VANCOUVER, BC, Oct. 25, 2022 – Kings Entertainment Group Inc. (“Kings Entertainment” or the “Company“) (CSE:JKPT) (OTC:JKPTF) announces that at the annual general and special meeting (the “Meeting“) of the Company’s shareholders (the “Shareholders“) held on October 25, 2022, the Shareholders voted in favour of all items of business including its previously announced proposed business combination (the “Business Combination“) with Sports Venture Holdings Inc. (“SVH“), the parent company of the market-leading Bet99 brand.
“The near unanimous approval of our shareholders at the Meeting shows our shareholders’ continued trust and support for management and our business strategy. The approvals received today mark an important step towards the completion of our previously announced Business Combination. With this approval in place, we intend to proceed with a financing to ensure that Interactive Entertainment Group, the entity resulting from the Business Combination, is well funded and would hope to close the Business Combination shortly after the financing” said Steve Budin, CEO of Kings Entertainment.
In addition to approving the Business Combination, the Shareholders also approved the following resolutions, as more particularly described in the management information circular filed on SEDAR on September 26, 2022:
- reappointing Baker Tilly WM LLP as the Company’s auditors for the ensuing year and authorizing the directors of the Company to fix their remuneration;
- fixing the number of directors of the Company at six (6);
- electing Steven Budin, Kelvin Lee, Robin Godfrey, Laryssa Hetmanczuk, Joseph Krutel and Anthony Zelen as directors of the Company until completion of the Business Combination;
- electing Jared Beber, Robin Godfrey, David Danziger, Kevin Kirby, Cory Levi and Hélène F. Fortin as directors of the Company upon completion of the Business Combination; and
- ratifying and approving the Company’s rolling stock option plan and the prior grant of 3,265,650 stock options to purchase common shares of the Company granted thereunder.
The Company continues to work towards finalizing the listing statement required to be completed in connection with the Business Combination under the policies of the Canadian Securities Exchange (the “CSE“) to qualify the listing on the CSE of the common shares of the entity that will result from the Business Combination (the “Resulting Issuer“). There is no assurance that the CSE will provide final approval to list the Resulting Issuer’s common shares on the CSE. The CSE’s final approval remains subject to the Company fulfilling all of the requirements of the CSE.
Established in 2005, Kings Entertainment is an international online service provider for lottery, casino, and sportsbook gambling and parent company of global online gaming innovators LottoKings and WinTrillions. These brands leverage their ability to acquire high-potential players through renowned lottery offerings, then engage players in a range of casino and sportsbook offerings. LottoKings and WinTrillions have attracted and retained millions of player sign-ups since their inceptions.
Disclaimer and Cautionary Statement Regarding Forward-Looking Information.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the completion of the Business Combination (including timing thereof), the expected composition of the board of directors of the Resulting Issuer, the timing, structure and size of any financing to occur, and the listing on the CSE of the Resulting Issuer’s common shares. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. Although such statements are based on management’s reasonable assumptions, there can be no assurance that the Business Combination will occur, or that if the Business Combination does occur, that the board of directors of the Resulting Issuer will be composed as described above, or that the Resulting Issuer’s common shares will be approved for listing on the CSE.
Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including, anticipated costs, and the ability to achieve its goals. Trading in the securities of the Company should be considered highly speculative.
Factors that could cause the actual results to differ materially from those in the forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, and general economic, market or business conditions, changes in legislation and regulations, failure of counterparties to perform their contractual obligations, litigation, the loss of key directors, employees, advisors or consultants and fees charged by service providers. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that the Business Combination will occur or that, if the Business Combination does occur, that the board of directors of the Resulting Issuer will be composed as described above, or that the Resulting Issuer’s common shares will be approved for listing on the CSE. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company’s forward-looking statements. Neither the CSE nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.
The forward-looking information contained in this release is made as of the date hereof and neither the Company nor SVH is obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
This announcement does not constitute an offer, invitation or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.
The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act“), or under the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, within the United States, unless the securities have been registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available.
Investors are cautioned that, except as disclosed in the listing statement to be prepared in connection with the Business Combination, any information released or received with respect to the Business Combination may not be accurate or complete and should not be relied upon.
SOURCE Kings Entertainment Group Inc.
For further information: For Kings Entertainment Group, please contact: Steve Budin, CEO, steve@kingsentertainment.games, info@kingsentertainment.games, 604.961.0296; For Canadian media enquiries or interviews, please contact: Christy Kaiser, Thirty Dash Communications, christy@thirtydash.ca
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2)The Article was issued on behalf of and sponsored by Interactive Entertainment Group Market Jar Media Inc. has or expects to receive from Interactive Entertainment Group’s Digital Marketing Agency of Record (Native Ads Inc.) one-hundred and fifty-three thousand, eight hundred Canadian dollars for 35 days (25 business days).
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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding Interactive Entertainment Group’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Interactive Entertainment Group’s industry; (b) market opportunity; (c) Interactive Entertainment Group’s business plans and strategies; (d) services that Interactive Entertainment Group intends to offer; (e) Interactive Entertainment Group’s milestone projections and targets; (f) Interactive Entertainment Group’s expectations regarding receipt of approval for regulatory applications; (g) Interactive Entertainment Group’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Interactive Entertainment Group’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Interactive Entertainment Group’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Interactive Entertainment Group’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Interactive Entertainment Group’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) Interactive Entertainment Group’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Interactive Entertainment Group to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Interactive Entertainment Group’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Interactive Entertainment Group’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Interactive Entertainment Group’s business operations (e) Interactive Entertainment Group may be unable to implement its growth strategy; and (f) increased competition.
Except as required by law, Interactive Entertainment Group undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Interactive Entertainment Group nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Interactive Entertainment Group nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.
7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of Interactive Entertainment Group or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of Interactive Entertainment Group or such entities and are not necessarily indicative of future performance of Interactive Entertainment Group or such entities.
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