Looking Glass Labs Ltd LGL Announces Metaverse Milestones and Board Changes
December 29 2022 - 3:01AM
UK Regulatory
TIDMNFTX
LOOKING GLASS LABS LTD.
N E W S R E L E A S E
LGL Announces Metaverse Milestones and Board Changes
Vancouver, British Columbia - December 29, 2022 / Cision / - Looking Glass Labs
Ltd. ("LGL" or the "Company") (NEO: NFTX) (AQSE: NFTX) (OTC: LGSLF) (FRA: H1N),
a leading Web3 platform specialising in immersive metaverse environments,
play-to-earn tokenisation and blockchain monetisation strategies, announces
that its wholly-owned subsidiary, House of Kibaa ("HoK"), has significantly
advanced the development of its Pocket Dimension metaverse offering (the "
Pocket Dimension"). Through the impending achievement of numerous avatar-based
and architecture-related milestones, the Company expects to set a new standard
for the metaverse industry.
Pocket Dimension has already reached, and will soon also reach, several new
thresholds for its digital world:
* 10,000 unique generative avatars in ultra-high resolution via Unreal 5;
* 12,000 unique generative Gutter Cat Gang avatars in ultra-high resolution;
* Holders own their metaverse to use and design as they so choose;
* Holders of membership tokens are each entitled to receive a free metaverse;
and
* A generative avatar project with a spin-off live-action video series,
GenZeroes.
Previously, the Alpha Update of Pocket Dimension Alpha Update release in the
fourth quarter of 2022 included the following upgrades for users:
* 11 unique four-acre parcels of ultra-realistic land;
* Two stock playable avatars;
* Four NFT art galleries displaying stock artwork;
* Non-player character host interactions;
* Mini games; and
* The Gutter Trap House in affiliation with the Gutter Cat Gang.
The 2022 end-of-year update to Pocket Dimension currently in progress includes
the following enhancements:
* Ultra-high resolution art galleries to display a user's NFTs from their
connected wallet;
* A larger collection of approximately 60 stock playable avatars; and
* A patch manager for easier access to future updates (Windows build-only, at
this time).
In early 2023, HoK will be working to add Unity 4 and pixel streaming to Pocket
Dimension. This addition is designed to enable Pocket Dimension to be available
on virtually any device and bandwidth connection, which is expected to be a
milestone for the metaverse industry.
For a sample of the Pocket Dimension experience, please follow this link to
view the Pocket Dimension Alpha Launch Cinematic Trailer: https://vimeo.com/
779389633/1abc25dbe0.
Management Commentary
"By staying focused on the development of the best Pocket Dimension experience
possible for our users, we already have and still are achieving new milestones
for the metaverse industry on an ongoing basis. Creating unique, realistic and
enjoyable experiences for our users in the virtual realm is our main priority.
We firmly believe that the Pocket Dimension will continue to garner positive
feedback as we roll it out more fully in 2023," said Dorian Banks, Chief
Executive Officer at LGL. "We are committed to heightening both user and client
engagement by executing on innovative initiatives and, in turn, adding value to
LGL as a company," added Mr. Banks.
Change of Directors
The Company announces that Carl Chow has resigned from its Board of Directors
to pursue other endeavours. The Board of Directors thanks Mr. Chow for his
service to the Company over the past year. In his place, LGL announces that
Lucas Russell has been appointed to the Board of Directors effective today.
Mr. Russell has over a decade of experience in the financial markets and has
been involved with entrepreneurial businesses for over 15 years, including the
development and financing of start-ups. He has served on boards and executive
teams of several publicly traded companies, guiding them from private to public
corporations including the turnaround and eventual sale of a cannabis company
which was led from near bankruptcy to an eight-figure exit in under two years.
Mr. Russell has been an early and active investor in several successful crypto
start-ups and currently serves as CEO & President of Cloud Nine Web3
Technologies (CSE: CNI), where he is actively developing new Web3 technologies
and implementing its new business strategy and direction. Mr. Russell is
passionate about building company value and finding accretive acquisitions for
corporations.
Mr. Russell currently does not own any Common Shares of the Company.
Current Directorships Former Directorships and/or
partnerships (within the last five
years)
Cloud Nine Web3 Technologies
Valdor Technology International Inc
Walrus Enterprises Inc
Auraviva Development Inc
In 2018 Mr Russell was sanctioned by the Mutual Fund Dealers Association of
Canada ("MFDC") for misconduct resulting in a fine of $2,500 fine plus $2,500
in costs, and "prohibited from conducting securities related business in any
capacity while in the employ of or associated with a MFDA Member for a period
of 6 months". It is noted however that there was no client complaint and the
MFDC found no evidence of client loss or harm or any evidence that Mr Russell
received any financial or other benefits through his conduct.
Except as set out above, there is no further information regarding Lucas
Russell that is required to be disclosed pursuant to Rule 4.9 of the AQSE
Growth Market Access Rulebook.
-S -
The Directors of Looking Glass Labs take responsibility for this announcement.
This announcement contains inside information for the purposes of Article 7 of
the Regulation (EU) No 596/2014 on market abuse.
"Dorian Banks"
Dorian Banks, Chief Executive Officer
Twitter: @DorianBanks
For further information, please contact:
Dorian Banks
Toll-Free: +1 833 LGL-NFTX (833-545-6389)
Email: info@lgl.io
Twitter: @LGL_io
Website: https://www.lgl.io/
Novum Securities Limited, AQSE Corporate Adviser
David Coffman/ George Duxberry
Tel: +44 (0)207 399 9400
ABOUT LOOKING GLASS LABS
Headquartered in Vancouver, British Columbia, Looking Glass Labs ("LGL") is a
leading Web3 innovation platform specializing in consumer engagement
applications to leverage immersive metaverse environments, play-to-earn
tokenization and blockchain monetization strategies. Its leading brand, House
of Kibaa ("HoK"), designs and curates a next generation metaverse for 3D
assets, which allows functional art and collectibles to exist simultaneously
across different NFT blockchain environments. HoK has successfully released
digital assets to include GenZeroes, which sold out in just 37 minutes for
total proceeds to LGL of CAD 6.2 million, in addition to a perpetual 5% royalty
stream on secondary market sales.
To view LGL's current investor presentation, please visit https://www.lgl.io/
investors.
To join LGL's mailing list, please subscribe via the following link: https://
www.lgl.io/contact-us.
On behalf of LOOKING GLASS LABS LTD.
"Dorian Banks"
Dorian Banks, Chief Executive Officer
Twitter: @DorianBanks
For further information, please contact:
Dorian Banks
Toll-Free: +1 833 LGL-NFTX (833-545-6389)
Email: info@lgl.io
Twitter: @LGL_io
Forward-Looking Information
This news release contains "forward-looking statements." Statements in this
news release that are not purely historical are forward-looking statements and
include any statements regarding beliefs, plans, expectations, or intentions
regarding the future. Such forward-looking statements include, among other
things: the continued development of Pocket Dimension, development of immersive
metaverse environments, play-to-earn tokenization and blockchain monetization
strategies; pursuing partnerships to monetize blockchain and Web3
opportunities; and the near-term projects and future projects.
The material assumptions supporting these forward-looking statements include,
among others, that: the Company could mitigate the risks associated with the
blockchain and NFT industry; the ability to compete with other businesses in
the NFT market; the availability of sufficient funding to carry out the
Company's business development plans; favourable market conditions; the ability
of HoK to sell all or substantially all of its product offerings; the market
acceptance for its products; and the ability to achieve the milestone
thresholds for the Pocket Dimension.
Although management considers these assumptions to be reasonable based on
information currently available to it, they may prove to be incorrect. These
forward-looking statements are only predictions and involve known and unknown
risks, uncertainties and other factors, including: the continued growth and
adoption of NFT and metaverse offerings by the consumer market; the cost of
developing and designing NFTs and metaverses is economically viable; the
Company being able to attract and retain a sufficient workforce with desired
skillsets to develop the Company's NFT and metaverse offerings; the
availability of offerings provided by third-parties in the NFT, metaverse
development and online gaming market to identify potential transactions; the
increasing adoption of NFTs as a solution for various online gaming,
entertainment and collectible uses; the Company having the ability to mitigate
the risks associated with the blockchain and NFT industry; and the ability to
compete with other businesses in the NFT, metaverse development, content
creation and collectibles market.
Although management considers these assumptions to be reasonable based on
information currently available to it, they may prove to be incorrect. These
forward-looking statements are only predictions and involve known and unknown
risks, uncertainties and other factors, including: the risk that the Company's
offerings are not accepted by the consumer, the risk that other competitors may
offer similar digital offerings; the risk that there may be negative changes in
general economic and business conditions; the risk that the Company may have
negative operating cash flow and not enough capital to complete the development
of any of its technologies; the risk that the Company may not be able to obtain
additional financing as necessary; the risk that there may be increases in
capital and operating costs; the risk that the NFT technology may be subject to
fraud and other failures; the risk that there may be technological changes and
developments in the blockchain that make the NFT solutions obsolete; risks
relating to regulatory changes or actions which may impede the development or
operation of the blockchain solutions; the risk that other competitors may
release similar blockchain offerings; the potential future unviability of the
NFT market in general; the volatile cost of the amount of computational effort
required to execute specific operations on the blockchain, and other general
risks involved in the blockchain solutions.
Risks and uncertainties about the Company's business are more fully discussed
in the Company's disclosure materials, including its reports filed with the
Canadian securities regulators and which can be obtained from www.sedar.com.
Any of these risks may cause the Company's actual results, levels of activity,
performance or achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or implied by these
forward-looking statements. Further, although the Company has attempted to
identify factors that could cause actual results, levels of activity,
performance or achievements to differ materially from those described in
forward-looking statements, there may be other factors that cause results,
levels of activity, performance or achievements not to be as anticipated,
estimated or intended. These forward-looking statements are made as of the date
of this news release, and the Company assumes no obligation to update the
forward-looking statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements, except as
required by applicable law, including the securities laws of the United States
and Canada. Although the Company believes that any beliefs, plans, expectations
and intentions contained in this news release are reasonable, there can be no
assurance that any such beliefs, plans, expectations or intentions will prove
to be accurate. The Company does not assume any liability for disclosure
relating to any other company mentioned herein.
SOURCE: LOOKING GLASS LABS LTD.
END
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December 29, 2022 03:01 ET (08:01 GMT)
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