.

GoFundMe Set Up for Danny Ferretti's Medical Expenses

A GoFundMe campaign has been set up for Fangear founder Danny Ferretti, who requires extensive lung surgery.

Byborg Acquires Cuties AI

Byborg Enterprises has acquired adult artificial intelligence startup Cuties AI.

Irish Government Releases Report on Sex Work Decriminalization Legislation

The Irish government has released a report reviewing a 2017 law that decriminalized sex work across the country.

Texas Bill Would Require Age Verification for Online Sex Toy Sales

A new bill in the Texas state legislature would require online retailers to implement age verification of purchasers before selling “obscene devices” to anyone in that state.

New York Assemblyman Proposes Banning the Term 'Sex Work'

Republican New York Assembly Member Brian Maher has introduced a bill to prohibit the use of the term "sex work" in government documents.

Age Verification Watch: Michigan Joins the AV Club, Some Laws Just Make No Sense

This roundup provides an update on the latest news and developments on the age verification front as it impacts the adult industry.

Free Speech Groups Back SCOTUS Appeal of Georgia Strip Club Tax

Two civil liberties organizations filed an amicus brief Tuesday supporting a petition asking the U.S. Supreme Court to hear an appeal in a case involving whether a tax specifically aimed at adult entertainment establishments violates the First Amendment.

Show More