VANCOUVER, British Columbia, July 31, 2020 (GLOBE NEWSWIRE) -- Zadar Ventures Ltd. (“ZAD” or the “Company”) (TSX.V - ZAD) (OTCQB - ZADDF) (Frankfurt - ZAV0.F) announces that it has executed a definitive share exchange agreement with XRApplied SAS (“XRA”), based in Sarlat-la-Canéda, France. XRA is a leader in the development and deployment of AR/VR/MR technologies as well as assets like AR/VR games and AR/VR mobile applications.
Under the terms of the agreement ZAD will acquire all of the outstanding shares of XRA in exchange for 40,000,000 common shares of the Company. ZAD will also commit to raise a minimum of US$500,000 by way of equity offering. The Company will seek shareholder and regulatory approval to complete the share exchange agreement and to changing its name to XRApplied Technologies Inc.
About XRApplied
XRA has developed a unique solution that removes the barrier to entry for XR technologies and assists its clients in building an engaging brand experience across multiple platforms at an affordable cost. Businesses in any vertical can now engage customers, employees, and clients across any platform via engaging interactive AR and VR content. As a result, any business can now leverage one single set of assets in order to build unique e-commerce platforms, presentations, training applications, games, and more - in AR /VR.
Company Chairman Mark Tommasi states, “We are thrilled to be moving forward with the merger in a time when AR/VR/MR technologies are disrupting every industry as we know it, and we strongly believe that we have found the right team and project to position us in this market. We are looking forward to launching a series of game changing business applications and consumer games in the AR/VR/MR space over the coming months.”
The Company advises that the transaction will acquire regulatory and shareholder approval, and that there is no assurance that the proposed transaction will close. The Company will also file all the necessary documents for approval of a change of business.
ON BEHALF OF THE BOARD OF DIRECTORS
Mark Tommasi
Chairman
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Specifically, there is no assurance the Company will be able to close the share exchange agreement and acquire XRApplied, or that the Company will be able to (i) raise the necessary funds to close the transaction, (ii) obtain either regulatory or shareholders’ approval, or (iii) satisfy all conditions and close the transaction. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
ZADAR VENTURES LTD.
908-510 Burrard St
Vancouver, B.C. V6C 2A8
Phone: 604-682-1643
