VIP Entertainment Technologies Inc. Closes Acquisition of Contagious Sports and its United Kingdom Gaming License
Calgary, Alberta – TheNewswire - May 10, 2023 - VIP Entertainment Technologies Inc. (TSXV:VIP) (“VIP” or the “Company”) is pleased to announce it has closed the acquisition of Contagious Sports (“Contagious”) and its United Kingdom Gaming License (“UKGL”).
Further to the press release dated April 05, 2023, VIP has closed the transaction to acquire all issued and outstanding shares of Contagious, whose main asset is an active United Kingdom Gaming License. VIP is enthusiastic about the prospect of continuing its growth through the acquisition of UKGL. This transaction enables the company to have immediate access to new and existing users covered under this highly prestigious license. This license encompasses a territory consisting of one of the largest gaming and sports betting markets per capita globally.
The acquisition consideration is payable in the form of a net gaming revenue sharing arrangement. VIP will pay up to $1-million solely from 10 per cent of the net revenue after expenses derived from the territories covered under the acquired licence. There are no immediate costs to VIP in regard to the acquisition.
VIP is focused on increasing its core business in the iGaming industry through strategic acquisitions such as Contagious Sports as it transforms itself into a premier entertainment gaming company in a rapidly evolving and growing industry. The acquisition of Contagious and its UKGL is a huge step forward for VIP to expand its presence in the gaming industry worldwide.
“VIP is excited to announce the acquisition of Contagious. This acquisition allows us to immediately begin operations in the United Kingdom offering its pay-to-play products to boost its overall Gaming Related Revenues while increasing its brand exposure”, stated Joel Donais, CEO of VIP.
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.vipentertaingroup.com or contact:
VIP Entertainment Technologies Inc.
Joel Donais, Chief Executive Officer
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 the United Kingdom Remote Gaming License 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.