Alpha Metaverse Technologies Completes Acquisition of Shape Immersive Entertainment Inc. IRW-PRESS
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VANCOUVER, BRITISH COLUMBIA – May 5, 2022 – Alpha Metaverse Technologies Inc. (CSE: ALPA, FSE: 9HN0, OTC PINK: APETF) (Alpha or the Company) is pleased to announce its press release dated April 13, 2022 stating that it has completed the acquisition (the Acquisition) of 100% of the issued and outstanding share capital of Shape Immersive Entertainment Inc. (Shape) from all former shareholders of Shape (the Shape Shareholders).
Shape develops 3D and Non-Fungible Token (NFT) content and experiences for brands such as Red Bull® and the Olympic Games®. Shape has also created Metaverse experiences for NFT leaders RTFKT® (recently acquired by Nike®) and Star Atlas®. The addition of Shape’s next-generation content creation capabilities to the company’s gaming solutions portfolio is expected to accelerate the company’s Metaverse production capabilities, provide cross-selling opportunities across its business, enable the continued development of the intellectual property of games and enable faster market launch. Shape will operate as a division within the company and Shape’s management team will continue to run the studio.
The acquisition of Shape accelerates Alpha’s positioning as a global leader in Metaverse technology, NFT content creation and Web3 games. Shape’s reputation and capabilities are fundamental assets in Alpha’s growing portfolio of software-as-a-service applications and metaverse capabilities. The acquisition will allow the company to invest in Shape’s growth and capabilities, as well as provide Alpha with the ability to develop award-winning Metaverse gaming experiences in-house, said Alpha CEO Brian Wilneff.
Shape has been a leader in the development of Metaverse since its inception in 2018 and was founded by Vancouver VR/AR Association Co-Chairs Alex Chuang and Dan Burgar. Winner of the BC Business 30 under 30 award, Alex Chuang founded Launch Academy, Western Canada’s largest technology incubator, which has helped its members raise over $2 billion since its inception. Dan Burgar is an official top 15 technology voice on LinkedIn® and a leading voice in the global Metaverse community.
The Metaverse is expected to be worth between $8 trillion and $13 trillion by 2030. Combining Shape’s Web3 talent and experience with Alpha’s existing game portfolio and user base, Alpha will fuel its expansion on Web3 and will position itself to capitalize on the unique inflection point of the technology revolution, said James Basnett, CEO of Shape.
In connection with the acquisition, the Company also announces that 3,500,000 performance warrants issued to certain advisors on September 1, 2020 have become effective and exercisable in accordance with their terms.
About Alpha Metaverse Technologies Inc.
Alpha Metaverse Technologies Inc. is a technology company focused on the emerging areas of esports, mobile, console and web gaming, e-commerce and other high growth opportunities such as augmented reality/virtual reality Web3 and blockchain-based applications. With a strong portfolio of technology assets and products like GamerzArena and HeavyChips, Alpha is making modern gaming platforms appealing to the masses. You can find out more at www.alphametaverse.com.
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This press release contains forward-looking information within the meaning of applicable securities laws, relating to statements about the company’s activities and plans, including the completion of additional acquisitions, the integration of Shape’s capabilities into the the Company’s gaming solutions portfolio, cross-selling across businesses, the development of additional intellectual property related to Metaverse games and gaming experiences, the future value of the Metaverse industry and the Company’s ability to position to capitalize on the Metaverse industry. Although the Company believes that the expectations expressed in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and developments to differ materially from those projected in such statements, depending, among other things, on the risks that the Company does not complete further acquisitions. ; the Company’s inability to integrate Shape’s capabilities into its gaming solutions portfolio; the risk that the Company may not be able to develop further intellectual property for Metaverse games and game experiences; the risk of not realizing the future value of the Metaverse industry; the risk that the Company may not be able to position itself to capitalize on the Metaverse industry; and that the company may not be able to carry out its business plans as planned. Except as required by law, the Company expressly disclaims any obligation and does not intend to update any forward-looking statements or forward-looking information contained in this press release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct and there is no indication of profitability based on reported sales. The statements contained in this press release are made as of the date of this press release.
CSE has not reviewed, approved or disapproved of the contents of this press release.
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