TORONTO, Dec. 17, 2021 (GLOBE NEWSWIRE) — i3 Interactive Inc. (“i3” or the “Company”) (CSE: BETS) (FRA: F0O3) (OTC:BLITF) – an emerging market focused online and mobile gaming company is pleased to announce that it has filed its annual information form (the “AIF”), which is available on sedar.com, and has requested that IIROC lift the halt to allow the Company’s common shares (“i3 Shares”) to resume trading on the CSE.
Over the past number of months, the Company has been busy growing its operations, as outlined in the Company’s news release dated December 2, 2021.
To ensure full transparency with shareholders, the Company wishes to provide an update regarding two very exciting initiatives that have been ongoing, while not yet finalized, the negotiations are very near completion.
Acquisition of Remaining Equity of Livepools
As described in the AIF and in the Company’s news releases dated on January 25, 2021 and April 1, 2021 the Company, through its subsidiary Redrush Online Private Limited (“Redrush”), previously acquired 30.72% of Livepools Private Limited (“Livepools”) and an option to acquire the remaining equity in various tranches. Currently, the Company is in the final stretches of the negotiations with Livepools to accelerate the initial timeframes and adjust the deal terms. The current anticipation is that under the new structure, the Company, through Redrush, will fund up to US$500,000 into Livepools for up to 35,308 additional shares of Livepools, which result in the Company owning 50.52% of Livepools, of which it has recently funded US$80,000, which is being used for working capital, growth and marketing.
“We are thrilled to have the opportunity to bring the Livepools entity more fully under our ownership and control, to focus on accelerating its growth and developing this business in our ecosystem of online gamers,” said Troy Grant, CEO and director of the Company.
In addition, the Company is also finalizing an option agreement (the “Option”) with the current arm’s length owners of Livepools (the “Owners”) to purchase their equity shares of Livepools. The Company will pay the Owners a total of US$3,250,000 (the “Option Consideration”) for the Option (“Option Price”) and the exercise price when exercising the Option (the “Exercise Price”). The exact allocation between the Option Price and Exercise Price is not yet known and will be determined based partially on the fair market value of the Owner’s equity in Livepools as determined by a valuation report. It is currently anticipated that the Option Consideration will be satisfied with up to US$700,000 in cash with the balance in i3 Shares at a deemed price of CAD$0.395 per i3 Share (the “Issue Price”). The Option will be exercisable for a period of twelve (12) months from execution of the option agreement. In addition, i3 has agreed to grant the Owners an option to put to the Company the Owner’s interest in Livepools (the “Put Option“), at the same exercise price as the Option. The Put Option will be exercisable by the Owners for a period of one (1) month following expiry of the Option. If the daily volume weighted average price of the i3 Shares falls in value by more than 10% from the Issue Price for the period thirty (30) trading days prior to the expiry of the Option, the Company will be required to issue a sufficient number of additional i3 Shares to the Owners to restore the total aggregate value of the i3 Shares issued as part of the Consideration.
Upon execution of the Option, i3 will assume operational control of Livepools.
i3 Signs non-binding LOI with Leading On-line Gaming Company
In addition, i3 entered into a non-binding letter of intent (the “Non-Binding LOI”) to acquire an industry leading online gaming operator with a well-established brand in the lucrative and rapidly growing Indian online gaming market. i3 will update the market on this transaction in the next few weeks.
ABOUT I3 INTERACTIVE INC.
The Company is in the business of providing customers with an online and mobile gaming platform which will provide sports fans worldwide with a unique and highly engaging social gaming product, and sports betting and casino product offering. In an effort to break into the various emerging global markets, i3 has secured partnerships with key social media influencers.
For additional information on the Company:
Forward Looking Statements
This news release contains “forward-looking statements” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements.
Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward- looking statements contained herein include, but are not limited to, statements regarding: the CSE lifting the trading halt on the Company’s shares; the Company completing the acquisition of the remaining equity in Livepools on the terms outlined in this press release; the Company further developing the Livepools business in its ecosystem of gamers; the Company’s exercising the Option on the terms outlined this press release in order to acquire operational control of Livepools; and the Company proceeding with the transactions under the Non-Binding LOI with respect to the Company’s acquisition of an industry leading online gaming operator.
Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company’s ability to complete the acquisition of the remaining equity in Livepools on the terms outlined in this press release; the Company’s ability to further develop the Livepools business in its ecosystem of gamers; the Company’s ability to exercise the Option on the terms outlined this press release; and the Company’s ability to proceed with the transactions under the Non-Binding LOI with respect to the Company’s acquisition of an industry leading online gaming operator.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; the risks associated with the internet gaming industry in general; increased competition in the online gaming market; the potential future unviability of the Company’s products; incorrect assessment of the value and potential benefits of various transactions; risks associated with potential governmental and/or regulatory action with respect to the online gaming; risks associated with a potential collapse in the value of online gaming services; risks associated with the Company’s ability to continue generating a profit; the Company’s inability to build a global online gaming presence; the Company’s inability to acquire the remainder of Livepools; and the Company’s inability to exercise the Option.
Readers are cautioned that the foregoing list is not exhaustive. 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.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.