VIP Entertainment Technologies Inc. Acquisition of Bet Rewards Ltd. and Change of Management
Calgary, Alberta – TheNewswire – December 12, 2023 VIP Entertainment Technologies Inc. (TSXV:VIP) (OTC:VETIF) (“VIP” or the “Company”) is please to announce the acquisition of Bet Rewards Ltd. (“Bet Rewards”). Bet Rewards is an established company that operates its proprietary cash back rewards platform in the affiliate industry with a strong presence in the gambling sector. This acquisition marks a significant step forward for VIP as we expand our horizons in the ever-evolving gaming industry.
The Bet Rewards proprietary software was developed in-house and has been operating for the past fifteen months and has established partnerships with many of the top tier Canadian sportsbook operators to assist them in acquiring new players in the regulated sports book industry. The acquisition will bring new sources of revenue to VIP, through the existing relationships that Bet Rewards has as well as assist in acquisition of new users for the VIP on-line sports book and gaming offerings. Furthermore, the Bet Rewards acquisition provides a catalyst for the Company to accelerate its expansion strategy for its multiple sites.
Pursuant to the terms of the share purchase agreement, VIP will acquire all of the outstanding shares of Bet Rewards in consideration for $550,000 CDN which would be satisfied through the issuance of 6,470,590 common shares of the Company to at a deemed price of $0.085 per share. In addition, the key individuals at Bet Rewards will have the opportunity to earn additional performance warrants of VIP through meeting certain revenue targets over the next 18 months following the closing of the transaction.
Completion of the acquisition of Bet Rewards is subject to the receipt of any required regulatory approvals, including from the TSX Venture Exchange. The proposed acquisition is not expected to constitute a fundamental change for the Company, nor is it expected to result in a change of control of the Company. The transaction is an arm’s length transaction.
Coupled with its latest acquisition of Bet Rewards and pursuant to its new aggressive growth initiatives VIP is pleased to announce that Randy Jennings has been appointed as the new Chief Executive Officer (“CEO”). Randy Jennings is the founder of VIP and has extensive knowledge of the gaming and gambling industry. Randy is a former professional poker player and has been involved in both the ownership and operations of both on-line, as well as physical gambling locations. As VIP moves forward to expand its operations into the regulated gambling industry the Board of Directors felt that Randy’s experience will be invaluable.
Bob Lunde, will remain with the Company as a Board member and the Company is very grateful for the effort and time that Bob spent as the interim CEO. Bob will continue to assist the Company in the capital markets.
“I am very excited to act as CEO of VIP. This Company is one that I help found and am very passionate in growing the company quickly. I am looking forward to growing the Company thru organic growth coupled with strategic acquisitions. I believe the acquisition of Bet Rewards, and its proprietary platform, is strategic and will help us gather more users across our multiple venues. The affiliate industry is a powerhouse in the gaming world, serving as a crucial bridge between players and licensed gambling companies. This expansion into the affiliate market can be a game-changer, allowing us to tap into new revenue streams that would otherwise be inaccessible. Moreover, the affiliate industry is a vital tool for player acquisitions, strengthening our customer base and enhancing our competitive edge. This acquisition is a testament to our commitment to growth, innovation, and creating value for our shareholders. I look forward to driving the Company’s growth phase in 2024.” said Randy Jennings, CEO of VIP.
About VIP Entertainment Technologies Inc.
VIP delivers sports betting, casino games and poker through its VIP Bets platform. In addition, it has recently launched its Free to Play platform, VIPFree2Play, which offers engagement and entertainment tools to users around the world. The Company is focused on a growth through affiliate relationship and networking strategy to increase its core business while keeping its cost of player acquisition at industry low levels. By acquiring customers efficiently and cheaply VIP will be able to keep costs down and margins high. Since 2016, VIP has handled approximately $150,000,000 in wagers through its licensed online gaming services.
For further information please visit www.vipentertaingroup.com or contact:
Randy Jennings – Chief Executive Officer
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that VIP anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass.
Forward-looking statements are based on assumptions, including expectations and assumptions concerning the Company’s growth plan. While VIP considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; future legislative, tax and regulatory developments. Readers are cautioned that the foregoing list is not exhaustive and other risks set out in public disclosure recorded and filed under the Company’s profile on www.sedar.com. Readers are further 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. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. For more information on the risk, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of VIP which are available on SEDAR at www.sedar.com. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. VIP disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.