VANCOUVER, British Columbia, Dec. 20, 2017 (GLOBE NEWSWIRE) -- Victory Square Technologies Inc. (“Victory Square” or the “Company”) (CSE:VST) (OTC:VSQTF) (FWB:6F6) is pleased to announce it has signed a Letter of Intent to acquire 20% of Multapplied Networks Inc. (“MNI”), an enterprise software defined wide area networking (SD-WAN) company. Victory Square will acquire 20% of all issued and outstanding securities in MNI in exchange for cash and other consideration to be determined upon execution of a definitive agreement.
“This acquisition exemplifies Victory Square’s mandate to continue investing in companies with game-changing potential that are redefining the industries in which they operate,“ said Victory Square’s CEO, Shafin Diamond.
“We believe in MNI’s vision of a global decentralized Internet and look forward to continuing to find synergies between their networking capabilities and all of our portfolio companies,” continued Tejani. “We are confident that a strategic implementation of blockchain technology into MNI’s platform will allow MNI to build upon its impressive global network of service provider clients.”
MNI’s focus will be to utilize its proprietary software in facilitating a global decentralized Internet. MNI’s revenue is on track to exceed $1,200,000 in 2017 and the company is projecting revenue in 2018 to exceed CAD$3,000,000.
“Victory Square has a stellar track record of rapidly growing and scaling businesses into impactful global market leaders,” states Johan Arnet, CEO of Multapplied Networks. “Our vision of enabling a global decentralized private Internet is nearing fruition and we require a dynamic partner with whom to properly grow and deploy this technology. Victory Square is that partner.”
MNI is the only white-label platform designed exclusively for service providers to easily deploy SD-WAN solutions for their customers. MNI delivers its technology through a portfolio of global channel partners, including major service partners in North America, Europe, Asia, Africa, and Australia. The technology is designed to enable service providers to seamlessly integrate SD-WAN technology into their existing service offerings, while reducing cost, increasing quality of service, and enhancing customizability and performance monitoring.
Victory Square has identified SD-WAN as a disruptive technology in enterprise networking, as evidenced by large acquisitions of other competitors in this space, including a $610M acquisition of Viptela by Cisco Systems. MNI has a clear go-to-market strategy for a global blockchain-enabled networking economy. In consultation with Victory Square portfolio company Blockchain Assembly, MNI will look to raise additional funds for the development and implementation of its blockchain platform by performing a Token Generation Event. Victory Square is excited to expand its enterprise offerings and looks forward to building upon early success stories like Blockchain Technology Limited (TSXV:BTL), the first publicly-traded blockchain company in Canada.
For further information about the Company, please contact:
Howard Blank, Director
Telephone: 604-928- 6066
ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square is a venture builder that creates, funds and empowers entrepreneurs predominantly focused on Blockchain Technology, Virtual Reality, Artificial Intelligence, Personalized Health, Gaming and Film. As a technology incubator, Victory Square invests in game-changing entrepreneurs who are provided access to education programs, global mentorship networks, distribution partners, creative workspaces, resources and other forms of operational support to help them scale internationally. For more information, please visit www.victorysquare.com.
ABOUT THE CANADIAN SECURITIES EXCHANGE (CSE)
The Canadian Securities Exchange, or CSE, is operated by CNSX Markets Inc. Recognized as a stock exchange in 2004, the CSE began operations in 2003 to provide a modern and efficient alternative for companies looking to access the Canadian public capital markets. The CSE has not reviewed, nor approved or disapproved the content of this news release.
This news release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Victory Square. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square, including future plans. Although Victory Square believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Victory Square can give no assurance that they will prove to be correct. Forward- looking statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
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