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On July 31, 2012, DDAC acquired from Digitally Distributed, LLC, a Delaware limited liability company (DDLLC) (the ??Merger??), certain tangible and intangible property including certain intellectual property related to a web-based multi-tiered billing infrastructure and to software and other means of syndicating and encoding media content, in exchange for the issuance by DDAC to DDLLC of 13,500
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