British Columbia-based Kings Entertainment has issued a statement confirming that it has completed the acquisition of Braight AI Technologies Inc. The latter is also based in the province and as its name implies, it specializes in Artificial Intelligence. Now, via the terms of the agreement, the company holds 100% of the issued and outstanding shares of Braight AI.
Kings Entertainment is a leading name in the gaming industry as it provides services for lottery, casino, and sportsbook gambling. It is also the parent company of iGaming brands such as LottoKings and WinTrillions, which leverage their ability to acquire high-potential players through renowned lottery offerings and currently tout millions of online patrons.
Deal is Completed
The B.C. firm has now acquired fully Braight AI, which is a leading provider of Artificial Intelligence Big Data analytics solutions. It specializes in leveraging the power of AI to extract actionable insights from tons of data, hence empowering businesses to make informed decisions It also provides two cutting-edge AI solutions, AI Risk and AI Marketing.
According to the terms and a share exchange agreement from June 14, 2023, the provider issued an aggregate of 59,289,392 common shares in the capital of the company to the shareholders of Braight AI at a value of CA$0.185 per share. The holders of the payment shared have accepted to include a voluntary hold period for 50% of them as requested by the Canadian Securities Exchange.
Now, after the acquisition, Kings plans on utilizing Braight AI’s technology to accelerate its user verification process. It also intends on seeking other ways the technology can benefit its lottery and gaming platforms. The press release also confirmed that the transaction was an arm-length one, and the supplier has now appointed Jakub Bąbelek and Hanna Chaban to its board of directors.
Also, in relation to the agreement and in consideration of the introduction of the provider, it issued 6,846,350 of its common shares to an arm’s length finder at a deemed value of CA$0.185 per Finder’s Share. However, the Finder’s Shares are subject to a statutory hold period of four months and one day in accordance with applicable securities legislation ending on November 15, 2023.
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Previously, Kings Entertainment announced that its business combination agreement with Sports Venture Holdings, agreed last year, has now collapsed. 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.
Rewinding to October 2022, the Vancouver-based provider for gambling operators inked a partnership agreement with Native Ads Inc. Via the contract, the New York-based Native Ads has been allowed to conduct a comprehensive media marketing campaign for the leading iGaming provider and promote it as a top gaming brand.
Source: “Kings Entertainment Announces Closing of Acquisition of Braight AI Technologies Inc.” PR Newswire, July 17, 2023