Cloud Nine Web3 Technologies Inc. is pleased to announce that it has signed and closed an asset purchase agreement dated March 15, 2021 to acquire certain intellectual property assets related to a development stage VPN platform (the “Acquisition”) from Victory Square Technologies Inc. (“Victory Square“).
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“The acquisition of these assets will further position Cloud Nine at the forefront of the Web 3.0 movement, enabling it to deliver additional products and services that make the Web more connected, more open, and more intelligent,” said Allan Larmour, CEO.
The Company acquired the development stage assets previously owned and advanced by Victory Square’s development team, including the “Limitless Technologies” brand, Next Decentrum Ed-Tech platform, virtual private network (VPN) platform and related decentralized storage technologies. The Company intends to finalize development of the assets and incorporate monetization and integration strategies with Cloud Nine’s pre-existing platform to build out new and efficient ways of educating and furthering user experience in the world of Web 3.0. Victory Square has developed the platform over a period of 3 years at a cost of approximately $3.2 million. Cloud Nine anticipates it will incur a further $0.5 million in development to advance the platform to the beta testing phase and hopes to offer a finished product on or before Q3 2021.
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The Acquisition furthers Cloud Nine’s commitment to leveraging the latest technology to deliver products and services for an open and more secure internet. Innovations that change the way the world manages information, analyzes data, purchases and consumes goods, and communicates across the globe.
Terms of the Acquisition
In consideration for the Acquisition, the Company issued 4,411,765 common shares in the capital of the Company at a deemed issue price of $1.36 per common share for a purchase price of $6,000,000. The common shares are subject to a restricted period of four months and one day. In addition, the common shares are subject to a further restriction whereby after the expiration of the restricted period, the common shares may not be sold, transferred or assigned on a per diem basis that exceed 5% of the prior trading day’s total trading volume. A 5% cash finder’s fee will be payable in connection with the Acquisition.
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