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Kings unable to complete deal with Sports Venture

2023-03-17 18:52 ET - News Release

An anonymous director reports

SPORTS VENTURE HOLDINGS REFUSES TO CLOSE BUSINESS COMBINATION WITH KINGS ENTERTAINMENT

Despite months of consistent effort by Kings Entertainment Group Inc., Sports Venture Holdings Inc. (SVH) is refusing to complete the previously agreed business combination of the company and SVH announced on May 25, 2022.

The terms of the business combination were agreed to pursuant to a business combination agreement dated May 24, 2022, between Kings Entertainment and SVH. Pursuant to three extension agreements between the company and SVH, the outside date to close the business combination agreement had been extended to March 17, 2023 (the outside date). Despite the company's willingness and ability to complete the business combination prior to the outside date, SVH has advised that it does not intend to do so.

The company is considering all options with respect to the enforcement of the business combination agreement, the loan and its other rights.

We seek Safe Harbor.

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