Looking Glass Labs Closes Definitive Agreement to Acquire Bot Media Corp.’s Climate and AI Web3 Assets

VANCOUVER, British Columbia, Feb. 08, 2024 (GLOBE NEWSWIRE) -- Looking Glass Labs Ltd. ("LGL" or the "Company") (NEO: NFTX) (OTC: LGSLF) (FRA: H1N) is pleased to announce that further to the new release dated February 6, 2024, it has closed the definitive agreement (the "Purchase Agreement"), to acquire the climate and artificial intelligence (AI) web3 assets (the "Purchased Assets") from Bot Media Corp. (the “Vendor”). Pursuant to the Purchase Agreement, the Company has issued an aggregate of 3,060,000 common shares at a deemed price of $0.25 per common share to the Vendor in full satisfaction of the purchase price of $765,000.

The securities issued pursuant to the Purchase Agreement have a statutory hold period in accordance with applicable securities laws which will expire on June 9, 2024. No finder’s fees were paid on the Purchase Agreement.

ABOUT LOOKING GLASS LABS

Based in Vancouver, British Columbia, Looking Glass Labs ("LGL") specializes in consumer engagement applications that exploit immersive metaverse environments, gamification, and Web 3.0/blockchain monetization strategies.

For further information, please contact:
James Henning, Director
Toll-Free: +1 833 LGL-NFTX (833-545-6389)
Email: [e-mail]

Forward-Looking Information

This news release contains "forward-looking statements." Statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things: the acquisition of carbon.bot and climate.bot and the Company's goal to become the leading digital studio focusing on Web 3.0/blockchain monetization strategies.

The material assumptions supporting these forward-looking statements include, among others, that: the Company could mitigate the risks associated with the blockchain and NFT industry; the ability to compete with other businesses in the Web 3.0 market; the availability of sufficient funding to carry out the Company's business development plans; favourable market conditions; and the market acceptance for its products.

Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the continued growth and adoption of NFT and metaverse offerings by the consumer market; the cost of developing and designing NFTs and metaverses is economically viable; the Company being able to attract and retain a sufficient workforce with desired skillsets to develop the Company's digital offerings; the availability of offerings provided by third-parties in the NFT, metaverse development and online gaming market to identify potential transactions; the increasing adoption of NFTs as a solution for various online gaming, entertainment and collectible uses; the Company having the ability to mitigate the risks associated with the blockchain and NFT industry; and the ability to compete with other businesses in the NFT, metaverse development, content creation and collectibles market.