Commitment Funding, Meta Hero Project Acquisition, DigitalBits Native Minting for Utility Token
TORONTO, BC / ACCESSWIRE / August 3, 2022 / Liquid Avatar Technologies Inc. ('Liquid Avatar Technologies' or the 'Company') (CSE:LQID / OTCQB:LQAVF / FRA:4T51), a global blockchain and FinTech solutions company focused on digital identity, integrated avatars, digital credentials, and the Metaverse, is pleased to provide an update on developments announced by its controlled subsidiary Aftermath Islands Metaverse Limited ('Aftermath Islands') during the week of July 25 to 29, 2022. These included a commitment letter for funding, an acquisition of 3rd party assets managed by Oasis Digital Studios Limited, a wholly owned subsidiary of the Company, the announcement of native minting of Aftermath Islands Metaverse's Utility Token and related support activities and the participation of Aftermath Islands Metaverse at the Monaco Crypto Summit.
Aftermath Islands Secures USD$25 Million Commitment from LDA Capital
Aftermath Islands together with its subsidiary Aftermath Islands Tokens Limited secured USD$25 million commitment with global investment group LDA Capital Limited, to accelerate Aftermath Islands' product roadmap, adoption of the Aftermath Islands Metaverse and scaling the ecosystem while supporting the growth of NFTs, digital identity, multi-chain initiatives, play to earn programs, virtualization and blended reality, and other decentralized initiatives.
The USD$25 Million commitment provides for access to non-equity dilutive growth funds through the purchase of Aftermath Islands Utility Tokens based on the achievement of certain milestones, which Aftermath Islands expects to begin, but cannot guarantee to achieve, towards the end of 2022. LDA also has an option to purchase equity in Aftermath Islands.
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Aftermath Islands Continues In-Game Asset and NFT Catalog Expansion with Purchase of Meta Hero Project
Aftermath Islands purchased the digital assets of Meta Hero Project, along with the project's technical IP. The purchase consideration is in the form of In-Game Utility Tokens of Aftermath Islands. The IP will be used to create a wide range of in-game items and NFTs that players will be able to buy, sell, and use within Aftermath Islands' virtual worlds and all other compatible blockchain-based gaming, interactivity, collaboration, and virtual experience platforms.
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The Meta Hero assets were purchased from Pegasus (Gibraltar) Ltd, a related party of the Company. Pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ('MI 61-101'), the purchase constitutes a 'related party transaction' given this fact. The Company is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101, specifically: (i) the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(b), as the Company's Common Shares are not listed on a market specified in MI 61-101, and (ii) the minority shareholder approval requirement of MI 61-101 by virtue of the exemption contained in Section 5.7(1)(a) of MI 61- 101, as the fair market value of the assets and the consideration paid do not exceed 25% of the Company's market capitalization (as determined under MI 61-101). A material change report will not be filed by the Company as the purchase does not constitute a material change.
Aftermath Islands to Mint Native DUBS Utility Token on DigitalBits' Fast, Eco-Friendly Blockchain
Aftermath Islands selected the DigitalBits blockchain for minting Doubloons (DUBS), the native utility token and in-game currency of Aftermath Islands and will be added to NicoSwap. A total of 3.5 billion DUBS will be minted, with approximately 1 billion DUBS being set aside for in-game and economy circulation, Lost Kingdom of T'Sara, Aftermath Islands' free play-to-earn game, rewards, incentives, marketing, and promotional activities and to facilitate other in-game initiatives.
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'Liquid Avatar Technologies and its subsidiaries continue to accelerate its business programs and focus on digital identity, avatars, NFTs, credentials, mixed reality and the Metaverse, creating new and innovative programs that support the evolving Web 3.0 landscape,' said David Lucatch, CEO Liquid Avatar Technologies and Managing Director of Oasis Digital Studios Limited and Aftermath Islands Metaverse Limited. 'In the past several days, Aftermath Islands Metaverse began to make its debut to the Blockchain and Crypto community and our thesis, development and in-market activities were extremely well received. We will continue down the path to commercialize all our market activities.'
To view the Aftermath Islands Metaverse presentation Sizzle Reel video, please visit:
For more information on Aftermath Islands Metaverse Limited, please visit: www.aftermathislands.com.
For more information on Liquid Avatar Technologies, please visit https://liquidavatartechnologies.com.
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About Aftermath Islands Metaverse Limited - www.aftermathislands.com
Aftermath Islands Metaverse Limited is a Barbados corporation which is 50% owned and is controlled by Oasis Digital Studios Limited, a wholly owned subsidiary of Liquid Avatar Technologies Inc. Aftermath Islands Metaverse is being built as an open-world platform with islands that represented destinations in a global virtual game.
In Aftermath Islands Metaverse's virtual world, users can buy, develop, trade, and sell Virtual Land (VL), property and items, like buildings, crafted items, transport, and other items all through in-game collectible NFTs, a non-fungible token that represents the ownership of virtual and other items. Each plot or parcel of VL is unique and owners get to choose, based on themes and other fair play rules, what content they want to publish on their VL. This can range from simple scenery and structures to an interactive game, business, warehouse, dwelling, facility, or destination. Users can purchase VL as well as all other goods and services in Aftermath Islands Metaverse with fiat and other authorized currencies, coins, and tokens. In the future, users will be able to use DUBS, short for Doubloons, the Aftermath Islands Metaverse in-game currency.
Aftermath Islands Metaverse is a shared virtual open world, much like the Metaverse described by author Ernest Cline in his science-fiction novels Ready Player One and Ready Player Two. Expected to launch its beta platform in and around mid-2022, Aftermath Islands Metaverse will allow users to connect and interact with each other, create content, craft, participate in activities and quests and play games. Aftermath Islands Metaverse will have an in-game virtual economy where users can engage in a myriad of in-world economic transactions as well as monetize the content, items, quests, and applications they build.
For more information about Aftermath Islands, please visit www.aftermathislands.com
About Oasis Digital Studios Limited - www.oasisdigitalstudios.com
Oasis Digital Studios Limited ('Oasis') is a wholly owned subsidiary of Liquid Avatar Technologies Inc., that brings together leading individuals and organizations in blockchain technology, computer graphics, augmented reality, entertainment, art, sports, gaming, music, media, comic book, memorabilia, and pop culture arenas to support the fast-paced and growing digital collectible and NFT marketplace. The Oasis business model is to create storytelling, experiential and collectible partnerships with artists, sports personalities, talent, brands, and commercial enterprises to create digital offerings and digital / physical product programs via digital collectibles and NFTs.
Oasis uses multimedia, cinematics, animations, and other techniques to create unique products together with the latest Augmented Reality and virtual technologies to tell the Artist and Talent stories providing immersive experiences for Digital Collectibles and NFTs.
For more information about Oasis Digital Studios, please visit www.oasisdigitalstudios.com
About Liquid Avatar Technologies Inc. - www.liquidavatartechnologies.com
Liquid Avatar Technologies Inc. focuses on the verification, management and monetization of Self Sovereign Identity, empowering users to control and benefit from the use of their online identity.
The Liquid Avatar Mobile App, available in the Apple App Store and Google Play, is a verified Self Sovereign Identity platform that empowers users to create high quality digital icons representing their online personas. These icons will allow users to manage and control their digital identity and Verifiable Access and Identity Credentials, and to use Liquid Avatars to share public and permission based private data when they want and with whom they want.
The Liquid Avatar Verifiable Credentials Ecosystem (LAVCE) is being developed to support all participants in a digital credential ecosystem, including the Holder, Issuer and Verifier, using state-of-the-art blockchain and open standards technologies initially as a node on the Indicio Network. The Company is a voting and steering committee member of the Trust over IP Foundation, founding and steering committee member of Cardea, a Linux Foundation Public Health project, member of the Good Health Pass collaborative, DIACC, the Covid Credentials Initiative ('CCI'), The Linux Foundation and a founding member of the Lumedic Exchange.
The Company has a suite of early-stage programs that support the Liquid Avatar Mobile App program, including Liquid Shopz, a cash back and reward program that has over 600 leading online merchants, which is in the pre-launch phase, and is working to release its own branded network payment card in the United States, the LQID Card with the world's first Metaverse Rewards program.
The Company's subsidiary, Oasis Digital Studios, is a creative and development agency that supports a wide range of artists, talent, and enterprises with Non-Fungible Token (NFT) solutions. Oasis owns 50% of and controls the Aftermath Islands Metaverse program.
Liquid Avatar Technologies Inc. is publicly listed on the Canadian Securities Exchange (CSE) under the symbol 'LQID' (CSE:LQID).
The Company also trades in the United States, on the OTCQB under the symbol 'LQAVF' and in Frankfurt under the symbol '4T51'.
If you have not already joined our mailing list and would like to receive updates on Liquid Avatar Technologies Inc., please visit https://hello.liquidavatar.com/liquid-avatar-updates.
For more information, please visit www.liquidavatartechnologies.com
David Lucatch, CEO
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Forward-Looking Information and Statements
This press release contains certain 'forward-looking information' within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute 'forward-looking statements' within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or may contain statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'will continue', 'will occur' or 'will be achieved'.
The forward-looking information and forward-looking statements contained herein include, but is not limited to, statements regarding the USD $25 million capital commitment to Aftermath Islands from LDA Capital and the anticipated timing of such funding commencing, including statements that suggest Aftermath Islands will be able to achieve milestones needed to draw on such funds, statements suggesting that the Meta Hero project acquisition will result in the development of in-game items and NFTs, the timing for the beta platform of Aftermath Islands, statements that players will be able to buy and sell DUBS, the timing of the minting of DUBS on the DigitalBits blockchain and whether this will be added to Nicoswap and other statements suggesting that the Company will be able to achieve business objectives, and expectations for other economic, business, and/or competitive factors.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such information and statements. In particular, if Aftermath Islands fails to achieve the milestone or any of them. it will impact the ability for Aftermath to obtain some or all of the funding it needs to accelerate its Metaverse programs, which could ultimately have a material and adverse impact on the business of Aftermath Islands.
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
SOURCE: Liquid Avatar Technologies Inc.
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