(TheNewswire)
V A N C O U V ER, British Columbia - TheNewswire - October 5, 2020 - Planet VenturesInc. ( T S X V : PXI ) ( OTC:PNXPF ) ( FSE:P6U ) ( " Planet" o rt h e " C o m pan y " ) is pleased to announce that further to its news releases dated May 28, 2020,and September 18, 2020, the Company, through its wholly-ownedsubsidiary 1261489 B.C. Ltd. (" AcquisitionCo "),has completed the acquisition of 100% of the issued and outstandingshares (the " PurchasedShares ") of CucuSports Limited (" Cucu ") in exchange for common shares(" CommonShares ") in the capital of the Company (the" Transaction ").
The Transaction was completed pursuant to the terms ofa share exchange agreement (the " Definitive Agreement ") dated September 2, 2020, among the Company,AcquisitionCo, Cucu, and the shareholders of Cucu (the" CucuShareholders ").
The Transaction
Pursuant to the terms of the Definitive Agreement, asconsideration for the sale and transfer of the Purchased Shares toAcquisitionCo, the Company issued to the Cucu Shareholders anaggregate of 12,000,000 Common Shares (the " Consideration Shares "). In addition to a regulatory hold period expiringfour months and a day from the date of issuance, the ConsiderationShares bear restrictive legends which provide for a staged releaseover a period of 18 months.
Additionally, upon closing of the Transaction SergioTeubal, Cucu's chief executive officer, was appointed to the Company'sboard of directors. In connection with his appointment as a director,the Company issued Sergio Teubal 2,200,000 incentive stock options(the " Options ") to purchase 2,200,000 Common Shares (the" OptionShares "), exercisable at a price of $0.10per Option Share, for a period of five (5) years from the date ofissuance. Mr. Teubal will continue in his role as chief executiveofficer of the Cucu.
With a strong footprint in both Latin America andEurope, Cucu has over 500 world class athletes subscribed to theiradvanced influencer platform, including soccer stars such as AlissonBecker (Liverpool, Brazil), Felipe Anderson (West Ham, Brazil),Gonzalo Higuain (Juventus, Argentina), Douglas Costa (Juventus,Brazil) and Gianluigi Buffon (Juventus, Italy). The gaming space isset to become a $300 billion industry by 2025 with growth drivenlargely by digital media, streaming and associated influenceractivity. South America is one of the fastest growing regions in thesector, just behind China and the United States. Brazil alone has over80 million gamers, 65% of which consider video games to be their mainform of entertainment.
"This is an exciting opportunity for Cucu,"states Sergio Teubal. "The primary reason the Cucu Shareholdersentered into the Definitive Agreement is due to the significantsynergies and exciting opportunities that we can establish withPlanet's wholly-owned subsidiary First XI Limited (" First XI "). Cucuhas made significant investments in the development of our proprietarytechnology, investing over seven figures over the past three years. The size of the influencer and eSports markets continues to grow yearover year and it is the perfect time for us to maximize and expand ourmobile capabilities by combining and integrating Cucu's advancedsports influencer technology with First XI's cutting-edge eSports andmedia properties. First XI and Cucu will build significant scaleproviding access to pro-athletes, creators and eSports stars with ashared passion for gaming. Cucu's advanced influencer analyticscapabilities will further serve First XI's core product offering bypowering and enhancing First XI's Creator Network, driving scalableinteractive gaming formats by using our unique data processingcapabilities to engage with users and subscribers on a globalscale."
Christopher Glancy, chief product officer of First XIstates, "With the addition of Cucu's technology it will becomeseamless and simple for gaming creators to join the First XI CreatorNetwork alongside professional athletes and eSports starts by simplydownloading a single app. It will serve as a way to increase andmanage a growing product pipeline whilst simultaneously turbochargingour product offering through a unique blend of mobile technology, dataand talent management expertise alongside First XI's cutting edgeeSports and media technology."
Planet's management team continues to monitor its current portfolio ofinvestments in the eSports, as well as several disruptive technologyindustries and will provide further updates over the coming months.
About Cucu
Cucu has designed a mobile social media-publishing toolspecifically designed to engage with the world's most influentialathletes and sports stars by posting with a single tap on the phone.Cucu's purposely-built mobile technology is designed to engage andcapture a substantial audience on a global scale, by connecting,sports fans, e-gamers, influencers, and major internationalbrands.
Among the many successful campaigns run by Cucu,include clients like Mercedes Benz, William Hill, Ab Imbev, Quilmes,Disney, Vitality Prudential, with athletes and international footballstars that include Paolo Maldini, Italy & AC Milan, GabrielBatistuta Argentina & Fiorentina, Andrea Pirlo, Italy &Juventus, Tania Cagnotto Olympic Diving Champion, amongst manyothers.
A bou t Planet
Planet is an investment issuer listed on the TSXVenture Exchange that is focused on investing in disruptive companiesand industries that have high growth potential. Planet's uniqueportfolio driven investment policies provide investors access toemerging and high-growth opportunities while shielding them from anyformidable downside.
For more information, please visit our website:planetventuresinc.com.
ON BEHALF OF THE BOARD
" ZulaKropivnitski "
Zula Kropivnitski
Chief Financial Officer and Director
INVESTOR RELATIONS CONTACT
PLANET VENTURES INC.
Tel: (604) 681-0084
Fax: (604) 681-0094
Email: info@planetventuresinc.com
N e i t h er t h e T S X V e n t u r e E x chang e no r i ts Re gula t i o n S e r v ic e s Pr o v id e r ( a s t ha t te r m i s d ef i n ed i n t h e polici es o f t h e T S X V e n t u r e Ex chang e) acc e p ts r es p o n s i bili ty f o r t h e ad e quac y o r a ccu r ac y o f t hi s r e l e a s e.
Cautionary Statement Regarding "Forward-Looking" Information
This release includes certain statements that may bedeemed "forward-looking statements". All statements in thisrelease, other than statements of historical facts, that addressevents or developments that the Company expects to occur, areforward-looking statements. Forward-looking statements are statementsthat are not historical facts and are generally, but not always,identified by the words "expects", "plans","anticipates", "believes", "intends","estimates", "projects", "potential" andsimilar expressions, or that events or conditions "will","would", "may", "could" or"should" occur. Although the Company believes theexpectations expressed in such forward-looking statements are based onreasonable assumptions, such statements are not guarantees of futureperformance and actual results may differ materially from those in theforward-looking statements. Factors that could cause the actualresults to differ materially from those in forward-looking statementsinclude regulatory actions, market prices, and continued availabilityof capital and financing, and general economic, market or businessconditions. Investors are cautioned that any such statements are notguarantees of future performance and actual results or developmentsmay differ materially from those projected inthe forward-looking statements. Forward-looking statements are basedon the beliefs, estimates and opinions of the Company's management onthe date the statements are made. Except as required by applicablesecurities laws, the Company undertakes no obligation to update theseforward-looking statements in the event that management's beliefs,estimates or opinions, or other factors, should change.
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