via NewMediaWire --
NextPlay Technologies,
Inc. (Nasdaq: NXTP), a digital business
ecosystem for digital advertisers, consumers, video gamers and
travelers, has entered into a definitive agreement to acquire 100%
of the assets of Token IQ, a leading innovator in digital
asset management with its smart compliant token technology. Token
IQ has many unique capabilities, but its greatest attributes are
its ability to afford cryptocurrency owners a solution to replace
their assets should they lose access to, or control of, their
assets and its handling of “Know Your Customer” (KYC) issues --
solving many key regulatory requirements. NextPlay will not only
look to license the IP, but also plans to integrate the service
into its wholly owned Bank -- NextBank International to
better serve its cryptocurrency customers.
Mark Vange, CTO of NextPlay and founder and CEO of Token IQ,
stated, “Token IQ was built upon the early recognition that many
digital assets may in the future be treated as securities. I’m
excited that we can now make Token IQ part of NextPlay, given the
many synergies that have developed around digital asset management
across NextPlay’s ecosystem.”
One of the primary issues associated with crypto
investing is the existential custody risk associated with the loss
of passwords or wallet seeds, resulting in the inability to access
assets. A critical function of Token IQ is the ability to allow
issuers to manage this risk across public distributed ledgers -- a
key solution needed by any cryptocurrency owner, and a technology
that we anticipate will become a cornerstone for all of our
NextBank and Longroot coin offerings. This patent-pending
technology also allows issuers to control the flow of tokens. The
Token IQ technology can be invaluable in the enforcement of “Know
Your Customer” (KYC) and other regulatory requirements which is a
sensitive area that regulators around the world are increasingly
focused on. The platform also supports vesting, lockups and asset
freezing, which can enhance market making and liquidity while also
reducing risks around custodianship, inheritance, and other legal
circumstances related to proper asset disposition. We plan to
pursue patents for this proprietary technology in key markets
around the world.
The Token IQ foundational IP is designed to
reconcile legal and regulatory requirements around digital assets,
including KYC, Anti-money laundering (AML) and shareholder rights
enforcement, all common pain points within the crypto markets
today. It has been designed to do so across a distributed ledger,
including Ethereum and Stellar.
According to NextPlay co-Chairman, J. Todd Bonner:
“We see Token IQ technology becoming core to all our
fintech-related activities, from Longroot’s cryptocurrency portal
and HotPlay’s in-game tokens, to powering our NextBank fintech
and planned NextTrip medical tourism offerings. We also
expect the Token IQ acquisition to bring valuable technology and
software development talent which is expected to support rapid
integration with our platform and those of our partners, as well as
further IP development.”
To learn more about Token IQ,
visit tokeniq.io.
The acquisition of Token IQ is subject to certain
closing conditions, including the approval of NextPlay’s
shareholders. Future details of the acquisition can be found in
NextPlay’s Form 8-K filing with the U.S. Securities and Exchange
Commission, available at www.sec.gov or the investor
relations section at NextPlayTechnologies.com.
About NextPlay Technologies
NextPlay Technologies, Inc. (Nasdaq: NXTP) is a
technology solutions company offering games, in-game advertising,
crypto-banking, connected TV and travel booking services to
consumers and corporations within a growing worldwide digital
ecosystem. NextPlay’s engaging products and services utilize
innovative AdTech, Artificial Intelligence and Fintech solutions to
leverage the strengths and channels of our existing and acquired
technologies. For more information about NextPlay Technologies,
visit nextplaytechnologies.com and follow us
on Twitter @NextPlayTech and LinkedIn.
Forward-Looking Statements
This press release includes “forward-looking
statements” within the meaning of, and within the safe harbor
provided by the Safe Harbor Provisions of the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Forward-looking statements give our current
expectations, opinions, beliefs or forecasts of future events and
performance. A statement identified by the use of forward-looking
words including “will,” “may,” “expects,” “projects,”
“anticipates,” “plans,” “believes,” “estimate,” “should,” and
certain of the other foregoing statements may be deemed
forward-looking statements. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, these statements involve risks and uncertainties that
may cause actual future activities and results to be materially
different from those suggested or described in this news release.
Factors that may cause such a difference include risks and
uncertainties related to our need for additional capital which may
not be available on commercially acceptable terms, if at all, which
raises questions about our ability to continue as a going concern;
the fact that the COVID-19 pandemic has had, and is expected to
continue to have, a significant material adverse impact on the
travel industry and our business, operating results and liquidity;
amounts owed to us by third parties which may not be paid timely,
if at all; certain amounts we owe under outstanding indebtedness
which are secured by substantially all of our assets and penalties
we may incur in connection therewith; the fact that we have
significant indebtedness, which could adversely affect our business
and financial condition; uncertainty and illiquidity in credit and
capital markets which may impair our ability to obtain credit and
financing on acceptable terms and may adversely affect the
financial strength of our business partners; our ability to close,
timely, or at all, the acquisitions of certain intellectual
property assets from Fighter Base and Token IQ, as previously
disclosed; that the officers and directors of the Company have the
ability to exercise significant influence and voting control over
the Company; stockholders may be diluted significantly through our
efforts to obtain financing, satisfy obligations and complete
acquisitions through the issuance of additional shares of our
common or preferred stock; if we are unable to adapt to changes in
technology, our business could be harmed; our travel business
depends substantially on property owners and managers renewing
their listings; if we do not adequately protect our intellectual
property, our ability to compete could be impaired; our long-term
success depends, in part, on our ability to expand our property
owner, manager and traveler bases outside of the United States and,
as a result, our business is susceptible to risks associated with
international operations; unfavorable changes in, or
interpretations of, government regulations or taxation of the
evolving ALR, Internet and e-commerce industries which could harm
our operating results; risks associated with the operations of, the
business of, and the regulation of our recent acquisitions of
Longroot Holding (Thailand) Company Limited (Longroot), HotPlay
Enterprise Limited (HotPlay) and NextBank International (formerly
IFEB); the market in which we participate being highly competitive,
and because of that we may be unable to compete successfully with
our current or future competitors; our potential inability to adapt
to changes in technology, which could harm our business; the
volatility of our stock price; risks associated with the
integration of the operations of HotPlay, Longroot and IFEB, which
acquisitions we recently competed; the fact that we may be subject
to liability for the activities of our property owners and
managers, which could harm our reputation and increase our
operating costs; and that we have incurred significant losses to
date and require additional capital which may not be available on
commercially acceptable terms, if at all. More information about
the risks and uncertainties faced by NextPlay are detailed from
time to time in NextPlay’s periodic reports filed with the SEC,
including its most recent Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q, under the headings “Risk Factors”. These
reports are available at www.sec.gov. Other unknown or
unpredictable factors also could have material adverse effects on
the Company’s future results and/or could cause our actual results
and financial condition to differ materially from those indicated
in the forward-looking statements. Investors are cautioned that any
forward-looking statements are not guarantees of future performance
and actual results or developments may differ materially from those
projected. The forward-looking statements in this press release are
made only as of the date hereof. The Company takes no obligation to
update or correct its own forward-looking statements, except as
required by law, or those prepared by third parties that are not
paid for by the Company. If we update one or more forward-looking
statements, no inference should be drawn that we will make
additional updates with respect to those or other forward-looking
statements.
SOURCE: NextPlay Technologies, Inc
Company Contact:
NextPlay Technologies
Richard Marshall
Director of Corporate Development
Tel (954) 888-9779
Richard.Marshall@NextPlayTechnologies.com
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