SAN DIEGO, CA / ACCESSWIRE / May 19, 2022 / Live Current Media, Inc. ("Live Current") (OTCQB:LIVC) announces that it has signed a non-binding letter of intent ("LOI") to acquire Guru Experience Co, Inc (dba TheGuru.co) ("Guru") of San Diego in an all-stock transaction.
Pursuant to the terms of the LOI, it is the intention of the parties to sign a definitive agreement within 90 days of signing of the LOI. Conditions precedent to signing of a definitive agreement include:
- Both parties submitting to and completing due diligence investigations.
- Both parties obtaining any shareholder approval required.
- Guru providing the most recent two fiscal years of audited financial statements.
Concurrently with the signing of the definitive agreement Live Current will issue 3 million shares to the current shareholders of Guru for all their issued and outstanding shares.
Guru is a market leader in digital experiences for the tourism and museum industry. These experiences include augmented and virtual reality (AR/VR) and an NFT marketplace, which will be integrated into Live Current's existing community focused streaming application (KAST).
Guru will become a subsidiary of Live Current. As part of the transaction certain key Guru employees will be joining the Live Current team, including Suzie Dergham (Guru's CEO). Ms. Dergham will be reporting directly to Mark Ollila, CEO of Live Current.
"We are tremendously excited to be continuing the growth of Live Current with this acquisition," said Mr. Ollila. "Guru brings us important capabilities in AR/VR and NFTs - both of which enhance our market leading media streaming application and position us well for new metaverse opportunities - and critically, a great experience and customer focused team that has successfully created a profitable product with great growth potential. We have known them for some time and are excited to be bringing the team on board."
Suzie Dergham said "The decision to take Guru forward with Live Current was an easy one. We are excited by the vision and look forward to continuing in delivering industry leading experiences to our customers and community."
Guru Experience Co. offers museums and cultural sites a full-suite digital experience platform.
Guru creates a bridge between cultural institutions and a 21st-century audience. Museums have connected people to art and culture for centuries. Guru works with museum, zoo, and aquarium partners to not only enhance the visitor experience but also provide digital strategies to meet the educational and financial goals of institutions.
The company offers a user-friendly platform that makes creating, sharing, updating, and maintaining digital experiences fast and easy. These include audio tours, augmented reality, wayfinding, geolocated content, interactive maps, games, scavenger hunts, ticketing and queuing.
About Live Current Media Inc.
Live Current Media Inc. is a media technology company operating the Kast watch party platform. Kast is a virtual living room where friends gather to watch movies, play games and be together. Kast is at the intersection of the fast-growing markets of Live Events, Social Media, Video Streaming and gaming with its multi-channel watch party solution. The platform is available on the web, iOS and Android and offers a limited free subscription service and an enhanced premium subscription with higher bandwidth and greater functionality.
On behalf of the board of directors of Live Current Media Inc.
Mark Ollila, CEO & Director
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All statements in this press release that are not statements of historical fact are forward-looking statements, including any projections of growth, earnings, revenue, cash or other financial items, any statements of the plans, strategies, objectives and goals of management for future operations, any statements regarding future economic conditions or performance, statements of belief and any statements of assumptions underlying any of the foregoing. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, general economic conditions particularly as they relate to demand for our products and services; competitive factors; changes in operating expenses; our ability to raise capital as and when we need it and other factors. Live Current Media, Inc. assumes no obligation to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so.
SOURCE: Live Current Media Inc.