i3 Provides Spotlight on its Investment on Moonshine Technology, operating as Baazi Games

Rhea-AI Summary

i3 Interactive (OTC:BLITF) has provided an update on its investment in Moonshine Technology Private Limited (Baazi Games). In May 2021, i3 invested $5 million USD for a minority stake, opting against a full acquisition. Baazi, a leader in India's online gaming sector, boasts over 10 million active users and has expanded its product offerings, resulting in increased revenue and player acquisition. The company expressed satisfaction with Baazi's ongoing growth and plans for future partnerships.

Positive

• i3's investment of $5 million USD in Baazi Games has been successfully consummated.
• Baazi Games has over 10 million active users, indicating strong market presence.
• Recent product launches and marketing efforts have led to increased revenue for Baazi.

Negative

• The mutual agreement not to pursue follow-on investments may limit future growth opportunities.

TORONTO, Dec. 21, 2021 (GLOBE NEWSWIRE) -- i3 Interactive Inc. (“i3” or the “Company”) (CSE: BETS) (FRA: F0O3) (OTC:BLITF) – an emerging market focused online mobile gaming company is pleased to announce an update on its investment in Moonshine Technology Private Limited, operating as Baazi Games (“Baazi”).

As previously disclosed, i3’s investment in Baazi in May of 2021 consisted of $5MM USD, and was based on not moving forward with the acquisition of Baazi as a whole. As previously updated, i3 has invested an amount of $5MM USD for a minority stake in Baazi Games, a leading online gaming conglomerate in India. The said transaction has been consummated and the parties have mutually agreed not to pursue any discussions regarding a follow-on investment. i3 is excited to report on the progress since the time of investment.

As a pioneer in India’s now burgeoning online gaming industry, Baazi has been in business for over 7 years. Baazi has steadily grown into what now is one of India’s biggest and best online gaming destinations, with an ecosystem that caters to gamers of fantasy sports, poker, rummy, and a host of other skill-based games both for real money as well as in a free and social environment. Recently, Baazi’s growth has accelerated, coinciding with the launch of new products, increased marketing spends, which increased player acquisition and in turn revenue. Baazi currently has over 10 million active users across its products, and it offers players a unique experience across the Baazi’s suite of products with unparalleled loyalty programs and user experience. Baazi has one of the biggest and best prize pools in all of India and a world class team operating the business, which has i3 very pleased with its investment and potential future partnerships with the Baazi team and suite of products.

i3 looks forward to updating its shareholders in more detail in the coming months.

ABOUT I3 INTERACTIVE INC.

The Company is in the business of providing customers with a 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 emerging global markets, i3 has secured its own technology as well as unique marketing positioning which include partnerships with key social media influencers, central to its strategy.

For additional information on the Company:

Email: info@i3company.com

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements.

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 are not limited to, statements regarding: the Company breaking into emerging global markets and entering into future partnerships with the Baazi team and suite of products.

Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company’s ability to break into emerging global markets and enter into future partnerships with the Baazi team and suite of products

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to break into emerging global markets and enter into future partnerships with the Baazi team and suite of products; the risks associated with the internet gaming industry in general; increased competition in the online gaming market; the potential future unviability of the Company’s products; incorrect assessment of the value and potential benefits of various transactions; risks associated with potential governmental and/or regulatory action with respect to the online gaming; risks associated with a potential collapse in the value of online gaming services; risks associated with the Company’s ability to continue generating a profit; the Company’s inability to build a global online gaming presence; the inability of the Company to use its current progress as a springboard into additional markets; and the Company’s inability to break into the Indian online gaming market.

Readers are cautioned that the foregoing list is not exhaustive. 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.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

FAQ

What is the significance of i3 Interactive's investment in Baazi Games?

i3 invested $5 million USD for a minority stake in Baazi, capitalizing on its strong position in India's online gaming market.

How many active users does Baazi Games currently have?

Baazi Games has over 10 million active users across its gaming platforms.

What has driven Baazi Games' revenue growth recently?

Increased marketing efforts and new product launches have contributed to Baazi's revenue growth.

What does the mutual agreement between i3 and Baazi mean for future investments?

The mutual decision not to pursue further investments may indicate a potential limitation on future financial growth opportunities for i3.