"We are excited about this opportunity to expand into new technologies - including the metaverse and virtual and augmented reality - that stand to define a new era in how people interact with each other and with the economy," noted Pete Wanner, CEO of AllStar Health Brands. "Advent Galaxy has already made important strides in this arena, and we look forward to partnering with the Advent team and helping to build on that success."
Under the transaction, ALST will purchase 25% of all common shares of ADVENT GALAXY by issuing Preferred Series B shares of ALST priced @ $10.00 per share in an aggregate number equal to 1,500,000 and an aggregate purchase price of $15,000,000, which in turn makes value of Advent Galaxy Inc. $60MM. ALST will have a two years option to acquire additional $25% of Advent Galaxy for a period of Two Years for $20MM or $75MM enterprise valuation or simply stated Preferred Series B shares of ALST priced @ $10.00 per share in an aggregate number equal to 2,000,000 and an aggregate purchase price of $20,000,000.
Upon completion of the transaction, ALST shall assume some management and operational responsibilities. ALST may also close a non-brokered $5 million private placement post-closing, after final agreements are in place, with details to follow.
Advent Galaxy, a division of TGI, announced earlier this month that it has begun development work on its AR/VR ADVENT MEGA MALL metaverse project, which will feature a native NFT Gallery powered by ROOMFUL.net, an advanced 3D Multiverse platform for metaverses and alternative digital realities.
Wanner continued, "The ADVENT MEGA MALL has the potential to become a central virtual hub where people of all backgrounds and ages can meet and interact, and where commerce, entertainment, and culture can grow in new ways. It will also foster new ways of doing business, including virtual co-working spaces. The future is coming fast, and we are very excited to be a part of it, and to provide our shareholders with new and exciting avenues of value."
https://www.accesswire.com/693417/allstar-signs-loi-to-acquire-25-of-metaverse-technology-company-advent-galaxy-inc