09:29:52 EDT Mon 24 Jun 2024
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or Name

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Looking Glass Labs Ltd (2)
Symbol NFTX
Shares Issued 21,990,764
Close 2024-02-06 C$ 0.30
Market Cap C$ 6,597,229
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Looking Glass to acquire Bot Media climate, AI assets

2024-02-07 00:56 ET - News Release

Mr. Jared Gurfein reports


Looking Glass Labs Ltd. has signed a definitive agreement to acquire the climate and artificial intelligence Web3 assets of Bot Media Corp. for a purchase price of $765,000, payable through the issuance of common shares of the company at a deemed price of 25 cents per share.

Under the terms of the purchase agreement, Looking Glass will issue a total of 3.06 million consideration shares to the vendor, each valued at 25 cents, at the time of closing. The company intends to utilize Section 2.12 of National Instrument (Prospectus Exemptions), also referred to as the asset acquisition prospectus exemption, for the issuance of the consideration shares. These shares will be subject to a statutory hold period of four months and one day, starting from the closing date. The completion of this acquisition is contingent upon Looking Glass's final due diligence and the approval of Cboe Canada.

Purchased assets

The acquisition includes CarbonBot and ClimateBot. CarbonBot is an innovative digital platform that tracks news related to climate-focused companies and generates articles using artificial intelligence, incorporating capabilities of ChatGPT. Developed by the vendor, CarbonBot acts as a real-time news aggregator in the environmental sustainability sector, leveraging large language models like ChatGPT to summarize and disseminate articles from its network. ClimateBot is a Web-based digital tool offering a range of calculators to evaluate various environmental impacts, focusing on carbon footprint assessments. It enables users to take direct action toward remediation, such as carbon offsetting through tree planting initiatives.

ClimateBot: a carbon footprint analysis and mitigation technology

ClimateBot is designed to change the way the carbon footprint is understood and addressed. Through on-line questionnaires, it calculates the carbon footprint of individuals and businesses, encouraging active participation in climate mitigation by offering mangrove tree planting to offset annual carbon emissions. This effort is supported by a partnership with The Treegens, a leading Web3 project in the regenerative finance space.

Jared Gurfein, chief executive officer of Looking Glass, shared his excitement about the acquisition: "This is more than a business transaction. It's a significant step towards a sustainable future. We're eager to incorporate these groundbreaking platforms into our offerings and make a real difference in environmental protection."

Jimi Cohen, founder of Treegens and Guinness world record holder for tree planting, applauded the initiative: "The application of the Treegens protocol by Bot Media and the commitment of Looking Glass to the ReFi market are remarkable. This collaboration highlights the impact of innovative technology on environmental conservation."

CarbonBot: a hub for carbon economy insights

The acquisition also includes a media platform that tracks leading carbon economy ventures, non-profits and Web3 ReFi projects in real time. It uses ChatGPT to create automated news from press releases and social media, which are then curated and edited for the platform.

This acquisition is a pivotal moment in merging technology with environmental stewardship, positioning Looking Glass at the forefront of combatting climate change with its expertise in Web3 solutions.

Daniel Rad, editor-in-chief of Bot Media, expressed his enthusiasm: "Partnering with Looking Glass Labs is a key achievement for us. Our combined technological and media expertise will undoubtedly forge a powerful tool in the climate change battle."

About Looking Glass Labs Ltd.

Based in Vancouver, B.C., Looking Glass specializes in consumer engagement applications that exploit immersive metaverse environments, gamification and Web 3.0/blockchain monetization strategies.

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