Alpha Metaverse Technologies Announces Signature Of

VANCOUVER, British Columbia, April 13, 2022 (GLOBE NEWSWIRE) – Alpha Metavers Technologies Inc. (CSE: harp) (ESF: 9HN0), (OTC PINK: APETF) (“Alpha“or the”The company”) Is pleased to announce, following the Company’s press release dated January 24, 2022, that it has signed a definitive agreement (the“Deal”) With Shape Immersive Entertainment Inc. (“shape”) And all shareholders of Shape (the“Training of shareholders“), to obtain (the”taking”) 100% of the issued and outstanding share capital of Shape.

Upon completion of the acquisition, Shape will continue to operate as a fully operational metaverse creator that will participate in the development of non-fungible tokens (“NFT”) Technology, augmented reality and three-dimensional experiences (“3D”) Products to transform user experiences. Shape is at the forefront of 3D NFTs, holograms, augmented and virtual reality, and game-to-win development. Shape has partnered or also worked with many well-known Fortune 1000 companies and other companies leading the category such as RTFKT® (recently acquired by Nike®), Red Bull®Intel® and the Olympics®.

“The conclusion of this agreement with Shape represents a major milestone for Alpha in our expansion into Web3 and Metaverse-based gaming and brand experiences,” said Brian Wilneff, CEO of Alpha. “We look forward to completing the acquisition and expansion of Shape’s ongoing studio work for major brands and taking advantage of its development capabilities to enhance Alpha’s existing gaming assets. This is a combination of internal and external. external studio work will also expand Alpha’s business development pipeline and partnership growth.

Purchase Considerations:

Under the terms set forth in the Agreement, the Company will provide the following consideration for Acquisition:

(a) Payment of an aggregate amount of $ 500,000 in cash to Shape Shareholders (collectively) on the closing date of the Acquisition (the “End Date”);

(b) Issuance of an aggregate 14,000,000 ordinary shares of the capital of the Company (each, one “Alpha share”) To Form Shareholders (collectively) on the Closing Date;

(c) Pay a total amount of $ 500,000 cash to Shape Shareholders (in total) within one hundred and eighty (180) days on the Closing Date (the “More financial consideration”); and

d) Issuance of an aggregate of 840,000 Alpha Shares to certain persons in consideration for services rendered in connection with the successful completion of the transaction contemplated in the Closing Date Agreement.

14,000,000 Alpha Shares to be issued pursuant to the Acquisition will be subject to escrow restriction whereby 10% of such Alpha Shares will be issued on the Closing Date, and thereafter 18% of such remaining Alpha Shares will be issued after every four (4) months. period after the Closing Date (the “Escrow Agreement”).

The Company will provide a general guarantee in favor of Shape Shareholders for the purpose of ensuring payment of the Additional Cash Consideration. If the additional monetary consideration has not been paid within one hundred and eighty (180) days of the closing date, the Company will issue an additional aggregate of 6,678,000 Alpha Shares to Shape shareholders (in total), the escrow arrangement will no longer apply and the Company will continue to be obligated to pay the Additional Cash Consideration.

In addition, the Company agreed to issue up to an aggregate of 9,000,000 shares of Alpha to certain Shape shareholders (collectively) who will join Alpha, following the acquisition, as employees or consultants. (together, the “Parts of the stage”), On the following basis:

(a) 500,000 Milestone Shares of Alpha’s market capitalization of not less than $ 50,000,000 within 10 consecutive trading days;

(b) 500,000 Milestone shares with an Alpha market capitalization of at least $ 75,000,000 for a period of 10 consecutive trading days;

(c) 1,000,000 Milestone shares with an Alpha market capitalization of at least $ 100,000,000 for a period of 10 consecutive trading days;

(d) 1,000,000 Milestone shares of Alpha’s market capitalization of not less than $ 125,000,000 within 10 consecutive trading days;

(e) 1,000,000 Milestone shares of Alpha’s market capitalization of not less than $ 150,000,000 within 10 consecutive trading days;

(f) 1,000,000 Milestone shares with an Alpha market capitalization of at least $ 175,000,000 for a period of 10 consecutive trading days;

(g) 1,000,000 Milestone shares with an Alpha market capitalization of at least $ 200,000,000 for a period of 10 consecutive trading days;

(h) 1,000,000 Milestone Shares of Alpha’s market capitalization of not less than $ 250,000,000 within 10 consecutive trading days;

(i) 1,000,000 Milestone shares with an Alpha market capitalization of at least $ 300,000,000 for a period of 10 consecutive trading days; and

(j) 1,000,000 Milestone shares with an Alpha market capitalization of at least $ 350,000,000 for a period of 10 consecutive trading days,

provided that each term is reached within five years of the closing date and that the market capitalization of each term is calculated using the price per Alpha share on the Canadian Securities Exchange multiplied by the number of Alpha shares then in traffic.

Closing of procurement is subject to the usual conditions, including acceptance of all necessary regulations and other approvals.

About Alpha Metaverse Technologies Inc.

Alpha Metaverse Technologies Inc. a technology company focused on the emerging industries of esports, mobile, console and web gaming, e-commerce and other high-growth opportunities such as augmented reality/virtual reality Web3 and businesses blockchain -based. With a strong portfolio of technology assets and products such as GamerzArena and HeavyChips, Alpha brings unique mass appeal to modern gaming platforms. Learn more about: www.alphametaverse.com

Contact:
Investor Relations: ir@alphametaverse.com – 604 359 1256
Media and PR: media@alphametaverse.com

On behalf of the Board of Directors
Brian Wilneff
Chief executive officer

Statement forward
This press release contains “forward-looking information” within the meaning of applicable securities laws relating to statements regarding the company’s acquisitions, operations and plans, including regarding the completion of additional acquisition, the payment of additional payments and the achievement of certain milestones. , including but not limited to any increase in market capitalization. Even if the Company believes that the expectations expressed in the expected information are reasonable, there is no guarantee that such expectations will be proven correct. Readers are warned not to place undue reliance on forward-looking information. These forward-looking statements are subject to risks and uncertainties that could cause actual outcomes, performances and developments to differ materially from those intended in these statements depending, among other items, at the risks that the claim will not be completed. or at all; that the Company has not made any other claims; that the Company has not honored future payments and its issues; that the Company has met some or all of its future milestones, including, but not limited to, any increase in market capitalization; and that the Company may not be able to execute its business plans as planned. Except as required by law, the Company expressly disclaims any obligation and does not seek to update any forward-looking statements or forward-looking information contained in this press release. Even if the Company believes that the expectations expressed in the expected information are reasonable, there is no guarantee that such expectations will be proven correct and there is no reference to profit based on the reported sale. The statements contained in this press release are made as of the date of this press release.

CSE has not reviewed, approved or rejected the contents of this press release

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