NFT Tech provides updates on transactions and issues compensation shares to consultants
VANCOUVER, British Columbia, January 14, 2023–(BUSINESS WIRE)–NFT Technologies Inc. (NEO: NFT | Frankfurt: 8LO | OTCQB: NFTFF) (“NFT Tech”)a leading technology company that partners with top-tier brands to accelerate their entry into the web3 world through innovative technologies and unparalleled creativity, announces updates regarding the acquisition of Run It Wild Pty Ltd, a multidisciplinary blockchain, metaverse and NFT development studio (the “Transaction“).
The Company and Adam de Cata, as a supplier, entered into a stock purchase agreement on July 7, 2022 for the acquisition of Run It Wild by NFT Tech. Concurrent with the conclusion of the share purchase agreement, Adam de Cata has transitioned from his previous role as an advisor following his appointment as CEO of NFT Tech on July 7, 2022. In addition to its press release dated July 7, 2022, the company provided. and the supplier has entered into an amendment agreement to extend the external date for completion of the transaction to 24 February 2023.
About the transaction
The transaction is expected to be completed pursuant to a stock purchase agreement between NFT Tech and the vendor dated July 7, 2022, as amended on November 30, 2022. Upon completion of the transaction, NFT Tech will issue 10,000,000 common shares and a cash payment of C$250,000 in exchange for purchasing all of the issued and outstanding shares of Run It Wild.
Under the amended terms, the parties have agreed to remove the contingent earn-out payments described in the July news release. The parties have agreed to the payment of “first mint proceeds” to the vendor on certain ongoing NFT projects by Run It Wild on the terms and conditions set forth in the amendment agreement, up to an aggregate maximum of C$5,000,000. First mint proceeds refer to the net proceeds which is recognized by the Company during the first 30 days from the release and launch of certain specified NFT projects.
Marketing Services
The company engaged Hillside Media and Consulting Ltd. for strategic digital media services, marketing and data analytics services on an ongoing basis with effect from 21 December 2022. The services provided by Hillside Media and Consulting Ltd. during the first period of three months after engagement. totaling $250,000, and the parties have agreed that such fees may be covered by the issuance of common stock of the Company. The price per share was set by the board of directors and under the agreement at $0.15 per share, and as a result the company has issued 1,666,666 common shares.
About Run it Wild
Run It Wild works with brands to navigate the possibilities of Web 3.0. It specializes in art, collectibles and games. With a diverse portfolio that includes blue-chip brands such as Australian Open, Linktree and Elvis Presley, to creators such as Kelly Wearstler, Alex Trochut and David McLeod, Run It Wild has found the product market fit by partnering with brands to navigate the opportunities for Web 3.0.
About NFT Tech
NFT Tech builds products that accelerate web3 adoption by adding value to digital assets. The company’s technology is designed to increase consumer engagement, enable ownership of digital assets and discover new business models, making NFT Tech a trusted partner for global brands across many industries, including sports, entertainment and arts. NFT Tech’s award-winning studio is the recipient of the first ever Cannes Lion for an NFT activation, of the most respected and renowned awards in the industry.
NFT Tech is publicly listed on the NEO exchange under the symbol NFT and on OCTQB under the symbol NFTFF. By bridging the gap between traditional capital markets and the web3 space, NFT Tech is mainstreaming the new era of the internet while bringing insights and benefits to the public markets.
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Warning regarding forward-looking information
This press release contains certain forward-looking statements within the meaning of applicable securities legislation with respect to the Company. These forward-looking statements are generally identified by words such as “believe”, “project”, “expect”, “anticipate”, “estimate”, “intend”, “strategy”, “future”, “opportunity”, “plan”. ,” “may,” “should,” “will,” “would” and similar expressions. Forward-looking statements in this press release include statements related to the completion of the acquisition of Run It Wild and the closing date thereof; benefits realized from the transaction and the appointment of Adam De Cata as CEO of NFT Tech; expansion of company’s NFT development and product offering; potential benefits and requirements of direct-to-consumer NFT projects; potential benefits, development and acceptance of web3 and related applications; continued employment of Run It Wild staff and the value of their experience; plans to accelerate growth; and continued public acceptance of NFTs.While the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, reliance should not be placed on the forward-looking statements and the information because the company cannot give any guarantee that it will prove to be correct. Since forward-looking statements and information about shares future events and conditions, they themselves involve inherent risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, without limitation, the risk factors described in the prospectus. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this press release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this press release are made as of the date hereof, and the Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless required to do so. of applicable laws.
No securities supervisory authority has either approved or rejected the content of this press release. Neo Exchange has not reviewed or approved this press release for the adequacy or accuracy of its content.
This press release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The Securities have not been and will not be registered under the US Securities Act of 1933 (the “US Securities Act”) or any state securities laws and may not be offered or sold in the United States or to US persons (as defined in the Regulation). S under the US Securities Act) unless registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.
See the source version at businesswire.com: https://www.businesswire.com/news/home/20230113005489/en/
Contacts
Email: [email protected]
Telephone: +1 (604) 800-5838
