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Sports Venture Holdings rejects closing business combination with Kings Entertainment

/Not for distribution to U.S. newswires or for other communication in the U.S./

VANCOUVER, British Columbia, March 17, 2023 /CNW/ — Kings Entertainment Group Inc. (“Kings Entertainment” or the “Company”) (CSE: JKPT) (OTC: JKPTF ) announces that, despite the Company’s After months of tireless efforts, Sports Venture Holdings Inc. (“SVH”) refused to complete the previously agreed business combination announced on May 25, 2022 between the Company and SVH (the “Business Combination”).

The terms of the business combination were entered into pursuant to a business combination agreement dated May 24, 2022 between Kings Entertainment and SVH (the “Business Combination Agreement”). Pursuant to three extension agreements between the Company and SVH, the external date for closing the business combination agreement has been extended to March 17, 2023 (the “External Date”). While the company is willing and able to complete the business combination by the external date, SVH has advised it that it does not intend to do so.

The company is considering all options related to the execution of the business combination agreement, the loan and its other rights.

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 words such as “may,” “intends,” “expects,” “believes,” “will,” “expects,” “estimates,” and similar expressions and statements that relate to non-historical facts 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 vary materially. In particular, this press release contains forward-looking information regarding, among other things, the Company’s intention to seek to enforce the business combination agreement, loans and other rights and the Company’s ability to successfully recover amounts owed by SVH. In drawing conclusions or making forecasts or predictions made in forward-looking information, various assumptions or factors are generally applied. These assumptions and factors are based on information currently available to the Company. Although such representations are based on management’s reasonable assumptions, there can be no assurance that the Company will pursue legal recourse or successfully recover amounts owed by SVH pursuant to the terms of the business combination agreement.

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 environment in which the company will operate in the future, 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 SVH’s willingness to cooperate, general economic, market or business conditions, changes in legislation and regulations, and litigation. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. 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 the CSE nor its Regulatory Services Provider accepts responsibility for the adequacy or accuracy of this press release.

SOURCE King Entertainment Group Inc.

© Canadian Newswire, via Canadian Newswire

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