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YDX Innovation Corp (2)
Symbol YDX
Shares Issued 28,527,537
Close 2020-11-27 C$ 0.105
Recent Sedar Documents

YDX Innovation to sell Beat Gaming

2020-11-27 18:07 ET - News Release

Mr. Daniel Japiassu reports

YDX INNOVATION DIVESTS GAMING ASSETS

YDX Innovation Corp. has entered into an agreement of purchase and sale with the founders of Beat Gaming, Vasilios Elafros and Anthony Truong, for the transfer of Beat Gaming intellectual property from YDX to the purchasers.

"With the imminent merger with Amuka Esports, we've made the difficult decision to mutually part ways with Beat e-sports," said Daniel Japiassu, chief executive officer of the company. "Although we think highly of the Beat brand, we had to make the difficult decision to divest certain assets in order to facilitate investment in the company's upcoming initiatives, such as our gaming academy and developing direct-to-consumers virtual reality content. We are sure Bill and Anthony will continue to do great things with Beat, and hopefully there will other opportunities for both companies to collaborate in the future."

"We are looking forward to our future operations in e-sports and we wish the YDX team all the best. We're excited for 2021 and hope both companies can collaborate in the future as well," said Bill Elafros, chief executive officer of Beat e-sports.

Under the terms of the agreement, the purchasers will be assigned all intellectual property related to Beat Gaming, including the brands and social media channels, in exchange for releasing YDX from the obligation to pay the remaining cash balance ($606,000 after a payment of $80,000 in 60 days from the closing) due under the share purchase agreement between the parties signed in April, 2020.

About YDX Innovation Corp.

YDX Innovation is a global leader in the commercialization of immersive new technologies that incorporate virtual reality, augmented reality, e-sports and gaming. Its core business seeks to monetize through licensing its IP, developing interactive exhibitions, and through e-sports tournaments and content.

Arkave VR Arena is a proprietary gaming platform that brings location based virtual reality to any location-based event or entertainment centre. Arkave features state-of-the-art free roam technology coupled with a vast library of both in-house and third party games.

YDreams Global has developed over 2,000 interactive and immersive experiences for some of the largest global brands including Disney, NBA, Adidas, Cisco, Nokia, Nike, Mercedes-Benz, Coca-Cola, Santander, AB InBev, Qualcomm, Unilever, Fiat and the City of Rio de Janeiro.

Purple Mage Advisors is a research and data analysis firm that specializes in player recruitment and development in the gaming industry. PMA helps e-sports and gaming companies with industry reports, player recruitment, player training, data analysis and relevant statistical reporting.

Render is a professional video production studio specializing in crafting video content for YouTubers, streamers, teams and brands. Render is highly specialized in gaming content, but also works with a wide variety of digital media.

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