Completion of Six to Start Acquisition
The acquisition was announced to the market on 5 March 2021.
Six to Start is a world-renowned, award-winning UK-based game developer and fitness company which creates immersive smartphone experiences including Zombies, Run!, the world's leading gamified health and fitness app. The Company's gamification assets are strategically important to OliveX and its vision to deliver innovative health and fitness experiences.
In relation to the completion, Keith Rumjahn, CEO of OliveX said:
"We are thrilled to be embedding Six to Start into the wider OliveX business. This is a key part of our vision to build a fitness metaverse which will change the delivery of gamified health and fitness. I would like to thank our advisors in the UK and Australia, the vendors of Six to Start and welcome Adrian Hon and his talented team to the OliveX family."
A placement of shares to finance the cash consideration obligations in connection with the acquisition was announced to the market on 7 May 2021.
Canadian Securities Exchange (CSE) Listing
As announced by the Company on 10 March 2021, the Company intends to cross-list on Canada's CSE. In this regard, the Company notes that it has made progress towards listing and it intends to lodge a Canadian prospectus over the next few weeks. The Company will keep investors informed in this regard.
Proposed ERC-20 Token
As part of the Company's fitness metaverse strategy, it is currently investigating the viability of implementing an ERC-20 utility token built on the Ethereum blockchain across the Company's ecosystem of play to earn fitness games. Such tokens will be non-fungible tokens (NFTs), which can be traded across the ecosystem by gamers, developers, and publishers, allowing content creators and players to exchange content such as assets and games, and build a user-based platform of rewards while developing an ecosystem where users share their unique gaming creations.
The Company notes that there is no certainty that any token will be implemented or issued and the launch of any such token remains subject to the Company confirming compliance with all applicable laws (including the Corporations Act 2001 (Cth) and NSX Listing Rules) in relation to the issue and use of such tokens.
Subject to confirmation that such tokens can be legally issued and the Company otherwise deciding to proceed with a token launch (in its absolute discretion), in addition to any tokens issued to parties subscribing for tokens as part of any token launch, the Company intends to gift tokens to investors that participated in the Company's recent placement to raise $8,888,888 (before costs) (see NSX Announcement dated 7 May 2021) (Placement Participants) up to a maximum value of approximately A$5.5 million based on the issue price of the tokens at the date of launch. Any such issue of tokens to the Placement Participants would be subject to the Placement Participants entering into appropriate token subscription agreements with the Company on terms satisfactory to the Company, acting reasonably.
About Six to Start
Six to Start is an independent game developer based in London, specialising in story-like games and game-like stories. Their latest games include Zombies, Run!, the world's bestselling smartphone fitness app, and The Walk, the first smartphone fitness game funded by the UK's Department of Health.
Six to Start was founded in 2007 - developing games involving millions of players for Channel 4, the BBC, and Muse, along with cutting-edge fiction for Penguin and Macmillan. The company also conducts research and development for companies including Disney Imagineering, Microsoft, and the British Museum.
About OliveX Holdings Limited
OliveX (NSX:OLX) is a digital health and fitness company selling innovative products and applications to deliver a unique user experience using artificial intelligence, gamification and premium content. With its flagship product the KARA Smart Fitness Mirror and associated subscription-based applications, OliveX provides a platform that links and engages consumers with brands, influencers and fitness coaches and that enables any space to become a personal fitness studio. OliveX has a market reach that spans over 170 countries.
OliveX Holdings Limited