YDX Innovation announces Joint Venture with VancouVR Ventures Corp.
VANCOUVER, B.C., June 1st, 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 joint venture relationship with VancouVR Ventures Corp. (“VRVC”) for the operation of a retail store in Gastown, Vancouver, British Columbia which will showcase the Company’s virtual reality gaming arena, known as Arkave, and other interactive attractions. The store is set to open in July, 2020.
The Arkave Store in Gastown is a new concept in entertainment that will combine different experiences in Virtual Reality and gaming. YDX will proudly supply its proprietary Arkave Arena and exclusive gaming content created by Arkave Studios: “The Last Squad” and “Romans From Mars”, developed in partnership with Liquid Media Group (Nasdaq:YVR). The store will also showcase single-player VR games and VR racing simulators, with content provided by the partnership between YDX and Synthesis VR. This uniquely designed concept will also have an area for retro gaming and video game consoles.
The lower floor will also have retail space, dedicated to esports equipment and gaming merchandise. The business will monetize this area and build it out as one of its prime revenue drivers. Currently, YDX and VRVC are negotiating partnership opportunities with vendors for snacks, energy drinks and gaming hardware.
The second floor will be dedicated to esports, where gamers will be able to enjoy a premium experience with high-end gaming equipment in an area dedicated to, both, casual gaming and training facilities for amateur and pro teams.
“We’ve found a great synergy with VancouVR VC and I look forward to the partnership. This is a very promising business model that we are exploring; an entertainment center that combines VR, esports, retro gaming and simulators. We were looking for a local partner to operate and test the business model before we can explore the possibility of expanding to other cities in North America and I’m happy to be partnering with VRVC. Beyond being an operator of this incredible endeavour, VRVC brings extensive knowledge and relationships in the gaming community. We look forward to leveraging these resources in helping prove the new concept to be successful and profitable,” says Daniel Japiassu, CEO of YDX Innovation.
The facility is set to open in July and will, with consideration to the COVID-19 pandemic, operate in accordance with best practices as defined by our health authorities to ensure safe operations. The company will focus on closed corporate events and birthday parties while respecting the maximum number of participants as defined by protocols set forth by our health authorities.
Under the joint venture relationship, the Company will contribute its name and branding for Arkave, in addition to the expertise and the proprietary designs for the construction of a virtual gaming arena within the facility. VRVC will contribute expertise necessary to complete construction and operate the facility.
In order to formalize the joint venture relationship, the Company and VRVC have created a joint venture entity 60401 Arkave Theatres Corp. (“Arkave Corp.”) and entered into a shareholder agreement for Arkave Corp. The Company and VRVC each hold 50% of the shares of the Arkave Corp. and each nominates one director to the board of directors of Arkave Corp. The Company and VRVC will equally share the costs of setup and profits of Arkave Corp.
About the partnership, Nicolas Isla, CEO of VRVC said: “I look forward to a fruitful relationship with YDX. As a life-long gamer and Vancouverite, I am thrilled to introduce such an exciting technology to my city and share the variety of interactive experiences offered in VR. I am confident the Arkave platform is the best solution for multiplayer VR experiences, and I am optimistic for Arkave Studios foray into education.”