HeadsUp Announces LOI to Acquire Global Gaming Assets

Rhea-AI Summary

HeadsUp Entertainment International Inc. (HDUP) has signed a Letter of Intent (LOI) to acquire 50% of VIP Entertainment Group NV, a global gaming operator in online casino and sports betting. VIP, licensed in Curacao, has processed over $112 million in wagers, generating a profit of over $5.4 million in the last four years. The acquisition is expected to enhance HeadsUp's revenue base in licensed jurisdictions, with a definitive agreement anticipated to close by October 2020. This move aims to position the company for growth in the gaming sector.

Positive

• Acquisition of 50% stake in VIP Entertainment enhances growth potential in online gaming.
• VIP has processed over $112 million in wagers, showcasing strong market presence.
• Expected net profit of $93,148 from August 2020 wagers indicates solid revenue stream.
• Plans for further growth strategies with three additional acquisitions in negotiation.

Negative

• None.

LAS VEGAS, Sept. 3, 2020 /PRNewswire/ - HeadsUp Entertainment International Inc. (Pinksheets: HDUP.PK) announces today it has signed an LOI to acquire 50% of the shares of VIP Entertainment Group NV (VIP). VIP is a Global Gaming Operator in the online casino, sports betting and online poker business. VIP operates 5 separate sportsbook brands led by VipBets.com, 5 online casino brands and an online poker platform. Licensed in Curacao, VIP has been in business since 2014 and is currently in the final stages of acquiring a UK Gaming license to expand operations into new jurisdictions supported by its global payment processing systems.

VIP's audited financials show over $112,000,000 in processed wagers generating a profit of over $5,400,000 in the past 48 months. Given the quickly evolving environment in the gaming industry and shifting business patterns affected by Covid19, VIP revenues remained solid in August 2020 with over $970,000 in wagers processed which generated $93,148 in net profit.

The LOI outlines a 3 step Due Diligence process that is expected to be completed within 30-45 days resulting in the Closing of the Definitive Agreement in October. This acquisition positions HeadsUp to grow its revenue base in licensed jurisdictions and is the first of several industry related growth strategies with 3 other acquisitions currently in negotiation.

HeadsUp will be announcing its new management team and Board of Directors soon that will support the company vision to become a leader in gaming, lottery, 50/50 digital, bingo and eSports sectors.

About HeadsUp Entertainment International Inc.

HeadsUp Entertainment International Inc. is a global gaming operator and media company focusing on online gaming, online poker, eSports, sports betting, online lottery, mobile 50/50, charity fundraising platforms and blockchain based payment solutions.

Forward-Looking Statements:

This news release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. When used in this release, words such as "estimate," "expect," "anticipate," "projected," "planned," forecasted" and similar expressions are intended to identify forward-looking statements, which are, by their very nature, not guarantees of HeadsUp Entertainment International Inc.'s future operational or financial performance, and are subject to risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Due to the risks and uncertainties, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements because of new information, future events or otherwise.

View original content:http://www.prnewswire.com/news-releases/headsup-announces-loi-to-acquire-global-gaming-assets-301123725.html

SOURCE HeadsUp Entertainment International Inc.

FAQ

What is the purpose of HeadsUp's acquisition of VIP Entertainment Group NV?

The acquisition aims to enhance HeadsUp's revenue base in licensed jurisdictions and expand its presence in the online gaming market.

How much profit did VIP Entertainment generate in the past 48 months?

VIP generated over $5.4 million in profit from over $112 million processed in wagers.

When is the definitive agreement for the acquisition expected to close?

The definitive agreement is expected to close in October 2020, following a 30-45 day due diligence process.

What financial performance did VIP Entertainment show in August 2020?

In August 2020, VIP processed over $970,000 in wagers, resulting in a net profit of $93,148.

What other growth strategies does HeadsUp plan to pursue?

HeadsUp plans to pursue three additional acquisitions currently in negotiation as part of its growth strategy.