IGT.BET Completes Second Tranche of Blitzpools Acquisition

Rhea-AI Summary

Interactive Games Technologies Inc (OTCQB: BLITF) announced the completion of a second payment for acquiring 51% of LivePools, now rebranded as BLITZPOOLS, for a total of US$2,350,000. This acquisition increases IGT's ownership to 30.72% in LivePools. Following its launch, BLITZPOOLS has gained over 300,000 registrations, with expectations to exceed 2 million soon, fueled by the upcoming IPL season. The company is also in talks with various cricketers to enhance its market presence.

Positive

• Acquisition enhances market position in skill-based fantasy sports.
• BLITZPOOLS has gained over 300,000 registrations in less than a month.
• Expected to reach 2 million registered users shortly.
• Upcoming IPL season anticipated to drive user engagement and revenue.

Negative

• Investment of US$2,350,000 represents a significant financial commitment.
• -

TORONTO, April 01, 2021 (GLOBE NEWSWIRE) -- Interactive Games Technologies Inc (“IGT.BET” or the “Company”) (CSE: BETS) (FRA: F0O) (OTCQB: BLITF) is pleased to announce it has completed the second payment of its previously announced acquisition of 51% of LivePools Private Limited ("LivePools"), a skill-based fantasy sports company, which has since been rebranded as BLITZPOOLS. The Company's subsidiary Redrush Online Private Limited ("Redrush"), has closed on the second tranche of US$2,350,000 and now owns 27,120 shares of LivePools, being 30.72% of the economic ownership in LivePools.

As previously announced BLITZPOOLS has already amassed over 300,000 new registrations since its launch less than a month ago and is set to cross the 2 million registered user mark in the coming days. With IPL on the horizon BLITZPOOLS is very confident it will continue to exceed expectations and drive shareholder value.

BLITZPOOLS has also entered into discussions with a number of additional cricketers heading into one of the most anticipated IPL seasons in recent memory.

BLITZPOOLS continues to provide entertainment with industry leading prize pools, product and customer care and support, a welcomed escape for sports and gaming enthusiasts who are constrained to working from home.

ABOUT IGT.BET

IGT.BET is a publicly traded company listed in Canada, USA and Germany (CSE: BETS; OTCQB: BLITF; FRA: F0O). The Company, led by a management team with a combined experience of over 50 years leading online gaming companies globally, is in the business of providing its customers with entertaining, exciting and engaging online gaming products with a unique brand position and a blend of skill-based games and games of chance. The Company’s product suite includes social gaming, fantasy sports, quiz games, poker, rummy, sports betting, as well as thrilling games of chance as part of its certifiably fair online casino. The product offering is available in countries in line with each jurisdictions’ current regulatory environment. The Company will soon be adding to both its product offering and geographic availability as it strives to make its products available globally.

For additional information on the Company:

Email: info@igt.bet

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. The forward-looking statements in this press release include statements relating to the projections for growth in the Indian online gaming market, the successful acquisition of BLITZPOKER and the timing of its acquisition, regulatory approval of the acquisition, the projections for growth in BLITZPOKER’s profit and popularity. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements, including, without limitation, (i) the costs of compliance with and the risk of liability imposed under the laws of the jurisdictions in which the Company is operating or will operate (the “Operating Jurisdictions”) including gambling laws and regulations, sports betting laws and regulations and mobile or online gambling and sports betting laws and regulations, (ii) negative changes in the political environment or in the regulation of mobile and online sports betting or gambling and the Company’s business in the Operating Jurisdictions, (iii) risks relating to COVID-19 (iv) negative shifts in public opinion and perception of the gambling industry, (v) significant competition in the industry, (vi) risks of product liability and other safety-related liability as a result of usage of the Company’s planned gambling and betting products, (vii) loss of intellectual property rights or protections, (viii) cybersecurity risks, (ix) constraints on marketing products,(x) fraudulent activity by employees, and (xi) risk of litigation. Readers are 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. Readers are further cautioned that the assumptions used in the preparation of such forward-looking statements (including, but not limited to, the assumption that , (i) the Company's financial condition and development plans do not change as a result of unforeseen events, (ii) there will continue to be a demand, and market opportunity, for the Company’s product offerings, (iii) the Company will be able to establish, preserve and develop its brand, and attract and retain required personnel, and (iv) current and future economic conditions will neither affect the business and operations of the Company nor the Company’s ability to capitalize on anticipated business opportunities) although considered reasonable by management of the Company at the time of preparation, may prove to be imprecise and result in actual results differing materially from those anticipated, and as such, undue reliance should not be placed on forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. Forward-looking statements, forward-looking financial information and other metrics presented herein are not intended as guidance or projections for the periods referenced herein or any future periods, and in particular, past performance is not an indicator of future results and the results of the Company in this press release may not be indicative of, and are not an estimate, forecast or projection of the Company’s future results. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

FAQ

What is the recent acquisition by Interactive Games Technologies Inc?

Interactive Games Technologies Inc has acquired 51% of LivePools, now called BLITZPOOLS, completing a payment of US$2,350,000.

How many users has BLITZPOOLS registered recently?

BLITZPOOLS has registered over 300,000 users since its launch and is expected to surpass 2 million soon.

What is the significance of the IPL season for BLITZPOOLS?

The IPL season is expected to drive significant user engagement for BLITZPOOLS, enhancing its market reach and potential revenue.

What is the stock symbol for Interactive Games Technologies Inc?

The stock symbol for Interactive Games Technologies Inc is BLITF on the OTCQB.