Kings Entertainment Announces Closing of Acquisition of Braight AI Technologies Inc.
VANCOUVER, BC, July 17, 2023 /CNW/ - Kings Entertainment Group Inc. (CSE: JKPT) ("Kings Entertainment" or the "Company"), an international online service provider for lottery, casino, and sportsbook gambling and parent company of global online gaming innovators LottoKings and WinTrillions, is pleased to announce, further to its news release of June 16, 2023, that the Company has completed the acquisition (the "Transaction") of all of the issued and outstanding shares in the capital of Braight AI Technologies Inc. ("Braight AI"), a private company existing under the laws of British Columbia. The Company now holds 100% of the issued and outstanding shares of Braight AI.
Braight AI has completed the acquisition of all of the issued and outstanding in the capital of Epeer Spółka Z Ograniczoną Odpowiedzialnością ("Epeer"), a limited liability company existing under the laws of Poland prior to closing of the Transaction (the "Closing").
In connection with the Closing and pursuant to the terms and conditions of a share exchange agreement dated June 14, 2023 and as amended on July 11, 2023 (the "Definitive Agreement") among the Company, Braight AI and the shareholders of Braight AI and on closing, the Company issued an aggregate of 59,289,392 common shares in the capital of the Company (the "Payment Shares") to the shareholders of Braight AI at a deemed value of $0.185 per Payment Share. There is no hold period for the Payment Shares pursuant to applicable securities laws. The holders of the Payment Shares have agreed to include a voluntary hold period for 50% of the Payment Shares as requested by the Canadian Securities Exchange (the "CSE"). The voluntary hold period is for four months and will expire on November 14, 2023.
The Company intends to leverage Braight AI's technology to accelerate its user verification process and explore other ways the technology can benefit its lotto and gaming platforms.
In connection with the Transaction and in consideration of the introduction to the Company, the Company has issued 6,846,350 common shares of the Company (the "Finder's Shares") to an arm's length finder at a deemed value of $0.185 per Finder's Share. The Finder's Shares are subject to a statutory hold period of four-months and one day in accordance with applicable securities legislation ending on November 15, 2023.
The Transaction is an arms-length transaction. On Closing, the Company has appointed Jakub Bąbelek and Hanna Chaban to the board of directors of the Company and Anthony Zelen has resigned as a director of the Company.
Braight AI, through Epeer, is a leading provider of Artificial Intelligence (AI) Big Data analytics solutions. Braight AI specializes in leveraging the power of AI to extract actionable insights from vast amounts of data, empowering businesses to make informed decisions They offer two cutting-edge AI solutions tailored to address specific business needs: AI Risk and AI Marketing.
Established in 2005, Kings Entertainment (CSE:JKPT) is an international online service provider for lottery, casino, and sportsbook gambling and parent company of global online gaming innovators innovators LottoKings and WinTrillions. These brands leverage their ability to acquire high-potential players through renowned lottery offerings, then engage players in a range of casino and sportsbook offerings. LottoKings and WinTrillions have attracted and retained millions of player sign-ups since their inceptions.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Information: This news release includes certain statements that may be deemed "forward-looking statements". The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "would", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com.
SOURCE Kings Entertainment Group Inc.
Steve Budin, CEO, [email protected], [email protected], 604.961.0296; For Canadian media enquiries or interviews, please contact: Christy Kaiser, Thirty Dash Communications, [email protected]
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