p1 prospectus gcn relationship

Correct me if im wrong......

Going by the P1 Prospectus all the hype between GCN and P1 seems a little over done. Not sure why but i was under the impression GCN was entitled to 50% of all P1's revenues?? How wrong was i??

This is what the P1 prospectus says in releation to the the relationship between P1 and GCN on page 73.....

The core business of GoConnect is providing entertainment
content to consumers via IPTV, Smartphone and Internet.
On 16 November 2011, the Company entered into
a Partnership Agreement with GoConnect Limited
(GoConnect) (ASX Code: GCN). Under the Agreement,
the Company agreed to issue 135,000,000 Shares to
certain qualifying GoConnect shareholders in return for
GoConnect agreeing to assist in developing content for
transmission to Members via GoConnect’s IPTV, Web,
and Smartphone applications.
The Company distributed the Shares to GoConnect
shareholders in December 2011.
GoConnect owns and operates an Internet television
channel named ‘UCTV.fm’ which specialises in music
and light entertainment content. Under its existing
arrangements with Sony and LG, the channel is preloaded
in most new Internet connected Sony and LG
televisions. The channel has a potentially significant
international audience reach through Sony and LG alone.
The arrangements with GoConnect require it to work
with Priority One to develop 7 further Internet television
channels for particular themes. For Priority One, it intends
to use IPTV as the primary tool for the distribution of
content (including advertising and marketing content
provided by Merchants) to Members.



SO under the agreement GCN share holders receive 135 million shares in return for GCN provding them a serice...

Also they are said to develope a joint venture together to develope internet TV channels.

So looks like i couldnt have been more wrong regarding GCN taking a % stake in all P1's revenues.

This is how i read it, can anyone add anything i may have missed??

After reading this i dont see how this will increase GCN's value by much at all??