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Looking Glass Labs Ltd. has announced the completion of the sale of its subsidiary, GenZeroes Productions Inc., to GZU Entertainment Inc. for CA$800,000. The Company retains a 50% royalty on all future net proceeds from GenZeroes. The sale includes the GenX smart contract and related intellectual property. As part of the transaction, Neil Stevenson-Moore has resigned from LGL to join the Purchaser's team. The Purchaser plans to leverage its leadership to maximize GenZeroes’ value. This deal is considered a related party transaction, and LGL is utilizing exemptions from formal valuation and minority approval requirements.
Looking Glass Labs Ltd. has announced a letter of intent to vend its assets, including GenZeroes Productions and intellectual property, to GenZeroes Universe Inc. Upon closure, the company will receive an CA$800,000 secured convertible promissory note with an interest rate of prime plus 1% and a 50% royalty on net proceeds from GenZeroes Productions. This transaction is expected to enhance future revenue opportunities without additional capital investment. LGL will also focus on its Pocket Dimension metaverse project. Leadership changes include Neil Stevenson-Moore’s resignation to concentrate on GenZeroes.
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