(TheNewswire)
Calgary, Alberta – TheNewswire - October 14, 2022 - VIP Entertainment Technologies Inc. (TSXV:VIP) (“VIP” or the “Company”) is pleased to announce it has entered into a definitive agreements to acquire Wallfair N.V. and Wallfair Ltd. (collectively “Wallfair”).
Following the press release regarding the letter of intent between VIP and Wallfair, dated August 16, 2022, VIP is happy to announce it has enterted into a definitive agreement with Wallfair. The acquisition provides VIP with yet another engagement and entertainment offering to its users by adding the platform, software and users to its current suite of prodcuts. The acquisition was completed for $285,000 payable with 5,555,556 common shares of VIP at a deemed price of $0.057/share. In addition to the definitive aggreement, the Company will settle debt of Wallfair with the issuance of 6,000,000 common shares of VIP. The securities issued in relation to this transaction are bourne by voluntary Escrow Conditions with releases of the shares every 6 months over the 18 months following closing.
Wallfair is a social event-trading platform offering numerous opportunities for engagement to users around the world - from Live Event Betting while allowing users to create their own betting markets around events in traditional sports, eSports, current celebrity news and events, and even political events. The user generated aspect of the Wallfair products, will allow VIP to immediatley offer peer-to-peer engagement by way of the social event-trading software developed and originally released by Wallfair. The Wallfair proprietary software was developed in-house with the community and its users in mind. The distinct and loyal social gaming community specifically appreciates the possibility to generate their own betting markets and to create peer to peer engagement.
Wallfair’s motto “Create, Engage, Enjoy and Earn” perfectly matches the goals and strategy of VIP in the upcoming years.
VIP is focused on increasing its core business through acquisitions in the gambling and gaming industry transforming into a premier entertainment gaming company with the purpose to grow into a more diversified entity.
“VIP is excited to announce the signing of the definitive agreement with Wallfair. This acquisition allows us to offer a unique type of user engagement in the industry that is often overlooked providing the participants with the ability to successfully create their own bets and betting markets for other users to engage with, while interacting with a community and enjoying live events. We are are ecstatic with the ability to offer this type of engagement on our journey to becoming an industry leader for community-driven online entertainment”, stated Joel Donais, CEO of VIP.
Completion of the acquisition of Wallfair is the receipt of any required regulatory approvals. The proposed acquisition is not expected to constitute a fundamental change for the Company, nor is it expected to result in a change of control of the Company. The transaction is arm’s length.
About VIP Entertainment Technologies Inc.
VIP delivers sports betting, casino games and poker through its VIP Bets platform. In addition, it has recently launched its Free to Play platform, VIPFree2Play. The Company has plans to continue to expand its offering to the gaming industry. Since 2016, VIP has handled approximately $150,000,000 in wagers through its licensed online gaming services.
For further information please visit www.vipentertainmentgroup.ca or contact:
Joel Donais - Chief Executive Officer
+1-587-436-5635
joel@vipentertaingroup.com
Neither the TSXV nor its Regulation Services 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 news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that VIP anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass.
Forward-looking statements are based on assumptions, including expectations and assumptions concerning the acquisition of Wallfair and the Company’s growth plan. While VIP considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; future legislative, tax and regulatory developments. Readers are cautioned that the foregoing list is not exhaustive and other risks set out in public disclosure recorded and filed under the Company’s profile on www.sedar.com. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. For more information on the risk, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of VIP Entertainment Technologies which are available on SEDAR at www.sedar.com. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. VIP Entertainment Technologies Inc disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law
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