Vancouver, British Columbia--(Newsfile Corp. - August 15, 2019) - Versus Systems Inc. (CSE: VS) (OTCQB: VRSSF) (FSE: BMVA) ("Versus" or the "Company") is pleased to announce that it has entered into a mutual investment agreement (the "Agreement") with Animoca Brands Corporation Limited (ASX: AB1) ("Animoca Brands").
Under the Agreement, Animoca Brands and Versus will transfer to each other common shares of their companies' stocks equal in value to US$0.5 million. Pricing of the Versus shares issued to Animoca Brands will be based on the 21-day volume weighted average price (VWAP) on the approval date. Pricing of the Animoca Brands shares issued to Versus will be based on the 21-day volume weighted average price on the approval date. All shares will be subject to an escrow period of 24 months.
Animoca Brands develops and publishes a broad portfolio of mobile products including games such as The Sandbox, Crazy Kings, and Crazy Defense Heroes as well as products based on popular intellectual properties such as Formula 1®, Garfield, Snoopy, Thomas & Friends™, Ever After High, and Doraemon. Animoca Brands leverages gamification, blockchain, and artificial intelligence technologies to enhance their games and content.
Versus is an advertising company listed on the Canadian Stock Exchange, focusing on the development of in-game prizing and promotion tools. Versus has developed the proprietary Winfinite platform, a set of products that allow publishers and developers to offer in-game prizing across mobile, console, PC games and streamed media. Through Winfinite, advertisers can offer product and digital goods as prizes that players can earn through in-game achievements.
Winfinite provides players and viewers an opportunity to play for things they love - while giving businesses and brands a powerful new way to reach their potential audience. To date, there have been over half a million in-game challenges completed on Winfinite.
Following the share exchange, Animoca Brands and Versus will progress the framework for a strategic cooperative agreement, whereby Animoca Brands will potentially utilize Winfinite for advertising via their established partnerships with iClick, Talenthouse, and Silveregg. Animoca Brands will also explore the potential to implement rewards programs utilising non-fungible tokens into its existing portfolio of mobile games.
The Agreement is subject to Animoca Brands' shareholder approval.
Yat Siu, co-founder and chairman of Animoca Brands, said, "Versus has the ability to provide Animoca Brands with technology which will be beneficial to the company on a number of levels. Animoca Brands will explore the possibility of leveraging any of its multiple partnerships for advertising benefit, explore ways to utilize Winfinite in its existing games portfolio."
Matthew Pierce, Founder and CEO of Versus, commented, "The combination of Animoca Brands' content, gaming, and blockchain-enabled platforms with Versus proprietary rewards and engagement engine will generate new opportunities to enhance the audience and gaming experience while increasing revenues and user growth."
About Versus Systems Inc.
Versus Systems (CSE: VS) (OTCQB: VRSSF) has developed WINFINITE - a proprietary in-game prizing and promotions engine that allows game publishers and developers to offer in-game prizing across various platforms including mobile, console, PC games, and streaming media. Brands pay to place products in-game via WINFINITE, and gamers compete for those prizes.
About Animoca Brands
Animoca Brands (ASX: AB1) leverages gamification, blockchain, and artificial intelligence technologies to develop and publish a broad portfolio of mobile products including games such as The Sandbox, Crazy Kings, and Crazy Defense Heroes as well as products based on popular intellectual properties such as Formula 1®, Garfield, Snoopy, Thomas & Friends™, Ever After High and Doraemon. Animoca Brands' portfolio of blockchain investments and partnerships includes Lucid Sight, Dapper Labs (creators of CryptoKitties), WAX, Harmony, and Decentraland. The Company is based in Hong Kong, Canada, Finland, and Argentina. For more information visit www.animocabrands.com or get updates by following Animoca Brands on Facebook or Twitter.
For Versus Systems, contact:
Disclaimer for Forward-Looking Information
This news release contains certain forward-looking information and forward-looking statements within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward looking statements. In this news release, forward-looking statements relate, among other things, to: the proposed use of proceeds from the Offering. These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable law.
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