via NewMediaWire --
NextPlay
Technologies, Inc. (NASDAQ: NXTP) has completed the
previously announced acquisitions of artificial intelligence (AI)
game development and crypto asset management technologies that
further enhance its digital business ecosystem for digital
advertisers, consumers, and video gamers.
The company acquired the assets, patents and video
game development technology of Fighter Base Publishing, Inc.
(FBP) along with its Make It Games™ (‘MIG’) brand. FBP’s
proprietary AI animation tools enable game or film characters to
animate themselves, and be more lifelike in appearance and
behavior, saving producers time and money over traditional
animation.
Fighter Base Publishing was founded by Mark Vange,
who joined NextPlay as its chief technology officer in
July of last year. Vange has authored more than 41 U.S. patents of
breakthrough technologies, which have defined the video gaming
industry. He earlier served as the chief technology officer of
Electronic Arts Interactive (EAI) following EAI’s acquisition of a
company he founded.
“We see MIG’s AI technology enabling not only
rapid game development, but also faster ad creation, advertising
optimization, and richer metaverse experiences across our NextPlay
ecosystem,” stated NextPlay co-CEO Nithinan ‘Jessie’
Boonyawattanapisut. “We believe that it will support faster product
time-to-market and higher-margin digital asset monetization, as
well as potentially generate licensing revenue from game and film
studios, ad agencies and content creators.”
NextPlay secured the new crypto technology through
the acquisition of the assets of Token IQ, Inc., an early
innovator in digital asset management and smart compliant token
technology that was also founded by Vange. Token IQ’s foundational
IP employs a distributed ledger, like Ethereum or Stellar, to
reconcile legal and regulatory requirements around digital assets,
including Know Your Customer (KYC) challenges, anti-money
laundering (AML) and shareholder rights enforcement. These factors
represent the most common pain points currently affecting the
crypto markets.
NextPlay plans to initially deploy the Token IQ
technology through its NextBank International and
Longroot Thailand subsidiaries, where it will be used to more
effectively and securely serve our cryptocurrency customers. The
technology is also available to license partners.
Nithinan ‘Jessie’
Boonyawattanapisut, commented: “Given its powerful
capabilities, we expect Token IQ technology to eventually
become core to all of our products and services as we focus on
delivering consumer-engaging products across multiple media
channels. This ranges from our Longroot asset-based
cryptocurrencies, digital insurance tokens, HotPlay
in-game tokens, and to our future NextBank fintech
services.”
The Token IQ acquisition also brings with it
software development talent that will support the integration of
the technology across NextPlay’s various digital platforms, as well
as further the company’s Intellectual Property (‘IP’)
development.
“We believe that the significant opportunity these
acquisitions have brought to us greatly strengthens our global
technology IP,” added Boonyawattanapisut. “These new technology
platforms are expected to further accelerate our global
initiatives, as we continue to transform NextPlay into a powerhouse
in online advertising, interactive digital media, gaming, fintech,
and the emerging metaverse.”
In January, the company reported record
quarterly revenue of $4.2 million for its third fiscal quarter
ended November 30, 2021, up 59% from the previous quarter, with
gross margin expanding to 53.5% from 51.9%. Cash, cash equivalents
and restricted cash totaled $21.4 million as of November 30,
2021.
Further information regarding the Fighter Base
Publishing and Token IQ acquisitions can be found in the company’s
filings with the Securities and Exchange Commission (SEC),
available at www.sec.gov.
To learn more about Token IQ and Make It Games,
visit tokeniq.io and makeitgames.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 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, 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; our revenues and results of operations being
subject to the ability of our distributors and partners to
integrate our alternative lodging rental (ALR) properties with
their websites, and the timing of such integrations; 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; 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, 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 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; 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
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