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VIP ENTERTAINMENT TECHNOLOGIES INC. To Acquire Wallfair N.V. and Wallfair Ltd.



VIP Entertainment Technologies Inc.

Calgary, Alberta – TheNewswire - August 15, 2022 -  VIP Entertainment Technologies Inc. (TSXV:VIP) (“VIP” or the “Company”) is pleased to announce the signing of the letter of intent to acquire Wallfair N.V. and Wallfair Ltd. (collectively “Wallfair”).

Wallfair is a social event-trading platform offering numerous opportunities for engagement to users around the world - from Live Event Betting while allowing users to create their own betting markets around events in traditional sports and eSports based on a Curacao-issued gambling license to creating metaverse-based competitions.

The Wallfair proprietary software was developed in-house with the community and its users in mind. The distinct and loyal social gaming community specifically appreciates the possibility to generate their own betting markets and to create peer to peer engagement.

On the Wallfair platform markets are created by users on every aspect of life including political events, financial news and even celebrity relationships. The platform also offers casino games making it a great fit for the growing suite of products VIP is currently offering on the market.

Wallfair’s motto “Create, Engage, Enjoy and Earn” perfectly matches the goals and strategy of VIP in the upcoming years.

“Wallfair is thrilled to become a part of the VIP Group gaining an additional layer of user engagement while incorporating a brand new standard of social gaming to the industry”, stated Alexander Berstein, CEO of Wallfair.

Pursuant to the terms of the letter of intent, it is contemplated that VIP would acquire all of the outstanding shares of both Wallfair NV and Wallfair Ltd. in consideration for $675,000 CDN which would be satisfied through the issuance of 2,100,000 common shares of the Company to at a deemed price of $0.15 per share. In addition, VIP will settle $360,000 CDN of paybales in Wallfair through the issuance of 2,400,000 common shares of the company.

 

VIP has been constantly increasing its core business through acquisitions in the gambling and gaming industry transferring into a premier entertainment gaming company with the purpose to grow into a more diversified entity. The acquisition of Wallfair allows VIP to increase its offering, exposure and overall enjoyment for users alongside its available suite of products.

“VIP is excited to add the Wallfair platform to its group of companies in what we anticipate to be a dominant sector in the industry over the coming years. This acquisition allows us to offer a unique type of user engagement in the industry that is often overlooked providing the participants with the ability to successfully create their own spectacular bets, interact with the community and enjoy live events. We are looking forward to seeing the collaboration between VIP and Wallfair becoming an industry leader for community-driven online entertainment”, stated Joel Donais, CEO of VIP.

Completion of the acquisition of Wallfair is subject to a number of conditions, including, but not limited to, completion of due diligence, negotiation of definitive documentation and the receipt of any required regulatory approvals. The proposed acquisition is not expected to constitute a fundamental change for the Company, nor is it expected to result in a change of control of the Company. The transaction is arm’s length.

 

About VIP Entertainment Technologies Inc.

VIP delivers sports betting, casino games and poker through its VIP Bets platform. In addition, it has recently launched its Free to Play platform, VIPFree2Play. The Company has plans to continue to expand its offering to the gaming industry. Since 2016, VIP has handled approximately $150,000,000 in wagers through its licensed online gaming services.

For further information please visit www.vipentertainmentgroup.ca or contact:

Joel Donais - Chief Executive Officer

+1-587-436-5635

joel@vipentertaingroup.com

 

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that VIP anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass.

Forward-looking statements are based on assumptions, including expectations and assumptions concerning the acquisition of Wallfair and the Company’s growth plan. While VIP considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; future legislative, tax and regulatory developments. Readers are cautioned that the foregoing list is not exhaustive and other risks set out in public disclosure recorded and filed under the Company’s profile on www.sedar.com. 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. For more information on the risk, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of VIP Entertainment Technologies which are available on SEDAR at www.sedar.com. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. VIP Entertainment Technologies Inc disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law