(TheNewswire)
Calgary Alberta – TheNewswire - February 27, 2023 – VIP Entertainment Technologies Inc. (“VIP” or the “Company”) (TSXV:VIP) is pleased to provide an update on the initiatives for its growth plans in Q1, 2023.
VIP has filed the application to the Kahnawake Gaming Commission (“KGC”) for the company to acquire a Canadian based license. VIP is anticipating the completion and receipt of this license over the next few weeks. VIP is excited about the possibilities to promote its iGaming services in Canada once again as it has shown previous success inside of Canada. The KGC license will allow VIP to operate its pay-to-play products, namely its sportsbetting, casino and poker products in Canada, outside of Ontario.
In addition to the Kahnawake application, the company is securing additional partnerships to reactivate its historical user base in both Canada and other jurisdictions. These partnerships would see VIP begin to generate revenue from across Canada as well in other jurisdictions.
Further to these initiatives which will see the Company increase direct player related revenue, VIP continues to work on development and launch of a number or engagement tools, aimed at offering users a place to engage in ancillary products prior to registering a full pay-to-play account on its vipbets.com platform, when meeting certain geological and age restricted conditions. A key tool the Company has recently released is it’s Daily Fantasy Sports (“DFS”) product which is now live in the Apple App Store and via the web. The free to play VIP Fantasy mobile app is a welcome change to the current DFS style. The VIP Fantasy Sports App is an easy to play and very engaging game. To view and download the VIP Fantasy DFS game, please visit https://apps.apple.com/ca/app/vip-fantasy/id6443849406 for all Apple compatible products, or visit the web-based version of the game at https://dfs.vipfree2play.com/
VIP would also like to announce the resignation of its Chief Financial Officer, Charidy Lazorko, and thank her for her time served in this position. The Company announces the appointment of Scott Seguin as its interim Chief Financial Officer. Mr. Seguin has significant experience in both public and private companies in a financial oversight role. The search for a permanent CFO has begun as well.
Consolidation of its common shares.
The Company wishes to announce the Consolidation of all of its common shares (“Common Shares”) on the basis of one post-consolidation Common Share for every 5 pre-consolidation Common shares effective on March 1, 2023. The consolidation will result in the number of issued and outstanding Common Shares being reduced from 90,244,309 pre-consolidation Common Shares to approximately 18,044,862 post-consolidation Common Shares. The exercise or conversion price of warrants, compensation options and options, and the number of Common Shares issuable thereunder will also be proportionately adjusted upon the completion of the Consolidation. No fractional shares will be issued as a result of the Consolidation. The Consolidation is subject to the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange.
Each shareholder's percentage ownership in the Company and proportional voting power remains unchanged after the Consolidation, except for minor changes and adjustments resulting from the treatment of any resulting fractional Common Shares.
The Common Shares will continue to be listed on the TSX Venture Exchange under the symbol "VIP" and the Common Shares are expected to begin trading on a post-Consolidation basis on the TSXV on or about March 1, 2023. Following the Consolidation, the new CUSIP number for the Common Shares is 92763B208 and the ISIN will be CA92763B2084.
Non-registered beneficial holders holding their Common Shares through intermediaries (securities brokers, dealers, banks, financial institutions, etc.) will not need to take any action to receive consolidated shares and should note that such intermediaries may have specific procedures for processing the Consolidation, including the treatment of fractional shares. Shareholders holding their Common Shares through an intermediary and who have any questions in this regard are encouraged to contact their intermediary.
About VIP Entertainment Technologies Inc.
VIP was formed in 2016 to deliver sports betting, casino games and poker to the top tiers of sports bettors and poker players. Since 2016, VIP has handled roughly $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: interest and foreign exchange rates; capital efficiencies, cost saving and synergies; 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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