Victory Square Technologies Inc. (VSQTF)
- GlobeNewswire
Victory Square Technologies Announces GameOn Share Dividend Initiative for VST Shareholders
As part of the Company’s long-term strategy to maximize shareholder value, the Victory Square Technologies board of directors has approved a strategic initiative to unlock the intrinsic value of its portfolio company, GameOn Entertainment Technologies Inc. by proposing a dividend distribution of a portion of the common shares of GameOn held by the Company at the time of listing of the Shares to the shareholders of the Company. VANCOUVER, British Columbia, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Victory Square Technologies Inc. ("Victory Square'' or the "Company") (CSE:VST) (OTC:VSQTF)(FWB:6F6) is pleased to announce that, as part of the Company’s long-term strategy to maximize shareholder value, the board of directors of the Company has approved a strategic dividend reward initiative to unlock the intrinsic value of its portfolio company, GameOn Entertainment Technologies Inc. (“GameOn”) by proposing a distribution of a portion of the common shares of GameOn currently held by the Company to shareholders of the Company. Victory Square will evaluate, consider and assess the mechanism by which to effect such distribution on a tax efficient and financially prudent basis, with the aim of ultimately capitalizing GameOn as a stand-alone publicly listed entity, following its public listing. Shafin Diamond Tejani, Chief Executive Officer of Victory Square, commented: "The objective of the share dividend initiative is to reward the Company’s shareholders with equity in GameOn as it progresses towards listing as a standalone publicly traded company. This will also enable the capital markets to appropriately value one of our portfolio investments." “This is the first of what we hope to be many share dividend initiatives that we wish to provide VST shareholders as we grow and realize appreciating assets,” said Tejani. Founded in 2018, GameOn Entertainment Technologies empowers sports and entertainment content providers with the world's simplest and most accessible gamification platform. Whether it’s supporting TV networks, OTT platforms, sportsbooks or leagues, GameOn helps partners turn their content — everything from sports to reality TV — into interactive and social experiences via mobile and TV apps. In anticipation of its stand-alone public listing, GameOn has recently announced an upsized private placement due to strong investor demand as well as strategically growing its board and Advisory Council bringing on noted and respected colleagues in the sports, entertainment, gaming and wagering spaces. Feb. 23, 2021Former Soccer Star Tim Cahill Joins Victory Square Technologies Portfolio Company GameOn Entertainment Technologies as Strategic AdvisorSports industry veterans Boris Gartner (CEO of LaLiga North America) and Shauna Griffiths (CEO of SLG Impact) also join as the company continues to empower sports and entertainment content providers with the world's simplest and most accessible gamification platform Feb. 22, 2021GameOn Entertainment Technologies Inc. Announces Upsizing of Its Previously Announced Private Placement for Up to an Aggregate of $3 Million Due to Strong Investor DemandGameOn has increased the size of its previously announced non-brokered private placement of subscription receipts of GameOn from $1.5 million to $3 million due to strong investor demand. Feb. 19, 2021GameOn Entertainment Applauds Advancing Legislation to Legalize Single-Event Sport Wagering in CanadaGameOn provides legalized sportsbooks with gaming software solutions, including patent-pending first-screen technology that lets fans make bets with remote controls Feb. 11, 2021Gaming Veteran Mike Vorhaus Joins Victory Square Technologies Portfolio Company, GameOn Entertainment Technologies as AdvisorVorhaus has decades of experience investing in and advising startups.Investments and exits include Digene, which sold for $1.6 billion; Widevine, which sold to Google for $290 million; Tenor, which sold to Google; and Vivox, which sold to Unity Technologies. Vorhaus was a seed investor in DraftKings and Skillz, which both went public in 2020. Feb. 08, 2021Victory Square Technologies Portfolio Company, GameOn Entertainment Announces J Moses as Chairman of Board of DirectorsGame industry veteran spearheads the Board as the company continues to empower sports and entertainment content providers with the world's simplest and most accessible gamification platform Subject to all requisite regulatory approvals, the mechanism, timing and quantum of any such future distribution will be subject to the determination of the Company’s board of directors, in its sole discretion, taking into account, among other things, liquidity, financial condition, corporate strategy, tax implications, market trends and other capital market considerations. The complete plan of distribution of GameOn entertainment in shares will be announced upon listing and is subject to company’s board of directors and CSE approval. Further to the Company's press release dated February 23, 2021, the Company announces that the exercise price of the 150,000 incentive stock options granted to a consultant of the Company has been revised to $0.94. All other terms remain as previously announced. Check out VictorySquare.com and sign up to VST's official newsletter at www.VictorySquare.com/newsletter. On behalf of the board, Shafin Diamond TejaniChief Executive OfficerVictory Square Technologies For further information about the Company, please contact: Investor Relations Contact – Edge Communications GroupEmail: ir@victorysquare.comTelephone: 604 283-9166 Media Relations Contact – Howard Blank, DirectorEmail: howard@victorysquare.comTelephone: 604-928-6066 ABOUT VICTORY SQUARE TECHNOLOGIES INC. Victory Square (VST) builds, acquires and invests in promising startups, then provides the senior leadership and resources needed to fast-track growth. The result: rapid scale-up and monetization, with a solid track record. VST's sweet spot is the cutting-edge tech that's shaping the 4th Industrial Revolution. Our portfolio consists of 20 global companies using AI, VR/AR and blockchain to disrupt sectors as diverse as fintech, insurance, health and gaming. What we do differently for startups VST isn't just another investor. With real skin in the game, we're committed to ensuring each company in our portfolio succeeds. Our secret sauce starts with selecting startups that have real solutions, not just ideas. We pair you with senior talent in product, engineering, customer acquisition and more. Then we let you do what you do best — build, innovate and disrupt. In 24-36 months, you'll scale and be ready to monetize. What we do differently for investors VST is a publicly-traded company headquartered in Vancouver, Canada, and listed on the Canadian Securities Exchange (VST), Frankfurt Exchange (6F6) and the OTCQX (VSQTF). For investors, we offer early-stage access to the next unicorns before they're unicorns. Our portfolio represents a uniquely liquid and secure way for investors to get access to the latest cutting-edge technologies. Because we focus on market-ready solutions that scale quickly, we're able to provide strong and stable returns while also tapping into emerging global trends with big upsides. For more information, please visit www.victorysquare.com. Cautionary Disclaimers This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. Any securities referred to herein have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. Person absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws. Forward Looking Statement This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square, including, without limitation, statements relating to completion of the GameOn listing, GameOn and its business, execution of business strategy, future performance and future growth, business prospects and opportunities of Victory Square and its related portfolio company, including GameOn, and other factors beyond our control. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical facts contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square, including, but not limited to, the listing of GameOn, GameOn being able to complete its planned development and growth strategy, the ability of GameOn to maintain its business as presently contemplated, the ability of GameOn to continue to retain service providers and customers, the ability of GameOn to provide services in accordance with applicable laws and regulations, the business and future business of GameOn, and such other assumptions presented in the Company’s disclosure record. Although Victory Square believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
- GlobeNewswire
Former Soccer Star Tim Cahill Joins Victory Square Technologies Portfolio Company GameOn Entertainment Technologies as Strategic Advisor
Sports industry veterans Boris Gartner (CEO of LaLiga North America) and Shauna Griffiths (CEO of SLG Impact) also join as the company continues to empower sports and entertainment content providers with the world's simplest and most accessible gamification platformVANCOUVER, British Columbia, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Victory Square Technologies Inc. (“Victory Square”) (CSE:VST) (OTC:VSQTF) (FWB:6F6) portfolio company, GameOn Entertainment Technologies. (“GameOn'' or” or the “Company“), the leader in providing consumers, broadcasters, sportsbooks, leagues and teams with interactive, social experiences around sports, TV and live events, is pleased to announce Tim Cahill, Boris Gartner and Shauna Griffiths as Advisors. Cahill, Gartner and Griffiths join Vahid Shababi (Victory Square Technologies), Mike Vorhaus (Vorhaus Advisors), sports betting consultant Sean Hurley, and Sabrina Carrozza (Sabrina LCP Communications) as Advisors. Cahill, the all-time leading scorer for the Australian men’s national soccer team, starred as striker and midfielder for Millwall, Everton, New York Red Bulls and clubs around the world during his playing career from 1998-2019. Off the field, Cahill has studied at Harvard Business School, published a series of children’s books based on his own journey called Tiny Timmy, hosted a podcast and YouTube series with Wave.tv called Tim Talks, and is an official ambassador for the Supreme Committee for Delivery and Legacy for the 2022 FIFA World Cup. He also brings experience as a shareholder and Advisor with both Vitaman and Dynamic Tape, and has previously operated his own clothing line called Cahill+. “As an athlete, I know how passionate and engaged supporters are. GameOn’s platform lets fans take their interest and engagement one step further within the comfort of their home,” Cahill said. “I’m excited to join as an Advisor as GameOn continues to grow in the United States and across the globe.” Gartner is CEO of LaLiga North America, a joint venture between LaLiga, Spain’s top domestic soccer league, and Relevent Sports Group, a leading soccer events and media company, which serves as the exclusive representation of LaLiga in the United States and Canada for all business and development activities. Gartner’s prior experience includes executive positions at Univision Communications and Grupo Televisa. Griffiths, a dynamic, hybrid marketer is the founder and CEO of SLG Impact, a consultancy that provides marketing solutions, brand partnerships and executive coaching to help drive businesses and clients forward. Griffiths, who was named one of Sports Business Journal’s “Game Changers” in 2017, previously worked at the Brooklyn Nets, LeadDog Marketing Group/CSM Sport and Entertainment, and the NBA/NBDL. “Tim is a superstar on and off the field, so having him as part of our team puts GameOn in a strong position for success, particularly given his global reach and influence,” GameOn Entertainment Technologies’ CEO Matt Bailey said. “Boris and Shauna provide us with a wealth of knowledge and experience and network in the ever-changing sports industry. We’re pleased to have all three as Advisors as we continue our work with partners to amplify interaction and engagement around sports and entertainment.” Founded in 2018, GameOn Entertainment Technologies empowers sports and entertainment content providers with the world's simplest and most accessible gamification platform. Whether it’s supporting TV networks, OTT platforms, sportsbooks, leagues or teams, GameOn helps partners turn their content—everything from sports to reality TV—into interactive and social experiences via mobile and TV apps. After completing the Comcast NBCUniversal LIFT Labs Accelerator, powered by Techstars in 2018, GameOn has secured distribution and white label projects with several partners. GameOn was purchased by V2 Games Inc, a portfolio company of Vancouver-based video and mobile game ventures firm Victory Square Technologies in December 2020. Following the asset purchase, the company was renamed GameOn Entertainment Technologies. It is expected to list its common shares on the Canadian Securities Exchange (CSE) in Q1 of 2021. Stock Options Grant Victory Squares announces that pursuant to the Company’s Stock Option Plan the board of directors approved the granting of an aggregate of 150,000 incentive stock options to a consultant of the Victory Square at an exercise price of $1.20 per share. The options are exercisable for a period of two years, ending February 22, 2023. About GameOn Entertainment TechnologiesGameOn Entertainment Technologies (GET) is the leading technology company providing consumers, broadcasters, sportsbooks, venues and brand partners with interactive, social experiences around sports, television and live events. After completing the Comcast NBCUniversal LIFT Labs Accelerator, powered by Techstars in 2018, GameOn has secured distribution and white label projects with several partners. V2 Games Inc. completed the asset purchase of GameOn in December 2020. Check out VictorySquare.com and sign up to VST's official newsletter at www.VictorySquare.com/newsletter. On behalf of the board, Shafin Diamond TejaniChief Executive OfficerVictory Square Technologies For further information about the Company, please contact: Investor Relations Contact – Edge Communications GroupEmail: ir@victorysquare.comTelephone: 604 283-9166 Media RelationsContact – Howard Blank, DirectorEmail: howard@victorysquare.comTelephone: 604-928-6066 ABOUT VICTORY SQUARE TECHNOLOGIES INC. Victory Square (VST) builds, acquires and invests in promising startups, then provides the senior leadership and resources needed to fast-track growth. The result: rapid scale-up and monetization, with a solid track record of public and private exits.VST's sweet spot is the cutting-edge tech that's shaping the 4th Industrial Revolution. Our portfolio consists of 20 global companies using AI, VR/AR and blockchain to disrupt sectors as diverse as fintech, insurance, health and gaming. What we do differently for startups VST isn't just another investor. With real skin in the game, we're committed to ensuring each company in our portfolio succeeds. Our secret sauce starts with selecting startups that have real solutions, not just ideas. We pair you with senior talent in product, engineering, customer acquisition and more. Then we let you do what you do best — build, innovate and disrupt. In 24-36 months, you'll scale and be ready to monetize. What we do differently for investors VST is a publicly-traded company headquartered in Vancouver, Canada, and listed on the Canadian Securities Exchange (VST), Frankfurt Exchange (6F6) and the OTCQX (VSQTF).For investors, we offer early-stage access to the next unicorns before they're unicorns. Our portfolio represents a uniquely liquid and secure way for investors to get access to the latest cutting-edge technologies. Because we focus on market-ready solutions that scale quickly, we're able to provide strong and stable returns while also tapping into emerging global trends with big upsides. For more information, please visit www.victorysquare.com. ABOUT THE CANADIAN SECURITIES EXCHANGE (CSE) The Canadian Securities Exchange, or CSE, is operated by CNSX Markets Inc. Recognized as a stock exchange in 2004, the CSE began operations in 2003 to provide a modern and efficient alternative for companies looking to access the Canadian public capital markets. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof. Forward Looking Statement This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square, including, without limitation, statements relating to future performance, execution of business strategy, future growth, business prospects and opportunities of Victory Square and its related subsidiaries/portfolio companies and other factors beyond our control. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical facts contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square. Although Victory Square believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
- GlobeNewswire
Victory Square Technologies Inc. Portfolio Company GameOn Entertainment Technologies Inc. Announces Upsizing of Its Previously Announced Private Placement for Up to an Aggregate of $3 Million Due to Strong Investor Demand
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ VANCOUVER, British Columbia, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Victory Square Technologies Inc. (“Victory Square”) (CSE:VST) (OTC:VSQTF) (FWB:6F6) is pleased to announce that further to its news release dated February 22, 2021, its portfolio company GameOn Entertainment Technologies Inc. (“GameOn”) has increased the size of its previously announced non-brokered private placement (the “SR Offering”) of subscription receipts of GameOn (“Subscription Receipts”) from $1.5 million to $3 million due to strong investor demand. Each Subscription Receipt will be sold at a price of $0.35 and be governed by a subscription receipt agreement to be entered between GameOn and an escrow agent to be appointed by GameOn on or prior to the closing date of the SR Offering (the “SR Agreement”). In accordance with the SR Agreement, each Subscription Receipt shall be automatically converted without any further action on the part of the holder thereof into one unit of GameOn (each, a “SR Unit”) upon the satisfaction of certain escrow release conditions (the “Escrow Release Conditions”) including the receipt of conditional approval by GameOn with respect to the listing of the common shares of GameOn (“GameOn Shares”) on the Canadian Securities Exchange (the “CSE”) and the receipt of a final prospectus in the Province of British Columbia in connection with the final prospectus of GameOn. If the Escrow Release Conditions are not satisfied by May 31, 2021, the proceeds of the SR Offering will be returned to the subscribers. Each SR Unit will consist of one GameOn Share and one-half of one GameOn Share purchase warrant (each whole warrant, an “SR Warrant”). Each SR Warrant will entitle the holder thereof to purchase one additional GameOn Share at a price of CAD$0.52 for a period of 24 months following the completion of a going-public transaction by GameOn. GameOn may accelerate the expiry date of the SR Warrants to 30 days following GameOn issuing a news release accelerating the expiry date of the SR Warrants in the event the closing price of the GameOn Shares on the CSE or any equivalent exchange upon which the GameOn Shares trade is equal to or greater than $0.78 per GameOn Share for a period of ten (10) consecutive trading days. GameOn intends to use the net proceeds from the SR Offering to finance acquisitions, organic growth investments and for general working capital purposes. Finder’s fees may be paid to eligible finders in accordance with the policies of the CSE consisting of a cash commission of up to 6% of the gross proceeds raised under the SR Offering and finder warrants (“Finder Warrants”) in an amount up to 6% of the number of Subscription Receipts sold pursuant to the SR Offering. Each Finder Warrant will have the same terms as the SR Warrants. Closing of the SR Offering is subject to customary closing conditions including, but not limited to, receipt of any required regulatory approvals. The securities being offered under the private placement will be issued pursuant to available exemptions from the prospectus requirements under applicable securities laws and will be subject to a hold period that will expire four months and one day from the later of: (i) the date of issue, and (ii) the date on which GameOn becomes a reporting issuer in any jurisdiction in Canada. To get more information, you can contact Alexandros Tzilios at alexandros@victorysquare.com. About GameOn Entertainment Technologies Inc. Founded in 2018, GameOn empowers sports and entertainment content providers with the world’s simplest and most accessible gamification platform. Whether it’s supporting TV networks, OTT platforms, sportsbooks or leagues, GameOn helps partners turn their content, everything from sports to reality TV, into interactive and social experiences via mobile and TV apps. About Victory Square Technologies Inc. Victory Square builds, acquires and invests in promising start-ups, then provides the senior leadership and resources needed to fast-track growth. Victory Square’s sweet spot is the cutting-edge tech that is shaping the fourth industrial revolution. Its portfolio consists of 20 global companies using artificial intelligence, virtual reality/augmented reality and blockchain to disrupt sectors as diverse as fintech, insurance, health and gaming. US Disclaimer This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. On behalf of the Board of Directors “Shafin Diamond Tejani”Director and Chief Executive OfficerVictory Square Technologies Inc.www.victorysquare.com For further information about Victory Square, please contact:Investor Relations Contact – Edge Communications GroupEmail: ir@victorysquare.comTelephone: 604 283-9166 Media RelationsContact – Howard Blank, Director Email: howard@victorysquare.comTelephone: 604-928-6066 Forward Looking Statement Certain statements in this news release related to Victory Square and GameOn are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward- looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the closing of the SR Offering, the listing of the GameOn Shares, the business and prospects of GameOn, the ability of GameOn to complete the SR Offering, the ability of GameOn to arrange for finders and an escrow agent on commercially reasonable terms, the intended use of proceeds of the SR Offering, the filing of the final prospectus of GameOn and the obtaining of receipts for the final prospectus. There are numerous risks and uncertainties that could cause actual results and the Victory Square’s and GameOn’s plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks inherent in the GameOn’s and Victory Square’s business in general; (iii) that the proceeds of the SR Offering may need to be used for purposes other than as set out in this news release; (iv) that GameOn may not be able to complete the SR Offering as contemplated; (v) that GameOn may not be able to complete its going-public transaction as contemplated; (vi) other risks and uncertainties set forth in Victory Square’s and GameOn’s public disclosure documents, including, but not limited to those set forth in GameOn’s preliminary prospectus dated February 17, 2021; (vii) and other factors beyond the control of Victory Square and/or GameOn. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward- looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Information relating to GameOn expressed herein is derived solely from management of GameOn. Except as required by applicable law, neither GameOn nor Victory Square intends to update these forward-looking statements. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
