Live Current Extends LOI to Acquire San Diego Based Media Technology Company Evasyst

Rhea-AI Summary

Live Current Media (OTCQB:LIVC) has extended its non-binding letter of intent to acquire Evasyst Inc. (dba Kast) in an all-stock reverse takeover. The LOI was initially dated September 14, 2021, and has been extended to January 14, 2022, due to positive progress in negotiations. Kast is an online platform that allows users to watch videos and play games together, tapping into the growing streaming and gaming sectors. The acquisition aims to create a global media entertainment company by leveraging synergies between both companies.

Positive

• Extension of LOI indicates favorable negotiations and potential progress in acquisition.
• Acquisition is positioned to enhance growth in the expanding streaming and casual gaming markets.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / December 14, 2021 / Live Current Media, Inc. ("Live Current") (OTCQB:LIVC) announces that it has extended its non-binding letter of intent ("LOI") to acquire Evasyst Inc. (dba Kast), ("Kast") of San Diego in an all-stock reverse takeover.

The LOI, dated September 14, 2021, lays out the terms of the proposed acquisition of Kast by Live Current and is set to expire on December 14, 2021. In light of the positive progress made towards closing the LOI, the parties have mutually agreed to extend the term to close the agreement by one month to January 14, 2022. All other terms of the LOI remain unchanged.

About Kast

Kast is an online watch party platform for friends to watch videos, play games, and be together. The platform empowers individuals to live-share synchronized video, engage within the community, and build relationships with like-minded people. The Kast team consists of passionate individuals who hail from diverse backgrounds across the globe, coming from exciting and fast-paced industries such as esports, video streaming, entertainment, and video games.

Kast CEO and Co-founder Mark Ollila has over twenty years of experience in the games and media technology industry previously with senior roles at Nokia and Microsoft, including leading Nokia First Party Games Publishing. He also served on the advisory board of the Game Developers Conference (Mobile) and, was a board member of the EMEA Chapter of the Mobile Ecosystem Forum. He was Chairman of the Board of Physics Middleware provider Meqon Research AB (acquired by Ageia and then NVIDIA) and currently is on the board of Blind Squirrel Entertainment.

"This acquisition will speed up the growth of Live Current immensely," said CEO David Jeffs. "Mr. Ollila and his team have put together a fantastic product in a rapidly growing sector that is almost certain to increase in popularity considering the current social climate." Kast CEO Mark Ollila stated, "The synergies of the two companies are obvious as streaming and casual gaming are multibillion dollar industries that are growing, but also converging. This opportunity will create the foundation and platform to build a global media entertainment company."

About Live Current Media Inc.

Live Current ("LIVC") is a digital technology company involved in the entertainment industry. Currently developing two projects, SPRT MTRX (App Store and Play Store: SPRT MTRX) and Trivia Matrix (App Store and Play Store: Trivia Matrix), LIVC is positioned to take advantage of the exciting and rapidly growing digital sports and gaming sectors.

On behalf of the board of directors of Live Current Media Inc.

David Jeffs, CEO & Director

For more information please contact:
david@livecurrent.com
604 999-5848
www.livecurrent.com
www.sprtmtrx.com

All statements in this press release that are not statements of historical fact are forward-looking statements, including any projections of growth, earnings, revenue, cash or other financial items, any statements of the plans, strategies, objectives and goals of management for future operations, any statements regarding future economic conditions or performance, statements of belief and any statements of assumptions underlying any of the foregoing. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, general economic conditions particularly as they relate to demand for our products and services; competitive factors; changes in operating expenses; our ability to raise capital as and when we need it and other factors. Live Current Media, Inc. assumes no obligation to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so.

SOURCE: Live Current Media Inc.

View source version on accesswire.com:
https://www.accesswire.com/677726/Live-Current-Extends-LOI-to-Acquire-San-Diego-Based-Media-Technology-Company-Evasyst

FAQ

What is the status of Live Current Media's acquisition of Evasyst Inc. (Kast)?

Live Current Media has extended its letter of intent to acquire Evasyst Inc. (Kast) until January 14, 2022.

How will the acquisition of Kast impact Live Current Media (LIVC)?

The acquisition is expected to accelerate growth for Live Current Media by expanding into the streaming and gaming sectors.

What are the synergies expected from the Live Current and Kast merger?

The merger aims to unify the strengths of streaming and casual gaming, which are rapidly growing industries.

When was the initial letter of intent for the acquisition signed?

The initial letter of intent was signed on September 14, 2021.