YDX Innovation Signs Purchase Agreement to Acquire Gaming Analytics Company – Purple Mage Advisors
VANCOUVER, B.C. – May 28th, 2020 – YDX Innovation Corp (TSX-V: YDX, OTC: YDRMF, FSE: A2PB03) (“YDX” or the “Company”) is pleased to announce that it has entered into a definitive arm’s length share purchase agreement dated May 27th, 2020 (the “Agreement”) with Purple Mage Advisors Ltd. (“PMA”) and the shareholders of PMA (collectively, the “Vendors”), pursuant to which YDX has agreed to acquire all of the issued and outstanding shares PMA from the Vendors (the “Transaction”).
About the acquisition, Daniel Japiassu, CEO of YDX Innovation stated: “We continue to be very excited about our esports initiatives and are looking forward to having the PMA team on board. Data mining and analysis are key sectors to be explored that connect different aspects of what we do.
As YDX explores bringing more companies to our group, we anticipate having their expertise in the future to gather, interpret and use data to our advantage and as a possible new revenue stream and support to other divisions, like Arkave Studios and Beat Gaming.”
About Purple Mage Advisors
PMA is a research and data analysis firm that specializes in player recruitment and development within the gaming industry. PMA helps esports and gaming companies with industry reports, player recruitment, player training, data analysis, and relevant statistical reporting. PMA uses regression analysis methods to sort through large amounts of information to find statistically significant data points.
The Company is interested in the use of these data points to formulate reports that help organizations succeed in the gaming industry. PMA’s experts in industry research can help find the best esports players and develop the appropriate training programs needed to construct a successful esports team.
“The PMA team is excited about this opportunity to join forces with YDX and its group of companies,” says Arnoldas Dogelis, President of PMA. “We look forward to providing additional insights into YDX’s internal operations and endeavours while refining our applications and growing our collective businesses.”
The terms of the Agreement include payment of consideration by YDX to the Vendors in the amount of $440,000, which amount is payable by the issuance of 4,000,000 shares in the capital of YDX on closing of the Transaction at a deemed price of $0.11 per share. Closing of the Transaction is subject to a number of conditions common to similar share purchase transactions, including YDX’s completion of a satisfactory due diligence review of PMA and approval from the TSX Venture Exchange (the “TSXV”).
The Company anticipates that the Transaction will constitute an Expedited Transaction in accordance with the policies of the TSXV.
Japiassu further comments that: “Our belief is that it’s possible to accelerate the growth of the YDX Group by strategic acquisitions, such as Beat Gaming and Purple Mage Advisors. This way, we can bring new areas of expertise to the company, increase the potential for internal collaboration and diversify our revenue streams.
Esports is a rapidly growing industry and, as such, timely opportunities for investment might appear; we see data mining as one of these. A growing number of young players start to compete in different games and will need to measure and improve their gaming skills. As esports can leads to different career opportunities and university scholarships, analytics might play an important role.
We anticipate that the potential of the acquisition of this young company, with incredible potential, could be an opportunity to expand our resources to further develop our position in the immersive experiences market.”
About YDX Innovation
YDX Innovation Corp. (TSXV- YDX :: www.ydxinnovation.com) is a technology company that develops products and services and is an expert in immersive technologies like Augmented and Virtual Reality, eSports events and Interactive Exhibitions under the following three divisions:
Arkave VR Arena – https://sales.arkavevr.com/ – a gaming platform that brings the most immersive Virtual Reality experience to Location-Based venues with a highly scalable business model. Developed as an all-in-one gamers haven featuring state-of-the-art free room tech right down to the most nostalgic gaming systems.
YDreams Global – www.ydreamsglobal.com – have developed over 1,300 interactive experiences for clients all over the world such as Disney, NBA, Adidas, Cisco, Nokia, Nike, Mercedes-Benz, Coca-Cola, Santander, AmBev, Qualcomm, Unilever, City of Rio and Fiat.
BEAT Gaming – www.beat.gl -Founded in 2011, BEAT Gaming is an experienced Canadian esports company that has organized internationally recognized events such as the Dota 2, Overwatch and PUBG BEAT Invitational. Since its creation, BEAT has organized over 30 professional and semi-pro esports events, which have reached over 40 million views globally.
Game On Festival – www.gameonfestival.com – is an interactive entertainment event that celebrates the video game universe. Designed for gamers, families and fans of all ages, this Festival is a fusion of culture, entertainment and fun through Interactive Exhibits, Game Arenas, eSports Tournaments, high impact collective experiences, among other fun activities, all brought together in one large exhibition-style event.
Director and CEO
This news release may contain “forward-looking statements” within the meaning of applicable Canadian securities laws, including, without limitation: the closing of the Transaction; and the Company obtaining all consents and TSXV approvals in order to close. 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 Transaction, including: that the Company’s assumptions in making forward-looking statements may prove to be incorrect; adverse market conditions; the inability of YDX to complete the Transaction on the terms announced or at all; the inability of YDX to finance any necessary costs associated with the Transaction; risks relating to the satisfaction of the conditions to closing the Transaction; that future results may vary from historical results; and that market conditions or competition may affect the outcome of the Transaction and the business. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: YDX Innovation Corp.