NextPlay Completes Acquisition of AI-Based Game Development Platform and Crypto Asset Management Technology
SUNRISE, FL, May 05, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — NextPlay Technologies, Inc. (NASDAQ: NXTP) has completed previously announced acquisitions of artificial intelligence (AI) game development and crypto asset management technologies that further enhance its digital business ecosystem for digital advertisers, consumers and video gamers.
The company acquired the assets, patents and video game development technology of Fighter Base Publishing, Inc. (FBP) along with its make games™ (“MIG”). FBP’s proprietary AI animation tools allow game or movie characters to animate themselves and look and behave more realistically, saving producers time and effort. money compared to traditional animation.
Fighter Base Publishing was founded by Mark Vange, who joined NextPlay as his chief technology officer in July last year. Vange is the author of more than 41 US patents for breakthrough technologies that have defined the video game industry. He previously served as Chief Technology Officer of Electronic Arts Interactive (EAI) after EAI acquired a company he founded.
“We see MIG’s AI technology enabling not only rapid game development, but also faster ad creation, ad optimization, and richer metaverse experiences in our NextPlay ecosystem,” said the co-CEO of NextPlay, Nithinan ‘Jessie’ Boonyawattanapisut. “We believe it will accelerate product commercialization and monetization of higher-margin digital assets, as well as potentially generate licensing revenue from game and film studios, advertising agencies and creators. of content.”
NextPlay has secured the new crypto technology through the acquisition of the assets of IQ token, Inc., an early innovator in digital asset management and compliant smart token technology, also founded by Vange. Token IQ’s core intellectual property uses a distributed ledger, such as Ethereum or Stellar, to reconcile legal and regulatory requirements for digital assets, including Know Your Customer (KYC) challenges, anti-money laundering (AML ) and the enforcement of shareholder rights. These factors represent the most common pain points currently affecting the crypto markets.
NextPlay plans to initially deploy Token IQ technology through its NextBank International and subsidiaries of Longroot Thailand, where it will be used to more efficiently and securely serve our cryptocurrency customers. The technology is also available to licensed partners.
Nithinan ‘Jessie’ Boonyawattanapisut, commented, “Given its powerful capabilities, we expect Token IQ technology to eventually become the core of all our products and services as we focus on delivering compelling products for consumers across multiple media channels. This ranges from our Longroot asset-based cryptocurrencies, digital insurance tokens, HotPlay in game tokens, and to our future NextBank fintech services.
The acquisition of Token IQ also brings in software development talent that will support the integration of the technology across NextPlay’s various digital platforms, as well as the development of the company’s intellectual property (“IP”). business.
“We believe the significant opportunity these acquisitions have provided us with significantly strengthens our global technology intellectual property,” Boonyawattanapisut added. “These new technology platforms should further accelerate our global initiatives, as we continue to transform NextPlay into a powerhouse in online advertising, interactive digital media, gaming, fintech and the emerging metaverse.”
In January, the company reported record quarterly revenue of $4.2 million for its fiscal third quarter ended November 30, 2021, up 59% from the prior quarter, with gross margin increasing from 51.9% to 53.5% . Cash, cash equivalents and restricted cash totaled $21.4 million as of November 30, 2021.
Further information regarding the acquisitions of Fighter Base Publishing and Token IQ is available in the company’s filings with the Securities and Exchange Commission (SEC), available at www.sec.gov.
To learn more about Token IQ and Make It Games, visit tokeniq.io and makeitgames.com.
About NextPlay Technologies
NextPlay Technologies, Inc. (Nasdaq: NXTP) is a technology solutions company providing gaming, in-game advertising, crypto-banking, connected TV and travel booking services to consumers and businesses across the world. growing global digital ecosystem. NextPlay’s engaging products and services use innovative AdTech, Artificial Intelligence and Fintech solutions to leverage the strengths and channels of its existing and acquired technologies. For more information about NextPlay Technologies, visit www.nextplaytechnologies.com and follow us on Twitter @NextPlayTech and LinkedIn.
This press release contains “forward-looking statements” within the meaning and scope of the safe harbor provided by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements give our current expectations, opinions, beliefs or forecasts regarding future events and performance. A statement identified by the use of forward-looking words, including “will”, “may”, “expect”, “project”, “anticipate”, “plan”, “believe”, “estimate”, “should and certain of the other foregoing statements may be considered forward-looking statements. Although the company believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to differ materially from those suggested or described in this press release. . Factors that could cause such a difference include risks and uncertainties, including, but not limited to, our need for additional capital, which may not be available on commercially acceptable terms, if at all, which raises questions about our ability to continue our business. ; the fact that the COVID-19 pandemic has had, and is expected to continue to have, a material adverse impact on the travel industry and our business, results of operations and liquidity; sums owed to us by third parties, which may not be paid on time or at all; certain amounts we owe under outstanding debt, which are secured by substantially all of our assets, and any penalties we may incur in connection therewith; our being heavily indebted, which could adversely affect our business and financial condition; our revenues and results of operations being subject to the ability of our distributors and partners to integrate our alternative accommodation rental (ALR) properties into their websites, and the timing of such integrations; the development and acceptance of cryptographic and algorithmic protocols governing the issuance and transactions of cryptocurrencies are subject to uncertainties and a variety of factors that are difficult to assess; uncertainty and illiquidity in credit and capital markets, which may impair our ability to obtain credit and financing on acceptable terms and may impair the financial strength of our business partners; the Company’s officers and directors have the ability to exercise significant influence over the Company; shareholders may be significantly diluted by our efforts to obtain financing, fulfill our obligations and complete acquisitions through the issuance of additional shares of our common or preferred stock; if we are unable to adapt to changes in technology, our business could suffer; our travel business is largely dependent on property owners and managers renewing their listings; if we do not adequately protect our intellectual property, our ability to compete could be impaired; our long-term success depends, in part, on our ability to expand our owner, manager and traveler bases outside of the United States and, therefore, our business is sensitive to the risks associated with international operations; adverse changes or interpretations of government regulation or taxation of the evolving ERA, cryptocurrency, Internet and e-commerce industries that could adversely affect our results of operations; risks associated with the operations, businesses and regulations of Longroot and NextBank International (formerly IFEB); the market in which we participate is highly competitive, and because of this, we may be unable to compete successfully with our current or future competitors; our potential inability to adapt to changes in technology, which could adversely affect our business; the volatility of our stock price; and that we have incurred significant losses to date and require additional capital which may not be available on commercially acceptable terms, if at all. Further information about the risks and uncertainties facing NextPlay is detailed from time to time in NextPlay’s periodic reports filed with the SEC, including its most recent annual report on Form 10-K and quarterly reports on Form 10. -Q, under the headings “Risk Factors”. These reports are available at www.sec.gov. Other unknown or unforeseeable factors could also materially adversely affect the Company’s future results and/or could cause that our actual results and financial condition will differ materially from those indicated in the forward-looking statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected. forward-looking statements contained in this press release are made only as of the date and hereof. The Company undertakes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties who are not paid by the Company. If we update one or more forward-looking statements, no conclusion should be drawn that we will make additional updates with respect to such or other forward-looking statements.
SOURCE: NextPlay Technologies, Inc.
Company details :
Director of Corporate Development
Tel (954) 888-9779
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