VANCOUVER, British Columbia--(BUSINESS WIRE)--NFT Technologies Inc. (NEO: NFT) (the “Company” or "NFT Tech"), a leading technology company partnering with top-tier brands to accelerate their entry into the world of web3 through innovative technologies and unparalleled creativity, announced today the that it has completed its acquisition of Run It Wild (the “Transaction”), an award-winning multidisciplinary Web3 development company.
Since the announcement of the Transaction, the company and Run It Wild have been working together to continue expanding their Web3 development capabilities for leading brands and IP holders around the world seeking to create unparalleled user experiences.
"We're thrilled to have the unmatched creative technologists from the Run It Wild team officially join NFT Tech,” said Wayne Lloyd, Co-Founder and Executive Chairman of NFT Tech. “Their approach to pioneering Web3 products and experiences closely aligns with our vision for the future of the digital economy. They've launched some of the most successful Web3 utility projects to date, and it's been thrilling to see Adam and his team in action. We look forward to announcing some of the exciting upcoming agreements in the near future.”
Adam is the founder and director of Run It Wild and an ex-Head of Partnerships at Decentraland, the world’s first fully decentralized, 3D virtual reality platform built on the Ethereum blockchain. As a recognized leader in the blockchain, NFT, and metaverse spaces, he brings a strong pedigree in licensing and brand management, having spent his early career managing iconic brands such as Batman, Harry Potter, Looney Tunes, Scooby-Doo, Superman, and The Big Bang Theory for Warner Bros.
“I am excited to finally complete the process of integrating Run It Wild into NFT Tech and drive the development of groundbreaking Web3 experiences for some of the world's most recognizable brands,” said Adam De Cata, CEO of NFT Tech and Director of Run It Wild. “As the industry continues to evolve, we see limitless possibilities for Web3 to transform the digital economy and create new avenues for value creation, particularly in intellectual property. Together, we will unlock the full potential of web3 utility while creating purpose-led projects that are meaningful to existing fanbases across the globe.”
Run It Wild developed and advised on a web3 strategy for Linktree, and delivered the first fully on-chain Elvis NFT strategy for the Estate of Elvis Presley. Its project with Tennis Australia, AO Metaverse was the first to win a Cannes Lion award in Sports Entertainment for an NFT Activation. As ex-Head of Partnerships for Decentraland, Adam onboarded Sotheby’s, the 250-year-old auction house, for their first Metaverse experience, and oversaw other notable debuts, including Coca-Cola, Unilever, Australian Open, Samsung, and others.
About the Transaction
The Transaction is anticipated to be completed pursuant to a share purchase agreement between NFT Tech and the vendor (the "Agreement"), dated July 7, 2022. On closing of the Transaction, NFT Tech will issue 10,000,000 common shares and a cash payment of C$50,000 in exchange for acquiring all of the issued and outstanding shares of Run it Wild. Pursuant to the Agreement, in connection with the Transaction of Run It Wild, Mr. De Cata, will enter into a new employment agreement with NFT Tech to continue to provide services to NFT Tech ("Key Employee Agreement").
Common shares issued in connection with the Agreement will be subject to certain transfer restrictions as set forth in the Agreement, including contractual lock-up for a period of twenty-four (24) months.
Private Placement Update
NFT Tech has closed a non-brokered private placement (the “Private Placement”) for a total of 1,170,299 units (each a “Unit”) at the price of $0.15 per Unit for gross proceeds of $175,544.95. Each Unit is comprised of one common share of NFT Tech (the "Unit Shares") and one warrant (a "Warrant") to purchase a common share (the "Warrant Shares"). The Warrants are governed by the terms and conditions of a warrant indenture entered into between NFT Tech and Odyssey Trust Company, as warrant agent. The Common Shares issued pursuant to the Private Placement are subject to a statutory hold period ending four months and a day from the date of issuance in accordance with applicable securities law. The net proceeds from the Private Placement are intended to be used to fund the cash portion of the purchase price of the acquisition of Run It Wild and for general working capital purposes.
About Run it Wild
Run It Wild is a multidisciplinary blockchain, metaverse and NFT development studio specializing in art, collectibles and gaming. With a diverse portfolio that includes blue-chip brands such as Australian Open, Linktree and Elvis Presley, through to creators, such as Alex Trochut and David McLeod, Run It Wild have found product-market fit in partnering with brands to navigate the possibilities of Web 3.0.
About NFT Tech
NFT Tech builds products that accelerate web3 adoption by infusing utility into digital assets. The company’s technology is designed to increase consumer engagement, enable digital asset ownership, and discover new business models, making NFT Tech a trusted partner to global brands across many industries, including sports, entertainment, and art. NFT Tech’s award-winning studio is the recipient of the first-ever Cannes Lion for an NFT Activation, of the most respected and well-known awards in the industry.
NFT Tech is publicly listed on the NEO exchange under the symbol NFT and on OCTQB under the symbol NFTFF. By bridging the gap between traditional capital markets and the web3 space, NFT Tech is mainstreaming the new era of the internet while bringing insights and benefits to the public markets.
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Cautionary Note on Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of applicable securities laws with respect to the Company. These forward-looking statements generally are identified by words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," and similar expressions. Forward-looking statements in this press release include statements relating to completion of the acquisition of Run It Wild and closing date thereof; benefits realized from the Transaction and appointment of Adam De Cata as chief executive officer of NFT Tech; expansion of the Company's NFT developments and product offerings; potential benefits and demands for direct-to-consumer NFT projects; potential benefits, development and acceptance of web3 and related applications; continued employment of Run It Wild employees and the value of their experience; plans for accelerating growth; and the continued public acceptance of NFTs. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release including, without limitation, the risk factors described in the Prospectus. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The Neo Exchange has not reviewed or approved this press release for the adequacy or accuracy of its contents.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to
U.S. Persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
