HeadsUp Entertainment International Inc. is pleased to announce that management has been working on the acquisition of a major European based Gaming Software Development Company specializing in creating platforms for the lottery, online casino, charity fundraising and sports betting sectors.
Over the past 90 days HeadsUp has secured the rights to acquire all assets, licenses and contracts of the target company whose name can not yet be released as per NDA and disclosure requirements within the Agreements.
As per disclosure requirements as a public Company, today HeadsUp announces that an LOI, a Loan and Security Agreement and a preliminary Asset Purchase Agreement have been completed with a Due Diligence condition having now been met as the Parties move to the Definitive Agreement and Closing. To date, HeadsUp has forwarded approximately USD $1,000,000 towards this transaction.
The target acquisition operates under two entities based in Europe and are licensed in multiple international jurisdictions with contracts in place to provide leading edge software platforms. There are over 50 customers that range from national government contracts in the lottery sector to private gaming operators in the online casino and sports betting industry. After independent audits and private analyst reviews, it has been confirmed that the total value of contracts as part of this transaction are in excess of USD $180 million with revenues already being generated from multiple clients and acceleration of other new product launches.
This transaction is a strategic victory for the HeadsUp organization as it secures critical technology that is innovative and industry leading to capitalize on the new and expanding legal gaming and charity markets globally. This also supports the previously announced partnership with LOTIX LLC to enter the sports betting market as just one specific example whereby HeadsUp will now own the software required to launch leading edge solutions and customer engagement products. This vertical integration is a key success execution of managements strategy to become an industry leader and generate substantial revenues in this exploding global market.
The Company expects the Definitive Agreement and Closing to take place in the next 60 days. Subsequently, with the exponential increase in asset value and revenues, management will then complete a series of corporate finance strategies to move off the OTC Pink Sheet Market to a higher tier exchange as referred to in the previous Press Release from last Thursday.
The Company website at www.headsupentertainment.com will continue to update milestones on this transaction as well as multiple other areas of operation.
About HeadsUp Entertainment International Inc.
HeadsUp Entertainment International Inc. is a global gaming operator and media company focusing on online gaming, online poker, eSports, sports betting, online lottery, mobile 50/50, charity fundraising platforms, software and blockchain based payment solutions.