i3 Enters into Agreement to acquire Majority of LivePools
TORONTO, Dec. 23, 2020 (GLOBE NEWSWIRE) -- i3 Interactive Inc. (“i3 Interactive” or the “Company”) (CSE: BETS) (FRA: F0O3) is pleased to announce
it has entered into an agreement with LivePools Private Limited (“LivePools”), whereby the Company shall acquire 51% of shareholdings (the “Majority Interest”) in
LivePools for an aggregate of USD $7,500,000. The Company shall acquire the Majority Interest over the course of four (4) tranches.
Under the terms of the LivePools Agreement, the Company has the option to acquire the remaining 49% of shareholdings in LivePools (the “Minority Interest”) for USD $7,500,000. The Company has the right to exercise the option to acquire the Minority Interest on or before February 1, 2022.
The agreement represents i3’s commitment to the online gaming market in India, which continues to exceed expectations as the fastest growing online gaming market in the world. With this controlling interest, i3 has expanded beyond its successful launch of BLITZPOKER, executing on its strategy to create a world class experience and ecosystem for gamers. With this investment comes the addition of fantasy sports, rummy and quiz gaming to go along with i3’s already successful poker product launch, continuing to round out the ecosystem which will soon include a number of additional product offerings such as esports and skill based gaming.
ABOUT I3 INTERACTIVE INC.
The Company is in the business of providing customers with an online and mobile gaming platform which will provide sports fans worldwide with a unique and highly-engaging social gaming product, and sports betting and casino product offering. In an effort to break into the various emerging global markets, i3 has secured partnerships with key industry contacts, including Dan Bilzerian, an internationally renowned and widely respected social media celebrity with over 50 million social media followers.
ABOUT LIVEPOOLS PRIVATE LIMITED.
LivePools Pvt. Ltd is a company registered in India focusing within the Fantasy sports, rummy and real money gaming space launched in 2018 by Gaurav and Vickram Assomull. The company has grown to over 1.5M users with the aim to be at 10M by Q1 2022.
Chief Executive Officer
Tel: (902) 240-4221
This press release contains forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. The forward-looking statements in this press release include statements relating to the Company’s completion of the acquisition of the Majority Interest. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements, including, without limitation, (i) the costs of compliance with and the risk of liability imposed under the laws of the jurisdictions in which the Company is operating or will operate (the “Operating Jurisdictions”) including gambling laws and regulations, sports betting laws and regulations and mobile or online gambling and sports betting laws and regulations, (ii) negative changes in the political environment or in the regulation of mobile and online sports betting or gambling and the Company’s business in the Operating Jurisdictions, (iii) risks relating to COVID-19 (iv) negative shifts in public opinion and perception of the gambling industry, (v) significant competition in the industry, (vi) risks of product liability and other safety-related liability as a result of usage of the Company’s planned gambling and betting products, (vii) loss of intellectual property rights or protections, (viii) cybersecurity risks, (ix) constraints on marketing products,(x) fraudulent activity by employees, and (xi) risk of litigation. Readers are 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. Readers are further cautioned that the assumptions used in the preparation of such forward-looking statements (including, but not limited to, the assumption that (i) the Company will be able to fund the acquisition of the Majority Interest, as anticipated, (ii) the Company's financial condition and development plans do not change as a result of unforeseen events, (iii) there will continue to be a demand, and market opportunity, for the Company’s product offerings, (iv) the Company will be able to establish, preserve and develop its brand, and attract and retain required personnel, (v) current and future economic conditions will neither affect the business and operations of the Company nor the Company’s ability to capitalize on anticipated business opportunities) although considered reasonable by management of the Company at the time of preparation, may prove to be imprecise and result in actual results differing materially from those anticipated, and as such, undue reliance should not be placed on forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. Forward-looking statements, forward-looking financial information and other metrics presented herein are not intended as guidance or projections for the periods referenced herein or any future periods, and in particular, past performance is not an indicator of future results and the results of the Company in this press release may not be indicative of, and are not an estimate, forecast or projection of the Company’s future results. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.