YDX Innovation announces Joint Venture with VancouVR Ventures Corp.
Monday, June 1, 2020 5:45 AM
VANCOUVER, BC / ACCESSWIRE / June 1, 2020 / YDX Innovation Corp. (TSXV:YDX)(OTC PINK:YDRMF)(FSE:A2PB03) ("YDX" or the "Company"), is pleased to announce that it has entered into a joint venture relationship with VancouVR Ventures Corp. ("VRVC") for the operation of a retail store in Gastown, Vancouver, British Columbia which will showcase the Company's virtual reality gaming arena, known as Arkave, and other interactive attractions. The store is set to open in July, 2020.
The Arkave Store in Gastown is a new concept in entertainment that will combine different experiences in Virtual Reality and gaming. YDX will proudly supply its proprietary Arkave Arena and exclusive gaming content created by Arkave Studios: "The Last Squad" and "Romans From Mars", developed in partnership with Liquid Media Group (Nasdaq:YVR). The store will also showcase single player VR games and VR racing simulators, with content provided by the partnership between YDX and Synthesis VR. This uniquely designed concept will also have an area for retro gaming and video game consoles.
The lower floor will also have retail space, dedicated for esports equipment and gaming merchandise. The business will monetize this area and build it out as one of its prime revenue drivers. Currently, YDX and VRVC are negotiating partnership opportunities with vendors for snacks, energy drinks and gaming hardware.
The second floor will be dedicated to esports, where gamers will be able to enjoy a premium experience with high-end gaming equipment in an area dedicated for, both, casual gaming and training facilities for amateur and pro teams.
"We've found a great synergy with VancouVR VC and I look forward to the partnership. This is a very promising business model that we are exploring; an entertainment center that combines VR, esports, retro gaming and simulators. We were looking for a local partner to operate and test the business model before we can explore the possibility to expanding to other cities in North America and I'm happy to be partnering with VRVC. Beyond being an operator of this incredible endeavor, VRVC brings extensive knowledge and relationships in the gaming community. We look forward to leveraging these resources in helping prove the new concept to be successful and profitable," says Daniel Japiassu, CEO of YDX Innovation.
The facility is set to open in July and will, with consideration to the COVID-19 pandemic, operate in accordance with best practices as defined by our health authorities to ensure safe operations. The company will focus on closed corporate events and birthday parties, while respecting the maximum number of participants as defined by protocols set forth by our health authorities.
Under the joint venture relationship, the Company will contribute its name and branding for Arkave, in addition to the expertise and the proprietary designs for construction of a virtual gaming arena within the facility. VRVC will contribute expertise necessary to complete construction and operate the facility.
In order to formalize the joint venture relationship, the Company and VRVC have created a joint venture entity 60401 Arkave Theatres Corp. ("Arkave Corp.") and entered into a shareholder agreement for Arkave Corp. The Company and VRVC each hold 50% of the shares of the Arkave Corp. and each nominate one director to the board of directors of Arkave Corp. The Company and VRVC will equally share the costs of setup and profits of Arkave Corp.
About the partnership, Nicolas Isla, CEO of VRVC said: "I look forward to a fruitful relationship with YDX. As a life-long gamer and Vancouverite, I am thrilled to introduce such an exciting technology to my city and share the variety of interactive experiences offered in VR. I am confident the Arkave platform is the best solution for multiplayer VR experiences, and I am optimistic for Arkave Studios foray into education."
The Company also announces the grant of 11,000,000 stock options at an exercise price of $0.17 to director, officers, advisors and consultants of the Company pursuant to its Rolling Stock Option Plan. The term of the options will be 3 years.
About YDX Innovation
YDX Innovation Corp. (TSXV- YDX :: www.ydxinnovation.com) is a technology company that develops products and services and is an expert in immersive technologies like Augmented and Virtual Reality, eSports events and Interactive Exhibitions under the following three divisions:
Arkave VR Arena - https://sales.arkavevr.com/ - a gaming platform that brings the most immersive Virtual Reality experience to Location-Based venues with a highly scalable business model. Developed as an all-in-one gamers haven featuring state-of-the-art free room tech right down to the most nostalgic gaming systems.
YDreams Global - www.ydreamsglobal.com - have developed over 1,300 interactive experiences for clients all over the world such as Disney, NBA, Adidas, Cisco, Nokia, Nike, Mercedes-Benz, Coca-Cola, Santander, AmBev, Qualcomm, Unilever, City of Rio and Fiat.
BEAT Gaming - www.beat.gl -Founded in 2011, BEAT Gaming is an experienced Canadian esports company that has organized internationally recognized events such as the Dota 2, Overwatch and PUBG BEAT Invitational. Since its creation, BEAT has organized over 30 professional and semi-pro esports events, which have reached over 40 million views globally.
Game On Festival - www.gameonfestival.com - is an interactive entertainment event that celebrates the video game universe. Designed for gamers, families and fans of all ages, this Festival is a fusion of culture, entertainment and fun through Interactive Exhibits, Game Arenas, eSports Tournaments, high impact collective experiences, among other fun activities, all brought together in one large exhibition-style event.
Director and CEO
[email protected] | www.ydxinnovation.com | www.youtube.com/ydreamsglobal
This news release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws, including, without limitation: the intention of the Company to provide the name and branding for Arkave and the expertise and the proprietary designs for construction of a virtual gaming arena within a retail store to be opened in July 2020; the intention of VRVC to provide services in completing the construction and operation of the store; and the expectation of the parties to equally share in the net profits, if any, of Arkave Corp. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. The Company's statements expressed or implied by these forward-looking statements are subject to a number of risks, uncertainties, and conditions, many of which are outside of the Company's control, and undue reliance should not be placed on such statements. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding the Transaction, including: that the Company's assumptions in making forward-looking statements may prove to be incorrect; general adverse market conditions and competition; the inability to finance any necessary operating costs required to successfully organize or operate Arkave Corp. or the retail store; any legal issues arising with respect to the use of the name, branding or proprietary designs to be provided by the Company; any potential issues that may arise in the construction of the store, including permitting issues and other delays; that there may be no net revenues or profits arising from operation of the retail store and Arkave Corp.; and that market conditions related to the COVID-19 pandemic or otherwise may negatively affect the outcome of the proposed joint venture relationship, the retail store and/or the business, including the results and financial condition of Arkave Corp., VRVC and/or the Company. Except as required by securities law, the Company does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: YDX Innovation Corp.