Media technology

Live Current signs letter of intent to acquire San Diego-based media technology company Evasyst

VANCOUVER, BC / ACCESSWIRE / September 15, 2021 /Live Current Media, Inc. (“Live Current”) (OTCQB: LIVC) announces that it has signed a non-binding letter of intent (“LOI”) to acquire Evasyst Inc (dba Kast), (“Kast”) of San Diego in an all-stock outlet reverse control.

Letter of Intent

In accordance with the terms of the letter of intent, the parties intend to sign a definitive agreement within 90 days of signing the letter of intent. The prerequisites for signing a definitive agreement include:

  1. Both parties submit and complete due diligence investigations.

  2. Both parties obtain the required shareholder approval.

  3. Kast providing the last two fiscal years of audited financial statements.

The conditions required concurrently with the signing of the final agreement include:

  1. LIVC issues up to 125 million shares to current Kast shareholders for all of their issued and outstanding shares.

  2. LIVC raises $ 1.5 million in working capital.

Management and administrators

At the close, Live Current CEO David Jeffs will step down and be replaced by current Kast CEO, media and tech veteran Mark Ollila. In addition, the current board of directors of Live Current will resign and a new board will be appointed which will include Mark Ollila, David Jeffs, one director appointed by the shareholders of Live Current and two directors appointed by the shareholders of Kast.

About Kast

Kast is an online party 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 changing 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 sits 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 of 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 sectors of digital sports and games.

On behalf of the Board of Directors of Live Current Media Inc.

David Jeffs, CEO and Director

For more information please contact:

[email protected]
604 999-5848
www.livecurrent.com
www.sprtmtrx.com

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 we need it 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.

See the source version on accesswire.com:
https://www.accesswire.com/664146/Live-Current-Signs-LOI-to-Acquire-San-Diego-Based-Media-Technology-Company-Evasyst


Source link

LEAVE A RESPONSE

Your email address will not be published.