News !Superior Mining to acquire 100% of VIP Bets Inc. 2018-11-26 17:56 ET - News Release
Mr. Cyrus Driver reports
SUPERIOR MINING SIGNS LOI TO ACQUIRE 100% EQUITY STAKE IN VIP BETS INC., A PREMIER WEB-BASED WAGERING SPORTS BOOK
Superior Mining International Corp. intends to acquire 100 per cent of the issued and outstanding shares of VIP Bets Inc., a private company that operates a Web-based wagering sports book with duly licensed on-line gaming platforms.
About VIP Bets Inc.
VIP Bets Inc. specializes in the expanding industry of on-line sports betting and on-line gaming portals. The company is an Alberta private enterprise with a Belize operating subsidiary that hosts an on-line sports gaming site targeting the international consumer sports betting market. The company has been operating the site over the past few years, and established an existing client base who wagered over $55-million in the past two years.
The ever expanding and global sports betting market is expected to grow at an average rate of 8.7 per cent from 2017 to 2022, to become a $125-billion market by 2022. Also fuelling expected growth is the recent U.S. Supreme Court ruling that struck down a 25-year federal ban on sports betting outside of Nevada, expanding the potential growth and opportunities.
The company has recently expanded its operating site to include a Malta gaming licence with expanded on-line payment system. Expansion to the Malta operations allows additional gaming sites to target regional sports and gaming markets, where permitted worldwide. The company is also looking into developing proprietary software to be able to bet peer-to-peer as well as looking for opportunities in the fantasy sports arena.
VIP Bets Inc. is poised to expand its model and plans to expand to multiple betting platforms over the next one to two years while complementing and combining cryptocurrency into its on-line platforms. While the main focus is sports betting, the company also offers casino games, live casino, live and in-game betting, as well as the fast growing e-sports networks including gaming leagues and tournaments. The e-sports video gaming networks are rapidly expanding and becoming more professional and popular with the clients.
Further details concerning VIP Bets Inc., its operations, management and financial status will be provided following completion of due diligence investigations and the negotiation of definitive agreements. Until then, confidentiality provisions preclude the disclosure of certain information concerning VIP Bets Inc. VIP Bets Inc. is arm's length to Superior Mining.
The acquisition
The acquisition will require the issuance of 40 million shares in the capital of Superior Mining and an aggregate of $2-million in cash payments staged over 24 months. Closing will be subject to a number of conditions precedent, including satisfactory due diligence and regulatory approvals. On closing, the company will change its name to VIP Bets, Inc. and replace is board of directors with representatives nominated by VIP Bets Inc. The acquisition of VIP Bets Inc. will constitute a change of business for Superior Mining, and consequently (i) it will dispose of all of its remaining mineral property interests, (ii) it will seek to delist from the TSX Venture Exchange (TSX-V) and relist on the Canadian Securities Exchange (CSE), and (iii) it has requested that trading of its common shares on the TSX-V be halted. Unless the transaction with VIP Bets Inc. fails to close, the company does not expect its shares will resume trading again until listing