FRTG FILES 8-K/A; ENTERS INTO A MATERIAL DEFINITIVE AGREEMENT

Rhea-AI Summary

Frontera Group recently announced the acquisition of intellectual property rights from Intellimedia Networks for $5 million and 20 million shares of FRTG. This purchase is aimed at enhancing Frontera's capabilities in the immersive technology sector, specifically with the release of Mixie Holoport XR, which has received accolades as a Product of the Year. The company’s CEO emphasized the strategic importance of this acquisition in driving shareholder value, focusing on technology investments that promise innovation and profitability.

Positive

• Acquisition of Intellimedia's assets for $5 million and 20 million shares enhances Frontera's IP portfolio.
• Launch of Mixie Holoport XR with XR support, recognized as NAB Product of the Year, strengthens market position.

Negative

• None.

The Asset Purchase Agreement entails the Purchase of Intellimedia Networks’ right, title, and interest in certain intellectual property rights by Frontera Group

DALLAS, TEXAS, June 29, 2022 (GLOBE NEWSWIRE) -- Frontera Group, Inc. (OTC Pink: FRTG) (“Frontera” or “the Company”), a technology-focused strategic acquirer of revenue-generating companies and intellectual property (IP), today announced the release of the 3.0 version of its Mixie Holoport immersive reality framework with Extended Reality (XR) support (“Mixie Holoport XR”). Mixie Holoport XR is a National Association of Broadcasters (NAB) Product of the Year award winner, setting the benchmark for immersive realism in Augmented Reality (AR), Mixed Reality (MR), and Virtual Reality (VR) applications. Frontera recently acquired the Mixie Holoport IP to enhance Metaverse business applications.

On June 3, 2022, Frontera entered a Material Definitive Agreement to purchase assets and certain intellectual properties from an industry leader, Intellimedia Networks, Inc. (“Intellimedia”).  Intellimedia has earned a reputation in the industry for award-winning technology.

The final purchase price was $5,000,000 cash by Frontera, plus the issuance of 20,000,000 (million) shares of FRTG, with restrictions.  Essentially, Intellimedia is turning over the assets and Intellectual Properties to Frontera, as Frontera has the platform in place to maximize the value of the purchased IP.

The acquisition news was documented via an 8-K on June 9, 2022, which can be viewed at the link below.

https://www.otcmarkets.com/filing/html?id=15882524&guid=8OnwkK5_4jmXB3h

Andrew De Luna, CEO, CFO, and Vice Chairman of Frontera stated, “Some companies mine for bitcoin, some mine for gold, while others explore for oil and gas.  Frontera diligently explores the market and mines for undervalued assets using stringent risk analysis parameters, choosing the technology that can potentially create substantive increases in shareholder value.”

“This acquisition is aligned with FRTG’s core mission, which is to aggressively pursue opportunities in the technology and human capital markets that exhibit innovation, profitability, and the potential to scale; all of which is the recipe to increasing returns for stakeholders.”

About Frontera Group

Frontera Group is a strategic acquirer of intellectual property and revenue-generating companies in the technology and human capital markets. It is developing and executing an aggressive, four-tier acquisition and implementation strategy intended to provide substantial increases in profitability to its acquisitions in industries which possess traditionally low and stagnant EBITDA multiples. The Company has identified and is currently pursuing several revenue-generating acquisition targets.

For further information, please visit Frontera’s website at www.frtgtech.com  

About Intellimedia Networks

Intellimedia Networks is a US and India-based technology company that designs and deploys cloud platforms and applications that create immersive experiences. Intellimedia’s award-winning products utilize AR, VR, and AI to enhance media, training, education, virtual event broadcasting, real estate, and other applications.

For further information, please visit Intellimedia Networks’ website at www.intellimedianetworks.com

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 

The statements contained in this news release which are not historical facts may be “forward-looking statements” that involve risks and uncertainties which could cause actual results to differ materially from those currently anticipated. For example, statements that describe FRTG’s hopes, plans, objectives, goals, intentions, or expectations are forward-looking statements. The forward-looking statements made herein are only made as of the date of this news release. Numerous factors, many of which are beyond FRTG’s control, will affect actual Results. FRTG undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. This news release should be read in conjunction with FRTG’s most recent financial reports and other filings posted with the OTC Markets and/or the U. S. Securities and Exchange Commission by FRTG.

Frontera Group Contact
Andrew De Luna
Chief Executive Officer
adl@frtgtech.com

Investor Relations Contact
Lindsey Harasta
invest@frtgtech.com

FAQ

What is the significance of Frontera Group's acquisition of Intellimedia Networks?

Frontera Group acquired Intellimedia's IP rights to enhance its technology capabilities, particularly in immersive reality applications.

How much did Frontera Group pay for Intellimedia's assets?

Frontera Group paid $5 million in cash and issued 20 million shares of FRTG for Intellimedia's assets.

What is Mixie Holoport XR and why is it important for Frontera Group?

Mixie Holoport XR is an immersive reality framework recognized as NAB Product of the Year, which positions Frontera Group competitively in the XR market.

How does the acquisition align with Frontera Group's business strategy?

The acquisition aligns with Frontera's strategy to pursue innovative technology opportunities that can drive shareholder value.

When was the acquisition of Intellimedia Networks finalized?

The acquisition was finalized and documented on June 3, 2022.