VANCOUVER, BC / ACCESSWIRE / June 15, 2020 / YDX Innovation Corp. (TSXV:YDX)(OTC:YDRMF)(FSE:A2PB03) (“YDX” or the “Company“) is pleased to announce that, further to its news release of May 28, 2020, the Company has acquired all of the issued and outstanding shares in the capital of Purple Mage Advisors Ltd. (“PMA“) in consideration for the purchase price of $440,000 payable through the issuance of 4,000,000 shares in the capital of the Company.
PMA has developed a suite of tools, which integrate right into most gaming titles, to collect and sort data for the esports industry. The information PMA collects will help YDX and its subsidiaries with player development and recruitment. PMA uses player data to analyze relevant statistical measurements; such as, linear regression and descriptive statistics. Additionally, this information used to narrow down specific traits and minimal qualifying metrics for recruiting professional gamers. “We are excited to be introducing our form of data collection and analysis into the esports industry,” stated PMA president Arnoldas Dogelis. “Similar to pro-sports, there is an opportunity here to help grow and develop gamers in the pursuit of helping them level up.”
PMA’s business intelligence software will help provide valuable insights and specific feedback to make further organizational improvements within YDX and its group of companies. Such improvements include ensuring an efficient allocation of resources for esports tournaments and active feedback used during player training and development. For example, using relevant player data can help predict a best lineup for multi-player esports teams to maximize their chances of winning an event. In the current age of information, data collection and analysis are key to succeeding in most industries; esports is no exception.
“Analytics play a significant role in high performance gaming and we are happy to announce that we have that expertise as part of the YDX group now. Purple Mage is part of a bigger vision that will integrate Beat, Arkave and YDreams. We will continue to explore other opportunities for acquisition that are aligned with our plans.” said Daniel Japiassu, CEO of YDX Innovation.
The Company also announces that, further to its press release dated April 16, 2020, it has received the approval of the TSX Venture Exchange (“TSXV“) in respect of an unsecured convertible revolving loan agreement, as amended (the “Loan Agreement“), with an arm’s length lender, The Sarwal Group Enterprise Inc., for a revolving loan in the aggregate principal amount of up to $250,000 (the “Revolving Loan“) for a term of one year. The Revolving Loan can be drawn down by the Company, as and when agreed to between the lender and the Company, in full or in tranches, with such amounts bearing interest at 10% per annum, compounded monthly and payable in cash on maturity. At any time before the maturity date, and subject to the approval of the TSXV, the lender may convert any of the outstanding principal amount into common shares of the Company at a conversion price of: (i) $0.085 per share in respect of an initial advance under the Revolving Loan by the Lender to the Borrower of $127,079.30 (the “Initial Advance“); and (ii) in respect of any other amounts advanced under the Revolving Loan other than the Initial Advance, the higher of $0.085 per share and the market price of the common shares of the Company as of the date funds under the Revolving Loan are advanced by the Lender to the Borrower.
The TSXV has approved the Initial Advance. Each subsequent advance under the Revolving Loan, if any, remains subject to separate TSXV review and approval.
All shares issued on conversion of the Initial Advance are subject to a statutory hold period expiring October 12, 2020.
About YDX Innovation
YDX Innovation Corp. (TSXV- YDX :: www.ydxinnovation.com) is a technology company that develops products and services and is an expert in immersive technologies like Augmented and Virtual Reality, Esports and Interactive Exhibitions under the following three divisions:
Arkave VR Arena – https://sales.arkavevr.com/ – a gaming platform that brings the most immersive Virtual Reality experience to Location-Based venues with a highly scalable business model. Developed as an all-in-one gamers haven featuring state-of-the-art free room tech right down to the most nostalgic gaming systems.
YDreams Global – www.ydreamsglobal.com – have developed over 1,300 interactive experiences for clients all over the world such as Disney, NBA, Adidas, Cisco, Nokia, Nike, Mercedes-Benz, Coca-Cola, Santander, AmBev, Qualcomm, Unilever, City of Rio and Fiat.
BEAT Gaming – www.beat.gl -Founded in 2011, BEAT Gaming is an experienced Canadian esports company that has organized internationally recognized events such as the Dota 2, Overwatch and PUBG BEAT Invitational. Since its creation, BEAT has organized over 30 professional and semi-pro esports events, which have reached over 40 million views globally.
More Information:
Daniel Japiassu
Director and CEO
(604) 704-6466
[email protected] | www.ydxinnovation.com | www.youtube.com/ydreamsglobal
This news release may contain “forward-looking statements” within the meaning of applicable Canadian securities laws, including, without limitation: Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. The Company’s statements expressed or implied by these forward-looking statements are subject to a number of risks, uncertainties, and conditions, many of which are outside of the Company’s control, and undue reliance should not be placed on such statements. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding the Transaction, including: that the Company’s assumptions in making forward-looking statements may prove to be incorrect; that adverse market conditions, including the impact of the COVID-19 pandemic, may negatively affect the business; that future results may vary from historical results; and that market competition may negatively affect the outcome and operations of the business. Except as required by securities law, the Company does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: YDX Innovation Corp.
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https://www.accesswire.com/593887/YDX-Innovation-Completes-Acquisition-of-Purple-Mage-Advisors-Ltd-and-Receives-TSXV-Approval-of-Revolving-Convertible-Loan
