Alpha Metaverse Technologies Announces Signing of Definitive Agreement to Acquire 100% of Shape Immersive Entertainment Inc.

Alpha Metaverse Technologies Announces Signing of Definitive Agreement to Acquire 100% of Shape Immersive Entertainment Inc.

Alpha Metaverse Technologies Inc. ( CSE: ALPA ) ( FSE: 9HN0 ), ( OTC PINK: APETF ) (" Alpha " or the " Company ") is pleased to announce, further to the Company's news release dated January 24, 2022, that it has signed a definitive agreement (the " Agreement ") with Shape Immersive Entertainment Inc. (" Shape ") and all of the shareholders of Shape (the " Shape Shareholders "), to acquire (the " Acquisition ") 100% of the issued and outstanding share capital of Shape.

Upon completion of the Acquisition, Shape will continue to function as a fully operational metaverse creator engaged in the development of non-fungible token (" NFT ") technology, augmented reality experiences, and three dimensional (" 3D ") products to transform user experiences. Shape is a leader in 3D NFTs, holograms, augmented and virtual reality, and play-to-earn game development. Shape has also partnered or worked with many well-known Fortune 1000 and other category leading companies such as RTFKT ® (recently acquired by Nike ® ), Red Bull ® , Intel ® and the Olympics ® .

"Entering into this Agreement with Shape represents a major milestone for Alpha in our expansion into Web3 and Metaverse-based gaming and branded experiences," said Brian Wilneff, Alpha CEO. "We look forward to completing the Acquisition and growing Shape's continued studio work for major brands and leveraging its development capabilities to grow Alpha's existing gaming properties. This combination of internal and external studio work will also expand Alpha's business development pipeline and partnership growth."

Purchase Consideration:

On and subject to the conditions set forth in the Agreement, the Company will deliver the following consideration for the Acquisition:

(a)   Payment of an aggregate $500,000 in cash to the Shape Shareholders (collectively) on the closing date of the Acquisition (the " Closing Date ");

(b)   Issuance of an aggregate 14,000,000 common shares in the capital of the Company (each, a " Alpha Share ") to the Shape Shareholders (collectively) on the Closing Date;

(c)   Payment of an aggregate $500,000 in cash to the Shape Shareholders (collectively) within one-hundred and eighty (180) days following the Closing Date (the " Additional Cash Consideration "); and

(d)   Issuance of an aggregate of 840,000 Alpha Shares to certain individuals for services rendered in connection with the successful completion of the transaction contemplated by the Agreement on the Closing Date.

The 14,000,000 Alpha Shares to be issued pursuant to the Acquisition shall be subject to escrow restriction whereby 10% of such Alpha Shares shall be released on the Closing Date, and thereafter, 18% of such remaining Alpha Shares shall be released after each subsequent four (4) month period following the Closing Date (the " Escrow Arrangement ").

The Company shall grant a general security interest in favour of the Shape Shareholders for the purposes of securing the payment of the Additional Cash Consideration. In the event the Additional Cash Consideration has not been paid within one-hundred and eighty (180) days following the Closing Date, the Company shall issue an additional aggregate 6,678,000 Alpha Shares to the Shape Shareholders (collectively), the Escrow Arrangement shall no longer apply and the Company shall maintain the obligation to pay the Additional Cash Consideration.

In addition, the Company has agreed to issue up to an aggregate of 9,000,000 Alpha Shares to certain Shape Shareholders (collectively) who will be joining Alpha, upon completion of the Acquisition, as employees or consultants (collectively, the " Milestone Shares "), on the following basis:

(a)   500,000 Milestone Shares upon the market capitalization of Alpha being not less than $50,000,000 for a period of 10 consecutive trading days;

(b)   500,000 Milestone Shares upon the market capitalization of Alpha being not less than $75,000,000 for a period of 10 consecutive trading days;

(c)   1,000,000 Milestone Shares upon the market capitalization of Alpha being not less than $100,000,000 for a period of 10 consecutive trading days;

(d)   1,000,000 Milestone Shares upon the market capitalization of Alpha being not less than $125,000,000 for a period of 10 consecutive trading days;

(e)   1,000,000 Milestone Shares upon the market capitalization of Alpha being not less than $150,000,000 for a period of 10 consecutive trading days;

(f)   1,000,000 Milestone Shares upon the market capitalization of Alpha being not less than $175,000,000 for a period of 10 consecutive trading days;

(g)   1,000,000 Milestone Shares upon the market capitalization of Alpha being not less than $200,000,000 for a period of 10 consecutive trading days;

(h)   1,000,000 Milestone Shares upon the market capitalization of Alpha being not less than $250,000,000 for a period of 10 consecutive trading days;

(i)   1,000,000 Milestone Shares upon the market capitalization of Alpha being not less than $300,000,000 for a period of 10 consecutive trading days; and

(j)   1,000,000 Milestone Shares upon the market capitalization of Alpha being not less than $350,000,000 for a period of 10 consecutive trading days,

provided that each respective milestone must be achieved within five years after the Closing Date and that the market capitalization for each milestone shall be calculated based on the price per Alpha Share on the Canadian Securities Exchange multiplied by the number of Alpha Shares then outstanding.

Closing of the Acquisition is subject to customary conditions, including receipt of all necessary regulatory and other approvals.

About Alpha Metaverse Technologies Inc.

Alpha Metaverse Technologies Inc. is a technology company that focuses on emerging industries in Esports, mobile, console and web-based gaming, ecommerce, and other high growth opportunities such as augmented reality / virtual reality Web3 and Blockchain-based businesses. Through a strong portfolio of technology assets and products such as GamerzArena and HeavyChips, Alpha brings a unique mass-appeal focus to modern gaming platforms. Learn more at: www.alphametaverse.com

Contact:
Investor Relations: ir@alphametaverse.com - 604 359 1256
Media and Public Relations: media@alphametaverse.com

On Behalf of The Board of Directors
Brian Wilneff
Chief Executive Officer

Forward-Looking Statement
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to statements regarding the Acquisition, the Company's business and plans, including with respect to undertaking further acquisitions, the satisfaction of additional payments and the achievement of certain milestones, including but not limited to, any increase in market capitalization. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Acquisition does not complete as contemplated, or at all; that the Company does not complete any further acquisitions; that the Company does not satisfy its future payments and issuances; that the Company does meet any or all of its future milestones, including but not limited, any increase in market capitalization; and that the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation and does not intend to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported. The statements in this news release are made as of the date of this release.

The CSE has not reviewed, approved, or disapproved the content of this press release


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

ALPA:CC
The Conversation (0)
Alpha Metaverse Technologies Announces Entry into Play-to-Earn Gaming; Partnership with BetU ICO Corp

Alpha Metaverse Technologies Announces Entry into Play-to-Earn Gaming; Partnership with BetU ICO Corp

Alpha Metaverse Technologies Inc. ( CSE: ALPA ) ( FSE: 9HN0 ) ( OTC PINK: APETF ) (" Alpha " or the " Company "), a technology company that focuses on emerging markets in esports, mobile gaming, ecommerce, blockchain, and high growth opportunities, is proud to announce expansion into the play-to-earn space, with a partnership with BetU ICO Corp ("BETU"), a play-to-earn platform.

BETU is a play-to-earn sports and esports prediction game, that is powered by the BETU token. The play-to-earn predictor is a free-to-play game for all BETU token holders. Users are required to make a prediction and if they are correct, users can earn rewards.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Alpha Metaverse Technologies Announces First Tranche Closing of $2,780,125 Brokered Private Placement

Alpha Metaverse Technologies Announces First Tranche Closing of $2,780,125 Brokered Private Placement

The Company also provides corporate update

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Alpha Metaverse Technologies Announces signing of LOI to acquire 100% of Shape Immersive Entertainment Inc and Brokered Private Placement Financing for up to $4.0 Million

Alpha Metaverse Technologies Announces signing of LOI to acquire 100% of Shape Immersive Entertainment Inc and Brokered Private Placement Financing for up to $4.0 Million

Shape is an award-winning Metaverse agency and has a team comprised of experienced AR/VR technologists, 3D artists and software developers

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Alpha Metaverse Technologies Announces Continued Marketing Campaign

Alpha Metaverse Technologies Announces Continued Marketing Campaign

Alpha Metaverse Technologies Inc. (CSE: ALPA ) (FSE: 9HN ) (OTC PINK: APETF) (" Alpha " or the " Company "), announces that its engagement for marketing services with Financial Star News Inc. (" FSN ") (address: 701 West Georgia Street, Suite 1500, Vancouver, V7Y 1C6; email: info@thefinancialstar.com ), as previously disclosed in the Company's October 8, 2021 news release, remains ongoing and is now anticipated to conclude on February 4, 2022.

As previously disclosed, FSN has and shall continue to, as appropriate, create campaigns, ad groups, text ads, display ads, perform detailed keyword research, setup and manage remarketing campaigns, optimize keyword options, coordinate online advertiser and marketers corresponding to the customers online marketing targets, create landing pages for ad campaigns and bring attention to the business of the Company in consideration of USD $400,000 (plus applicable taxes) previously paid to FSN. The promotional activity shall occur on theFinancialStar.com, by email, Facebook, and Google. FSN does not have any prior relationship with the Company aside from its previous engagement with the Company.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Alpha Esports Tech Announces Planned Name Change

Alpha Esports Tech Announces Planned Name Change

Alpha Esports Tech Inc. (CSE: ALPA ) (FSE: 9HN ) (OTC PINK: APETF ) (" Alpha " or the " Company "), is pleased to announce that it intends to change its name from "Alpha Esports Tech Inc." to "Alpha Metaverse Technologies Inc.", subject to the approval of the Canadian Securities Exchange (the " CSE "). The Company expects the name change to take effect on or about January 12, 2022, and for its common shares to begin trading on the CSE under the new name on such date. The name change will better reflect the Company's focus on - and recent investments in - the Metaverse and Web 3.0 applications.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
game controller

How to Invest in Esports

What’s the story behind esports, and why should market participants should consider investing?

Esports — or electronic sports — is competitive gaming. Just like traditional sports, some games are one-on-one, while others are team-based; however, these matches are played using computers or game consoles.

Esports fans can tune into these competitive events via a variety of streaming services such as the game-streaming service Twitch, which has seen a large jump in viewers and streamers since the COVID-19 pandemic. There were 2.44 million average concurrent viewers in May 2023 compared to 1.26 million in May 2019, and 6.82 million streamers in May 2023 compared to 3.93 million in May 2019.

Keep reading...Show less
4 Australian Esports Stocks

4 Australian Esports Stocks

With major esports tournaments getting sponsorships from multinational companies, including Disney (NYSE:DIS), Intel (NASDAQ:INTC) and Coca-Cola (NYSE:KO), the esports market and gaming industry continue to gain traction worldwide.

Esports Earnings notes that prize money worth over US$955 million has been awarded in the esports industry over two decades, based on available public records. The largest prize pool was worth more than US$34.33 million and was won in 2019 by the Dota 2 team OG at The International 8, the top Dota 2 tournament.

This year, Overwatch League has an impressive US$4.21 million in its prize pool. Overwatch League is Activision Blizzard’s (NASDAQ:ATVI) official esports league for its hit first-person shooter game Overwatch, and now its sequel Overwatch 2.

Keep reading...Show less
Canadian Esports Stocks: 3 Biggest Companies in 2022

Canadian Esports Stocks: 3 Biggest Companies in 2022

Canada’s role in esports is on the rise. It's home to 900 studios employing 28,000 game developers, and the gaming sector contributed C$5.5 billion to the country's gross domestic product in 2021.

The nation hosts three important arenas in the worldwide esports circuit, with OverActive Media (TSXV:OAM,OTCQB:OAMCF) planning to open a fourth 7,200 seat arena in Toronto by 2025.

Notably, Canada’s esports industry is attracting government funding, with the province of Ontario investing C$1 million in a post-secondary scholarship program aimed at supporting innovation in this growing segment.

Keep reading...Show less
4 Esports Facts Investors Should Know

4 Esports Facts Investors Should Know

Gaming has become a central part of life for people across the world, and in recent years the adjacent esports sector has caught the attention of investors interested in thetech space.

But esports is still a new market, and if you're new it’s good to start with the basics. Let’s take a look at four facts on how esports began, the industry’s rise in popularity and, of course, where this exciting scene is headed.

Keep reading...Show less
Eports Stocks: 3 Biggest Companies in 2022

Eports Stocks: 3 Biggest Companies in 2022

After a long time growing steadily on the sidelines, esports is coming into the limelight as a potential opportunity for tech-savvy investors. So what are some of the big esports stocks to watch?

As more institutional money enters the esports industry, stakeholders the world over are clamoring to claim their piece of the pie. Companies are focusing on diverse aspects of the sector — such as facilities for events and tournaments, merchandise, streaming platforms and advertising — meaning there are many ways to get involved.

Who could blame them? With esports revenue estimated to be worth US$2.8 billion by 2028, there’s a lot to go around. How can investors and speculators get in on the next big thing?

Keep reading...Show less
Esports Investing: The Next Big Thing?

Esports Investing: The Next Big Thing?

With tech giants like Facebook (NASDAQ:FB) and Netflix (NASDAQ:NFLX) suffering sizable losses in 2022, investors are looking at other places to put their money.

Could esports investing be the next big thing? Many insiders are pointing to esports as the sector to watch — but where is this interest coming from?

Read on for a brief look at the world of esports and why making an investment in this growing space could be worthwhile for those interested in the broader tech industry.

Keep reading...Show less

Latest Press Releases

Related News

×