via NewMediaWire --
NextPlay Technologies, Inc.
(NASDAQ: NXTP) (the “Company”) announced
that HotPlay, the Company’s in-game advertising (“IGA”) unit,
has entered into a memorandum of understanding (MOU) with Triplecom
Media PVT Ltd. (iTAP), whose iTAP platform is a fast-growing
comprehensive over-the-top (OTT) entertainment platform in India,
which sets forth general terms of a proposed partnership between
the Company and iTAP. The MOU contemplates a collaboration between
the parties, whereby each party will provide certain services and
access to certain of their platforms to the other in order to
enable each party to provide more comprehensive solutions to their
respective customers and users. The parties intend to target
India’s fast growing online gaming market, where it is estimated
approximately 390 million online gamers reside, first,
and to expand to additional international markets thereafter. The
MOU provides that the collaboration will include the integration of
HotPlay’s IGA into iTAP’s existing entertainment and e-sports
content, amongst other things. The collaboration is designed to
create an entertainment ecosystem in-line with both organizations’
business objectives, tapping into India’s fast-growing market. The
MOU sets forth the preliminary agreement of the parties related to
the proposed partnership; however, it does not obligate either
party to proceed with the relationship, and the establishment of
the partnership and final terms governing the partnership remain
subject to execution of definitive agreements related
thereto.
iTAP, an OTT comprehensive entertainment platform
in India, offers a wide-range of entertainment such as comedy
shorts, mobisodes, films, serials, lifestyle features, gaming and
e-sports, with NFTs and Metaverse opportunities. iTAP was founded
by Kunal Dasgupta, a veteran in the Indian entertainment industry
and the former CEO of Sony Picture Networks India.
Despite the pandemic and recent economic turmoil,
the parties believe that India remains a bright spot for growth.
This proposed partnership aims to leverage opportunities rising in
the Indian market, particularly in the high growth markets of
hyper-casual genre games, e-sports and gaming tournaments. Both
parties see hyper-casual gaming as an opportunity in the market due
to its easy-to-play nature, which can engage a broader group of
audiences. HotPlay’s current hyper-casual game portfolio includes
more than 50 games and is growing.
Nithinan Boonyawattanapisut, co-CEO of the
Company, stated, “The Company sees great opportunity in the Indian
market, not only from the size of the market itself but also from
the remarkable growth rate of its entertainment segment,
particularly in the hyper-casual game space and overall gaming
industry.
“We are optimistic about this strategic
collaboration with iTAP’s fast-growing OTT platform and the
opportunity to enter the Indian market. We believe the recent
completion of our goGame asset purchase, our hyper-casual game
portfolio, and our HotPlay IGA solution offer a great synergistic
value to a comprehensive entertainment platform like iTAP. The
integration of HotPlay games and IGA is expected to better position
iTAP’s entertainment ecosystem in India and augment revenue
opportunities through iTAP’s rapidly growing user base.”
Kunal Dasgupta, Triplecom Media
iTAP Founder and CEO, commented, “We believe the proposed
partnership positions HotPlay to help strengthen iTAP gaming
services, as well as adding its IGA technology into iTAP to offer
in-game coupons and rewards, bridging the online-to-offline
transactional activities in the rapidly growing Indian market. The
synergies and further opportunity for the partnership is
exciting.”
Additional opportunities for HotPlay and iTAP to
explore further collaboration include NFTs, digital fashion, and
other virtual artifacts for the Metaverse.
About iTAP
iTAP is an OTT comprehensive entertainment
platform in India. This popular platform offers a wide-range of
entertainment such as comedy shorts, mobisodes, films, serials,
lifestyle features, gaming and e-sports. NFTs and Metaverse have
been identified as potential opportunities for future expansion of
the iTAP platform. For more information
visit www.itap.online
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 its existing and acquired
technologies. For more information about NextPlay Technologies,
visit www.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, belief 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 including, and not limited to, the ability of the
Company and iTAP to agree to final terms governing the proposed
partnership; 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; 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; the development and acceptance of
cryptographic and algorithmic protocols governing the issuance of
and transactions in cryptocurrencies are subject to uncertainty and
a variety of factors that are difficult to evaluate; 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;
the officers and directors of the Company have the ability to
exercise significant influence 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; 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 cryptocurrency, Internet and e-commerce industries which
could harm our operating results; risks associated with the
operations of, the business of, and the regulation of, Longroot and
NextBank International (formerly IFEB); the markets 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; 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 Contacts:
Richard Marshall
Director of Corporate Development
Tel (954) 888-9779
Email: richard.marshall@nextplaytechnologies.com
Triplecom Media iTAP
Kunal Dasgupta
Founder and CEO.
Tel: +91 98200 27575
Email: kunaldasgupta@triplecommedia.com
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