Live Current Expands Letter of Intent to Acquire San Diego-Based Media Technology Company Evasyst
VANCOUVER, BC / ACCESSWIRE / December 14, 2021 / Live Current Media, Inc. (“Live stream”) (OTCQB: LIVC) announces that it has extended its non-binding letter of intent (“LOI”) to acquire Evasyst Inc. (dba Kast), (“Kast”) of San Diego in an all-equity reverse takeover.
The Letter of Intent, dated September 14, 2021, sets out the terms of the proposed acquisition of Kast by Live Current and is scheduled to expire on December 14, 2021. In light of the positive progress made towards closing the Letter of Intent, the parties have mutually agreed to extend the term of the agreement by one month until January 14, 2022. All other terms of the letter of intent remain unchanged.
Kast is an online nightlife surveillance platform for friends to watch videos, play games and be together. The platform allows individuals to share synchronized videos live, engage in the community, and build relationships with like-minded individuals. The Kast team is made up of passionate people from diverse backgrounds across the globe, drawn from exciting and rapidly evolving industries such as esports, video streaming, entertainment and video games.
Kast CEO and Co-Founder Mark Ollila has over twenty years of experience in the games and multimedia industry, previously with senior positions at Nokia and Microsoft, including leading Nokia First Party Games Publishing. He also served on the advisory board of the Game Developers Conference (Mobile) and was a member of the board of directors of the EMEA chapter of the Mobile Ecosystem Forum. He was chairman of the board of directors of physical middleware supplier Meqon Research AB (acquired by Ageia and later NVIDIA) and currently serves on the board of directors of Blind Squirrel Entertainment.
“This acquisition will dramatically accelerate the growth of Live Current,” said CEO David Jeffs. “Mr. Ollila and his team have come up with a fantastic product in a rapidly growing industry which is almost certain to gain popularity given the current social climate. Kast CEO Mark Ollila said, “The synergies between the two companies are evident, as streaming and casual gaming are multi-billion dollar industries that are growing, but also converging. This opportunity will create the foundation and the platform to build a global multimedia entertainment business.
About Live Current Media Inc.
Live stream (“LIVC”) is a digital technology company engaged in the entertainment industry. Currently in development of two projects, SPRT MTRX (App store and Play at the store: SPRT MTRX) and Trivia Matrix (App store and Play at the store: Trivia Matrix), LIVC is positioned to take advantage of the exciting and rapidly growing industries of digital sports and games.
On behalf of the Board of Directors of Live Current Media Inc.
David Jeffs, CEO and Director
All statements in this press release that are not statements of historical fact are forward-looking statements, including any projection of growth, earnings, income, cash or other financial items, any statement of plans, management’s strategies, objectives and goals for the future. transactions, any statement regarding economic conditions or future performance, statements of belief and statements of assumptions underlying any of the foregoing. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in forward-looking statements. These risks and uncertainties include, without limitation, general economic conditions, in particular with respect to demand for our products and services; competitive factors; variations in operating expenses; our ability to raise capital as needed and other factors. Live Current Media, Inc. assumes no obligation to update these forward-looking statements to reflect future events or actual results and does not intend to do so.
THE SOURCE: Live Current Media Inc.
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