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VANCOUVER, British Columbia, September 26, 2022 (Global News) — Kings Entertainment Group Inc. (“King Entertainment” or”company”) (CSE: JKPT, OTC: JKPTF) announced that it has received conditional approval from the Canadian Securities Exchange (“CSE”) in connection with its previously announced proposed business combination (“business portfolio”) and Sports Venture Holdings Inc. (“SVH”), parent company of the market-leading Bet99 brand. Kings Entertainment also announced that it has held a general meeting of shareholders on 25 October 2022 (“Meeting”) for purposes such as seeking shareholder approval for a business combination in accordance with CSE policy.
“We remain delighted to continue the previously announced business combination with Bet99 to create the Interactive Entertainment Group. Our aim has always been to grow our business organically through the acquisition of complementary businesses. We believe that the acquisition of SVH is fully aligned with our business objectives, And help further strengthen our position as a market leader and innovator,” said Steve Pudding, CEO of King Entertainment. “Obtaining the CSE conditional approval is an important step towards completing the business combination. We are now looking forward to holding a general meeting on 25 October 2022 so that we can hear from our shareholders and share with Bet99 our excitement for the future. We hope that at the general meeting This transformational transaction will be completed shortly thereafter.” In connection with this meeting, Kings Entertainment has prepared, filed and mailed to shareholders a management information circular dated September 24, 2022 (“round”). The registration date for the notice and voting of this meeting is September 16, 2022. The circular is accompanied by a draft listing statement (“Listing Statement”) prepared in accordance with CSE’s policies, including further details on business combinations, SVH and issuers resulting from business combinations (“Results issuer”). Shareholders are encouraged to comprehensively review the circular. The board of directors of the company unanimously approved the business combination and recommends shareholders to vote at this meeting for business portfolio.
The company is expected to change its name so that the eventual publisher will operate under the name “Interactive Entertainment Group Inc.” In addition, SVH is expected to complete a brokerage financing prior to completing the business combination to support the combined company’s financial position in the coming year. Details of any such financing will be announced by the Company in due course.
The Company’s Interim Consolidated Financial Statements for the three and six months ended June 30, 2022 and June 30, 2021 (“Interim Statement”) and corresponding management discussions and analysis (“MD&A”) must be attached to the listing statement. The company’s interim returns and MD&A filed on August 26, 2022 do not need and have not been reviewed by the company’s auditors, but a review of the interim returns is required when attached to the final listing statement. Due to management The review of the interim statement by the executives and auditors in the process of preparing the listing statement has identified certain errors, and as a result, the interim statement and the MD&A attached to the draft listing statement have been revised, such revised interim statement and revised MD&A submitted under company profile www.sedar.com.
The amendments involve adjustments to correct errors related to (i) certain non-cash items being erroneously included in net cash flows used in operating activities and offsetting misstatements of cash foreign exchange, (ii) deferred tax Expenses are calculated by offsetting foreign currency translation differences to offset misstatements and (iii) foreign currency translation reserves to offset misstatements. These corrections had no impact on the net change in cash; however, resulted in an undervaluation of shareholders’ equity. The Company does not consider these revisions to be material.
About SVH
Sports Venture Holdings Inc. is the holding company for the subsidiary that operates the BET99 brand. SVH’s Swiss subsidiary BQC Consulting GmbH operates BET99.com and BET99.net. BET99.net is a 100% free-to-play website sold all over Canada. SVH subsidiary 1000007698 Ontario Ltd. is registered with the AGCO as an internet gaming operator and operates and markets BET99.ca to Ontario residents.
BET99 takes a highly localized approach to creating Canada’s premier online sportsbook and casino. Since its launch in 2020, the brand has focused on offering a diverse range of products and services tailored specifically to the unique nuances of the Canadian market. BET99 also has a number of unique Canadian partners including UFC Hall of Famer Georges-St-Pierre, NHL All-Star Auston Mathews, two-time Olympian Alysha Newman, Ottawa Senators, Live Nation, Post Media, CF Montreal and Montreal Skylark .
About King Entertainment
Founded in 2005, Kings Entertainment (CSE:JKPT) is an international online service provider of lottery, casino and sportsbook betting, and the parent company of global online gaming innovators LottoKings and WinTrillions, which leverage their capabilities through well-known lotteries products and then engage players in a range of casino and sports betting offerings. LottoKings and WinTrillions have attracted and retained millions of players to sign up since their inception.
consultant
Norton Rose Fulbright Canada LLP is serving as legal advisor to the company and Cormark Securities Inc. is serving as financial advisor to the company. Chitiz Pathak LLP is serving as legal advisor to SVH and Canaccord Genuity Corp. is serving as financial advisor to SVH.
For Kings Entertainment Group, please contact:
Steve Pudding, CEO
Steve @kingsentertainment.games
info@kingsentertainment.games
604.961.0296
For Canadian media inquiries or interviews, please contact:
Christy Caesar, Thirty Sprint Newsletter
christy@thirtydash.ca
Disclaimer and Cautionary Statement Regarding Forward-Looking Information
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any words “may,” “intend,” “anticipate,” “believe,” “will,” “anticipate,” “estimate,” “anticipate,” and similar expressions and statements of fact relating to non-historical events are intended to identify forward-looking information and are based on the company’s current beliefs or assumptions about the outcome and timing of such future events. Actual future results may differ materially. In particular, this press release contains forward-looking information relating to the completion of the business combination, the expected deadline for the business combination, the impact of the business combination on the Canadian sports betting industry and the Bet99 brand, the change of company name, the timing and holding of the meeting, The timing, terms and effects of any financing and the company’s growth and prospects. Various assumptions or factors are generally applied in drawing conclusions or making projections or projections set forth in forward-looking information. These assumptions and factors are based on information currently available to the company. Although such statements are based on management’s reasonable assumptions, there can be no assurance that a business combination will occur, or that if a business combination does occur, it will be completed in accordance with the terms set forth above. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Such statements and information are based on numerous assumptions about current and future business strategies and the company’s future operating environment, including expected costs and ability to achieve its objectives. Trading in the company’s securities should be considered highly speculative.
Factors that could cause actual results to differ materially from those in the forward-looking statements include the failure to obtain regulatory and/or shareholder approvals, the continued availability of capital and financing, as well as general economic, market or business conditions, legislative changes and regulations, counterparties Failure to perform their contractual obligations, lawsuits, losses of key directors, employees, consultants or advisors and fees charged by service providers. The forward-looking statements contained in this press release are expressly qualified by this disclaimer and cautionary statement. These statements should not be considered as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that a business combination will occur or, if it does occur, it will be completed in accordance with the terms set forth above. The company undertakes no duty to update or revise forward-looking information to reflect new events or circumstances, except as required by law. Readers should not place undue reliance on the Company’s forward-looking statements. Neither CSE nor its regulatory service providers accept responsibility for the adequacy or accuracy of this press release.
The forward-looking information contained in this press release is made as of the date of this press release, and neither the company nor SVH undertakes an obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by the applicable securities laws. Investors should not place undue reliance on forward-looking information because of the risks, uncertainties and assumptions contained herein. The above statements expressly qualify any forward-looking information contained herein.
This announcement does not constitute an offer, invitation or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained herein shall form the basis of any contract or commitment. In particular, this announcement does not constitute a solicitation of an offer to sell or an offer to buy securities in the United States or any other jurisdiction where such an offer would be unlawful.
The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any state or other jurisdiction in the United States, and may not be offered or sold, directly or indirectly, within the United States , unless the security is registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available.
All information about SVH in this press release is provided by SVH for inclusion herein. Although the Company is not aware that any information contained herein regarding SVH is untrue or incomplete, the Company accepts no responsibility for the accuracy or completeness of any such information. Investors are cautioned that, other than as disclosed in the listing statement to be prepared in connection with the business combination, any information issued or received regarding the business combination may be inaccurate or incomplete and should not be relied upon.
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