i3 Interactive Updates Trading Status

Rhea-AI Summary

i3 Interactive Inc. (OTC: BLITF) announced a halt in trading due to a binding letter of intent to merge with a prominent online gaming company in India. This merger aims to significantly expand its user base across various games, targeting over 20 million players by the end of 2022. The company has emphasized that trading will remain suspended until all regulatory approvals are obtained. Investors are warned that details regarding the merger may be incomplete and should not be solely relied upon, highlighting the speculative nature of the investment.

Positive

• Merger aims to expand user base to over 20 million players by end of 2022.
• Strategic move to enter the growing online gaming market in India.

Negative

• Trading remains halted, indicating uncertainty and speculation.
• Completion of the Transaction is subject to regulatory and shareholder approvals, with no guarantee of success.

TORONTO, May 21, 2021 (GLOBE NEWSWIRE) -- i3 Interactive Inc. (CSE: BETS) (FRA: F0O3) (OTC: BLITF) (the “Company”) announces that further to its press release dated April 20, 2021, trading in the common shares of the Company remains halted pursuant to entering into a binding letter of intent to merge with a leading company (the “Target”) in the online gaming space in India (the "Transaction"). The Transaction aims to transform the Company’s existing business by accelerating its mission to achieve a user base of over 20 million players across Fantasy Sports, Poker, Rummy and Mobile eSports by the end of 2022.

The Transaction is considered a fundamental change pursuant to Policy 8 of the Canadian Securities Exchange (the “CSE”). It is anticipated that trading in the Company’s common shares will remain halted until the Transaction is completed and all necessary filings have been accepted by applicable regulatory authorities.

Investors are cautioned that any information released or received with respect to the Transaction in this news release may not be complete and should not be relied upon.

Completion of the Transaction is subject to a number of conditions, including but not limited to, CSE acceptance and if applicable, disinterested shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or listing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.

The CSE has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this news release.

ABOUT i3 INTERACTIVE INC.

The Company is in the business of providing customers with an online and mobile gaming platform which will provide sports fans worldwide with a unique and highly-engaging social gaming product, and sports betting and casino product offering. In an effort to break into the various emerging global markets, the Company has secured partnerships with key social media influencers.

For additional information on the Company:

Email: info@i3company.com

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the proposal to complete the Transaction and associated transactions. Any such forward-looking statements may be identified by words such as “expects”, “anticipates”, “believes”, “projects”, “plans” and similar expressions. Readers are cautioned not to place undue reliance on forward-looking statements. Statements about, among other things, the expected terms of the Transaction, the number of securities of the Company that may be issued in connection with the Transaction, the ownership ratio of the resulting issuer post-closing, shareholder approval, the Target’s strategic plans and the parties’ ability to satisfy closing conditions and receive necessary approvals are all forward-looking information. 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 Transaction will occur or that, if the Transaction does occur, it will be completed on the terms described above. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.

FAQ

What is the latest on i3 Interactive Inc. (OTC: BLITF) regarding its merger?

i3 Interactive Inc. has announced a halt in trading due to a proposed merger with a leading online gaming company in India, aimed at significantly increasing its user base.

Why is trading halted for i3 Interactive Inc. (OTC: BLITF)?

Trading is halted due to the company's binding letter of intent to merge, which is considered a fundamental change by the Canadian Securities Exchange.

What are the expected outcomes of the merger for i3 Interactive Inc. (OTC: BLITF)?

The merger aims to expand the user base to over 20 million players across various gaming platforms by the end of 2022.

What conditions must be met for the merger of i3 Interactive Inc. (OTC: BLITF) to be completed?

The merger completion is subject to approval from regulatory authorities and, if applicable, disinterested shareholder approval.

What should investors be aware of regarding i3 Interactive Inc. (OTC: BLITF) and the merger?

Investors should be cautious as information regarding the merger may not be complete, and trading of the company's shares is considered highly speculative.