VIP Entertainment Technologies Inc. adds additional engagement and entertainment offering with closing of definitive agreement to acquire Wallfair NV and Wallfair Ltd.

(via TheNewswire)

Calgary, AlbertaThe Newswire-October 14, 2022vip entertainment technologies inc. (TSXV:VIP) (“vip” or the “Company”) is pleased to announce that it has entered into definitive agreements to acquire Wallfair N.V. Y Wallfair Ltd. (collectively “Wallfair”).

Following the press release on the letter of intent between VIP and Wallfair, dated August 16, 2022, VIP is pleased to announce that it has reached a definitive agreement with Wallfair. The acquisition provides VIP with another offering to engage and entertain its users by adding the platform, software and users to its current suite of products. The acquisition was completed by $285,000 payable in 5,555,556 common shares of VIP at a deemed price of $0.057/Share. In addition to the definitive agreement, the Company will settle Wallfair’s debt with the issuance of 6,000,000 common shares of VIP. Securities issued in connection with this transaction are subject to voluntary escrow conditions with share releases every 6 months for 18 months after closing.

Wallfair is a social event trading platform that offers numerous engagement opportunities for users around the world, from betting on live events, while allowing users to create their own betting markets around traditional sports events, esports, celebrity news and current events, and even political events. . The user-generated aspect of Wallfair’s products will enable VIP to immediately offer peer-to-peer engagement through the social event sharing software originally developed and launched by Wallfair. Wallfair’s proprietary software was developed in-house with the community and its users in mind. The distinct and loyal social gaming community specifically appreciates the ability to generate their own betting markets and create peer-to-peer engagement.

Wallfair’s motto “Create, Participate, Enjoy and Win” fits perfectly with VIP’s objectives and strategy in the coming years.

VIP is focused on growing its core business through acquisitions in the gaming and gaming industry, transforming itself into a top-tier gaming entertainment company with the goal of becoming a more diversified entity.

“VIP is pleased to announce the signing of the definitive agreement with Wallfair. This acquisition allows us to offer a unique type of user engagement in the industry that is often overlooked, giving participants the ability to successfully create their own betting and betting markets for other users to interact with, while interacting with a community and enjoy live events. . We are thrilled to be able to offer this type of engagement on our journey to become an industry leader in community-driven online entertainment.” joel donaisCEO of VIP.

The completion of the Wallfair acquisition is the receipt of the required regulatory approvals. The proposed acquisition is not expected to constitute a fundamental change to the Company, nor is it expected to result in a change of control of the Company. The transaction is arm’s length.

On vip entertainment technologies inc.

VIP offers 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 expanding its offer to the gaming industry. Since 2016, VIP has handled approximately $150,000,000 in gambling through its licensed online gaming services.

For more information, visit www.vipentertainmentgroup.ca or contact:

joel donais – Executive Director

+1-587-436-5635

[email protected]

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

This press release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than historical fact, that address activities, events, 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 made in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “could” or “will” (or other variations of the above) be taken, occur, be achieved, or come to pass.

Forward-looking statements are based on assumptions, including expectations and assumptions about the Wallfair acquisition and the company’s growth plan. While VIP believes these assumptions are reasonable, based on currently available information, 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, but not limited to, risks associated with general economic conditions; adverse industry events; future legislative, fiscal and regulatory developments. Readers are cautioned that the above list is not exhaustive and that other risks are set forth in the public disclosure on record and filed in 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 on which they are based will materialize. Such information, although considered reasonable by management at the time of preparation, may turn out to be incorrect and actual results may differ materially from those anticipated. For more information about the risks, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please review the public filings of VIP entertainment technologies which are available on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof and, therefore, are subject to subsequent change. VIP Entertainment Technologies Inc. disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law

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