VIP ENTERTAINMENT TECHNOLOGIES INC. ANNOUNCES RECEIPT OF NEW LICENSING FOR ITS OPERATION IN CANADA
Calgary, Alberta– July 20, 2023 / VIP Entertainment Technologies Inc. (TSXV: VIP, OTC:VETIF) (“VIP” or the “Company”) is pleased to announce that it has been granted a Kahnawake Gaming Commission (“KGC”) Remote Gaming License for operations in Canada.
With the receipt of the KGC license VIP is once again able to offer its iGaming services in Canada, excluding Ontario. The Kahnawake Gaming Commission license gives VIP the ability to market and acquire new users in Canada offering its complete suite of services, including sports betting, casino, poker and esports wagering. Canada has long been a key territory for the Company, and the receipt of the license gives VIP immediate access return to earning player-based revenues under a regulated process in its home country.
VIP has focused on increasing its core business in the iGaming industry, moving itself into a premier entertainment gaming company in a rapidly evolving, and growing industry, and Canadian based operations are considered a priority for this growth. The completion of a Canadian based gaming license is highly anticipated as VIP will immediately increase its user database with a substantial number of users in the company’s key demographic, key jurisdiction and expects to realize significant growth to its player related revenues.
VIP has recently acquired a UK gaming license as well, and with the KGC license the Company is able to begin marketing to players in both jurisdictions.
Granting of Stock Options
An aggregate of 1,550,000 options to purchase VIP Shares exercisable at a price of $0.25 for a period of five (5) years have been issued to directors, officers, and certain consultants of the Company.
The Company has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the grant of these Options. The Options are subject to TSX Venture Exchange acceptance.
VIP is pleased to announce that the common shares of the Company have been listed on the US OTC market under the symbol VETIF.
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. The Company has plans to continue to expand its offering to the gaming industry. Since 2016, VIP has handled approximately $150,000,000 in wagers through its licensed online gaming services.
For further information please visit www.vipentertainmentgroup.ca or contact:
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 Entertainment Technologies 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 Entertainment Technologies Inc 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