Tokens.com Completes Sale of Assets to StoryFire

Rhea-AI Summary

Tokens.com Corp. (SMURF) successfully closes sale of Metaverse Group and Hulk Labs to StoryFire, acquiring 15.3% equity interest valued at US$3.5 million and US$500,000 in Blaze tokens. Tokens.com represented on StoryFire board by Andrew Kiguel. StoryFire, a social entertainment platform, has a user base of 2.5 million.

TORONTO--(BUSINESS WIRE)-- Tokens.com Corp. (Cboe Canada: COIN) (Frankfurt Stock Exchange: 76M) (OTCQB US: SMURF) (“Tokens.com” or the “Company”), a technology holding company that owns an inventory of cryptocurrencies, is pleased to announce that it has successfully closed the sale of Metaverse Group and Hulk Labs to StoryFire as scheduled on March 1, 2024.

The final agreement was closed with consideration to Tokens.com for the disposition consisting of a 15.3% equity interest in StoryFire, valued at US$3.5 million, plus US$500,000 in Blaze tokens, the in-app currency native to StoryFire. In addition, Tokens.com will be represented by Andrew Kiguel on the board of StoryFire.

“We are pleased with the successful completion of this sale, and look forward to the continued disruptive innovation and impact our new partners at StoryFire will bring to the web3 space,” said Andrew Kiguel, CEO of Tokens.com.

StoryFire is a private online social entertainment and gaming platform that empowers users to create and engage with immersive narratives. With a rapidly growing user base of 2.5 million, StoryFire offers a vibrant and creative community for storytellers and enthusiasts. StoryFire users create social posts akin to Twitter, gain a following and earn an in-app currency known as Blaze. StoryFire is a privately owned entity.

About Tokens.com

Tokens.com is a technology holding company that also owns an inventory of cryptocurrency and a collection of top ranked crypto related domain names.

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Forward-Looking Statements

This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements in this news release include statements relating to the strategic review process and the work of the Committee; whether a strategic change, transaction or any outcome will result from or be consummated or implemented as a result of the strategic review process; and whether any transaction resulting from the strategic review process, if any, will ultimately enhance shareholder or stakeholder value in the long term.

Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of cryptocurrencies, as described in more detail in our securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240304232814/en/

Tokens.com Corp.

Andrew Kiguel, CEO

Email: contact@tokens.com

Jennifer Karkula, Head of Communications

Email: contact@tokens.com

Source: Tokens.com Corp.

FAQ

What is the ticker symbol for Tokens.com Corp. mentioned in the press release?

The ticker symbol for Tokens.com Corp. is SMURF.

When was the sale of Metaverse Group and Hulk Labs to StoryFire closed?

The sale was successfully closed on March 1, 2024.

What was the consideration Tokens.com received for the disposition?

Tokens.com received a 15.3% equity interest in StoryFire valued at US$3.5 million and US$500,000 in Blaze tokens.

Who will represent Tokens.com on the board of StoryFire?

Andrew Kiguel, the CEO of Tokens.com, will represent the company on the board of StoryFire.

What is StoryFire and what does it offer to its users?

StoryFire is a private online social entertainment and gaming platform with a user base of 2.5 million. It empowers users to create and engage with immersive narratives, earn in-app currency called Blaze, and build a creative community.