HeadsUp Announces LOI to Acquire Global Gaming Assets
LAS VEGAS, Sept. 3, 2020 /CNW/ - HeadsUp Entertainment International Inc. (Pinksheets: HDUP.PK) announces today it has signed an LOI to acquire 50% of the shares of VIP Entertainment Group NV (VIP). VIP is a Global Gaming Operator in the online casino, sports betting and online poker business. VIP operates 5 separate sportsbook brands led by VipBets.com, 5 online casino brands and an online poker platform. Licensed in Curacao, VIP has been in business since 2014 and is currently in the final stages of acquiring a UK Gaming license to expand operations into new jurisdictions supported by its global payment processing systems.
VIP's audited financials show over $112,000,000 in processed wagers generating a profit of over $5,400,000 in the past 48 months. Given the quickly evolving environment in the gaming industry and shifting business patterns affected by Covid19, VIP revenues remained solid in August 2020 with over $970,000 in wagers processed which generated $93,148 in net profit.
The LOI outlines a 3 step Due Diligence process that is expected to be completed within 30-45 days resulting in the Closing of the Definitive Agreement in October. This acquisition positions HeadsUp to grow its revenue base in licensed jurisdictions and is the first of several industry related growth strategies with 3 other acquisitions currently in negotiation.
HeadsUp will be announcing its new management team and Board of Directors soon that will support the company vision to become a leader in gaming, lottery, 50/50 digital, bingo and eSports sectors.
About HeadsUp Entertainment International Inc.
HeadsUp Entertainment International Inc. is a global gaming operator and media company focusing on online gaming, online poker, eSports, sports betting, online lottery, mobile 50/50, charity fundraising platforms and blockchain based payment solutions.
Forward-Looking Statements:
This news release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. When used in this release, words such as "estimate," "expect," "anticipate," "projected," "planned," forecasted" and similar expressions are intended to identify forward-looking statements, which are, by their very nature, not guarantees of HeadsUp Entertainment International Inc.'s future operational or financial performance, and are subject to risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Due to the risks and uncertainties, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements because of new information, future events or otherwise.
SOURCE HeadsUp Entertainment International Inc.
HeadsUp Entertainment International Inc., Investor Relations, (403) 269-9039, https://HeadsUpEntertainment.com
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