VIP Entertainment Technologies Inc.
Announces Significant Step Forward for
its Operations in Canada
Calgary, Alberta – TheNewswire – February 14, 2023 / VIP Entertainment Technologies Inc. (TSXV:VIP) (“VIP” or the “Company”) is pleased to announce that it has begun the process to acquire a Kahnawake Gaming Commission Remote Gaming License for operations in Canada.
The Kahnawake Gaming Commission license will give VIP the ability to market and acquire new users in Canada offering its complete suite of services, including sports betting, casino, poker and esports wagering. Canada has long been a key territory for the Company, and the completion of the licensing process will grant VIP the opportunity to operate under a regulated process in its home country. Historically some of VIP’s earliest and most significant earnings were developed while operating inside of Canada. From 2016 to late 2020 in Canada, VIP had shown total dollar volume betting numbers in the three-to-five million per month range with a limited amount of paid-marketing prior to VIP listing on the TSX-V.
“VIP is pleased to have begun the process to add another license for its operations within its group of companies. The addition of the Kahnawake license allows us to offer our iGaming services to users inside of Canada, excluding Ontario, in a safe, enjoyable, and regulated manner” stated Joel Donais, CEO of VIP.
VIP announces appointment of Robert Lunde to its Board of Directors.
The company is also pleased to announce the appointment of Robert (Bob) Lunde to its board. Bob brings a wealth of knowledge and experience to its team having served in the public markets for over 40 years, starting as a floor-trader on the original Vancouver Stock Exchange in the 1982. Bob has previously been an officer and director of numerous public companies across various industries. His business acumen as well as his public market experience will serve VIP well.
The Company would also like to announce that Mr. Michael Mansfield has resigned from the Board of Directors, effective immediately. VIP would like to thank Michael for the assistance he has provided while being a board member.
Consolidation of its common shares.
The Company wishes to announce the Consolidation of all of its common shares (“Common Shares”) on the basis of one post-consolidation Common Share for every 5 pre-consolidation Common shares will result in the number of issued and outstanding Common Shares being reduced from 90,244,309 pre-consolidation Common Shares to approximately 18,044,862 post-consolidation Common Shares. The exercise or conversion price of warrants, compensation options and options, and the number of Common Shares issuable thereunder will also be proportionately adjusted upon the completion of the Consolidation. No fractional shares will be issued as a result of the Consolidation. The Consolidation is subject to the receipt of all required regulatory approvals, including the approval of the Toronto Stock Exchange – Venture. The Company will be obtaining new CUSIP and ISIN numbers for the Consolidation.
About VIP Entertainment Technologies Inc.
VIP delivers sports betting, casino games and poker through its VIP Bets platform. In addition, it has recently launched its Free to Play platform, VIPFree2Play. The Company has plans to continue to expand its offering to the gaming industry. Since 2016, VIP has handled approximately $150,000,000 in wagers through its licensed online gaming services.
For further information please visit www.vipentertainmentgroup.ca or contact:
Joel Donais – Chief Executive Officer
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that VIP anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass.
Forward-looking statements are based on assumptions, including expectations and assumptions concerning the Company’s growth plan. While VIP considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; future legislative, tax and regulatory developments. Readers are cautioned that the foregoing list is not exhaustive and other risks set out in public disclosure recorded and filed under the Company’s profile on www.sedar.com. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. For more information on the risk, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of VIP Entertainment Technologies Inc. which are available on SEDAR at www.sedar.com. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. VIP Entertainment Technologies Inc disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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