British Columbia-based gambling provider Kings Entertainment has announced that it has entered a share exchange agreement for the acquisition of Braight AI Technologies Inc. The supplier for lottery, casino, and sportsbook gambling will now purchase all of the issued and outstanding shares in the capital of Braight AI, which is also a firm operating under B.C. law.
Founded in 2005, Kings Entertainment is a global online service provider catering to lottery, casino, and sportsbook gambling. It serves as the parent company for esteemed online gaming pioneers LottoKings and WinTrillions. These renowned brands excel in acquiring promising players by offering top-notch lottery experiences and subsequently engaging them with an array of casino and sportsbook options.
Terms of the Agreement
Via the agreement, Kings Entertainment will utilize Braight AI’s technology to accelerate its user verification process and explore other ways the technology can benefit its gaming platforms. Now, the provider will issue an aggregate of 59,289,392 common shares in payment shares to the shareholder of Braight AI at a value of CA$0185 per payment share.
It should be mentioned that as the name suggests, Braight AI is a leading provider of Artificial Intelligence Big Data analytics solutions. It focuses on leveraging the power of AI to extract actionable insights from large volumes of data. Hence, allowing businesses to make informed decisions, by using the company one of two cutting-edge AI solutions: AI Risk and AI Marketing.
Previously, the AI firm also agreed to join a share exchange agreement with Epeer Spółka Z Ograniczoną Odpowiedzialnością, which is a limited liability company existing under the laws. Shareholders of Epeer for the acquisition by Braight AI of all of the issued and outstanding in the capital of Epeer. It should be explained that this deal dates to May 31, 2023.
However, the acquisition agreement is still subject to closing, and receipt by the provider of an independent third-party valuation of the AI firm. The evaluation is satisfactory to the gambling supplier. It would also need approval from the Canadian Securities Exchange. However, there are no assurances that the deal will be completed as initially proposed.
Prior Highlights from the B.C. Gambling Leader
In April 2023, Kings Entertainment reported that its previously announced business combination agreement with Sports Venture Holdings has now collapsed. The deal dates from May 24, 2022, and SVH has agreed to repay the B.C. firm, the full amount of the CA$2.5 million advance made by the provider and reimburse it for CA$1.75 million of its costs and expenses which were conducted in relation to the proposed transaction.
Another important announcement from the supplier of gambling and lottery products includes a collaboration with Native Ads Inc. from October 2022. Via the partnership, the New York-based Native Ads will be able to lead a comprehensive media marketing campaign for the leading iGaming provider and promote it as a top gaming brand.
Source: “Kings Entertainment Announces Signing of Agreement for Acquisition of Braight AI Technologies Inc.” PR Newswire, June 19, 2023
