YDX Innovation Corporate Update

Rhea-AI Summary

YDX Innovation Corp (TSXV:YDX, OTC PINK:YDRMF) announces the resignation of Kyle Sarwal as a director and Chief Strategic Officer, reducing the board size from six to five members. The company issued 116,439 common shares to settle amounts of $18,510 from a revolving convertible loan with The Sarwal Group Enterprise Inc. Additionally, 398,283 shares were issued to Sarwal for his services under a consulting agreement. Both issuances are subject to a four-month hold period.

Positive

• Reduction in board size may streamline decision-making.

Negative

• Resignation of a key executive raises concerns about company strategy.
• Issuance of shares for debt and compensation could dilute existing shareholder value.

VANCOUVER, BC / ACCESSWIRE / April 16, 2021 / YDX Innovation Corp (TSXV:YDX)(OTC PINK:YDRMF)(FSE:APY1) ("YDX" or the "Company") announces that Kyle Sarwal has resigned as a director and Chief Strategic Officer of the Company. The board of directors has decreased in size from six to five directors. The Company thanks Mr. Sarwal for his contributions and wishes him well in his future endeavors.

Further to the news release of April 16, 2020 and March 16, 2021, the Company has issued 116,439 common shares to settle amounts drawn down pursuant to a revolving convertible loan agreement dated April 16, 2020, as amended on May 22, 2020, between the Company and The Sarwal Group Enterprise Inc. The amounts drawn down and converted total $18,510.

Additionally, the Company has issued 398,283 shares to Kyle Sarwal in consideration of services provided as the Chief Strategy Officer pursuant to an consulting agreement dated November 15, 2020.

The securities issued for both issuances, are subject to a statutory hold period of four months plus one day.

About YDX Innovation
YDX Innovation Corp. (TSXV:YDX :: www.ydxinnovation.com) is a global leader in the commercialization of immersive new technologies that incorporate virtual reality, augmented reality, esports and gaming. Its core business seeks to monetize through licensing its IP, developing interactive exhibitions and through esports tournaments and content.

Purple Mage Advisors - www.purplemage.com - Purple Mage Advisors (PMA) is a research and data analysis firm that specializes in player recruitment and development in the gaming industry. PMA helps esports and gaming companies with industry reports, player recruitment, player training, data analysis and relevant statistical reporting.

Arkave VR Arena - https://sales.arkavevr.com/ - is a proprietary gaming platform that brings location-based virtual reality to any location-based event or entertainment centre. Arkave features state-of-the-art free roam technology coupled with a vast library of both in-house and third-party games.

YDreams Global - www.ydreamsglobal.com - has developed over 2,000 interactive and immersive experiences for some of the largest global brands including Disney, NBA, Adidas, Cisco, Nokia, Nike, Mercedes-Benz, Coca-Cola, Santander, AB InBev, Qualcomm, Unilever, Fiat and the City of Rio de Janeiro.

RENDER - www.render.gg - Render is a professional video production studio specializing in crafting video content for YouTubers, Streamers, Teams and Brands. Render is highly specialized in gaming content, but also works with a wide variety of digital media.

More Information:
Daniel Japiassu
Director and CEO
dj@ydx.rocks
(604) 704-6466

contact@ydxinnovation.com | www.ydxinnovation.com | www.youtube.com/ydreamsglobal

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

This news release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws, including, without limitation: execution of a Definitive Agreement, any potential Financing and the successful closing of the RTO Transaction. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. The Company's statements expressed or implied by these forward-looking statements are subject to a number of risks, uncertainties, and conditions, many of which are outside of the Company's control, and undue reliance should not be placed on such statements. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding the RTO Transaction, including: that the Company's assumptions in making forward-looking statements may prove to be incorrect; general adverse market conditions and competition; the inability to finance operations and/or obtain any future strategic investment necessary to implement new technologies; the inability to build a sustainable, conscientious company with a stronger presence online through new products in esports and VR; the inability to bring Virtual Reality to consumers directly and offer expertise in immersive technologies; and that market conditions related to the COVID-19 pandemic may negatively affect the outcome of the business or operations of the Company, including its results and financial condition. Except as required by securities law, the Company does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.

SOURCE: YDX Innovation Corp.

View source version on accesswire.com:
https://www.accesswire.com/640830/YDX-Innovation-Corporate-Update

FAQ

What recent changes occurred in YDX Innovation Corp's leadership?

Kyle Sarwal resigned as a director and Chief Strategic Officer, reducing the board from six to five members.

How many shares did YDX Innovation Corp issue recently?

YDX issued 116,439 common shares to settle a loan and 398,283 shares to Kyle Sarwal for his services.

What is the total amount drawn down in YDX's revolving loan agreement?

The total amount drawn down and converted was $18,510.

What is the holding period for the newly issued shares?

The securities issued are subject to a statutory hold period of four months plus one day.