Metasphere Enters Into Definitive Agreement With Bluesphere Ventures Inc.

VANCOUVER, British Columbia, March 21, 2024 (GLOBE NEWSWIRE) -- Metasphere Labs Inc. (formerly Looking Glass Labs Ltd., "Metasphere" or the "Company") (Cboe Canada: LABZ) (OTC: LABZF) (FRA: H1N), a pioneering force in digital asset and metaverse development, is proud to announce that further to the news release dated March 4, 2024, it has entered into a definitive agreement dated March 20, 2024 (the “Agreement”) with Bluesphere Ventures Inc. ("Bluesphere"), a venture studio committed to advancing climate technology solutions. This partnership marks a significant step forward in the creation of "Ents World," a groundbreaking Open Metaverse built on the Bitcoin blockchain, aimed at combining "Play to Earn" gaming with impactful environmental restoration.

In a notable development, it has been decided that the governance token for Ents World, ENTS, will not be developed as a Bitcoin Taproot asset as previously indicated. Instead, ENTS will be developed on the Bitcoin Runes protocol, ensuring a robust and scalable foundation for the game's ecosystem.

The project collaboration between Metasphere and Bluesphere will focus on delivering key components for "Ents World". Pursuant to the Agreement, Metasphere will develop a comprehensive presentation and website outlining Ents World's concept, features, and the impact on environmental restoration. Metasphere will also assist in developing the game's governance ecosystem. Delivery of the services is expected to be completed by April 10, 2024. The Company will be paid $2,500 for its services.

A significant milestone for "Ents World" is the planned public launch of the Ents DAO Forest Guild on April 19, 2024, marking the beginning of an exciting journey into this innovative virtual environment and game.

This collaboration between Metasphere and Bluesphere is not just a venture into new technological realms but also a commitment to leveraging the power of blockchain and virtual environments for the greater good of the planet. It represents a fusion of innovation, sustainability, and community engagement that promises to set a new standard for environmental initiatives within the digital space.

Additionally, Metasphere announces that it has engaged Fairfax Partners Inc. (“Fairfax”) (address: 209-170 East 3rd Street, North Vancouver, BC V7L 1E6, email: [e-mail]) for a three-month term to provide corporate development, social media marketing, and copywriting services to assist in the Company’s marketing efforts and market presence. Fairfax shall, as appropriate, create campaigns, ad groups, text ads, display ads, perform detailed keyword research, setup and manage remarketing campaigns, optimize keyword options, coordinate online advertisers and marketers corresponding to online marketing targets, create landing pages for ad campaigns and generally bring attention to the business of Metasphere. The promotional activity undertaken by Fairfax will occur by social media and Google. Fairfax will be compensated C$120,000 (plus GST) for their services during this period. Metasphere will not issue any securities to Fairfax as compensation for its marketing services. As of the date hereof, to Metasphere’s knowledge, Fairfax (including its directors and officers) does not own any securities of Metasphere and maintains an arm's-length relationship with the Company.