The Company’s Shares Will Commence Trading on AQSE at 8:00 AM GMT on Monday, November 14 with the Ticker Symbol “NFTX”, While Its Shares Will Continue to Trade on the NEO Exchange in Canada
VANCOUVER, BC, Nov. 14, 2022 /CNW/ – Looking Glass Labs Ltd. (“LGL” or the “Company”) (NEO: NFTX) (OTC: LGSLF) (AQSE: NFTX) (FRA: H1N), a leading Web3 platform specializing in non-fungible token (“NFT“) architecture, immersive metaverse environments, play-to-earn tokenization and virtual asset royalty streams, announces that it has completed its admission to the Access segment of the AQSE Growth Market (“AQSE“) and trading will commence at 8:00 A.M. GMT on Monday, November 14, 2022 (“Admission“) under the ticker “NFTX”. The Company’s shares will also continue to trade on the NEO Stock Exchange in Canada.
- LGL’s leading brand, House of Kibaa (“HoK“), is designing and curating a next-generation metaverse for 3D assets that allows functional art and collectibles to exist simultaneously across different NFT blockchain environments;
- LGL’s Alpha version of its Pocket Dimension metaverse, a hyper-realistic digital world built using the latest version of Unreal Engine that offers users a premium virtual experience across 10 different environments, was released on November 1, 2022;
- LGL is currently developing a mobile game, Degen Area, which is aiming to be the first truly decentralized game that will integrate the art and audiences of many different NFT projects and its launch is anticipated to be in mid-late 2023;
- The Company has also developed GenZeroes, which is a new multi-media franchise and is being developed in collaboration with several artists with work experience that includes projects for both the StarWars and Marvel franchises; and
- The Company has recently completed the acquisition of Web 3.0 Holdings Corp., which is a Web3 focused technology company which owns a proprietary retail technology platform.
“It is a significant achievement to now be able to offer UK-based investors the ability to invest in LGL more easily and directly via its admission to the AQSE Growth Market. AQSE is a great platform for growing companies to access new investors,” said Dorian Banks, Chief Executive Officer at LGL. “Adding AQSE as a forum for the trading of our common shares in addition to them being available on the NEO Exchange, OTC Market and Frankfurt Bourse is an example of how LGL is striving to bring the business of NFTs and the metaverse to more people around the world,” added Mr. Banks.
The Company will have a dual listing with its common shares fully fungible through a CREST Depositary Interest (“CDI”). The CDIs will carry the same ISIN as the Common Shares listed in Canada on NEO. The issued share capital of LGL comprises 129,744,338 common shares.
The Company will be classified as an Information Technology company on Access Segment of the Aquis Stock Exchange.
“This announcement, together with any documents incorporated by reference, shall be deemed to constitute an admission document for the purposes of the AQSE Growth Market Rules for Issuers – Access. It has not been approved or reviewed by the Aquis Stock Exchange or the Financial Conduct Authority.”
The Directors of Looking Glass Labs take responsibility for this announcement
This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse
About Looking Glass Labs:
Headquartered in Vancouver, British Columbia, Looking Glass Labs (“LGL”) is a Web3 platform specializing in non-fungible token (“NFT”) architecture, immersive metaverse environments, play-to-earn tokenization and virtual asset royalty streams. Its leading brand, House of Kibaa (“HoK”), designs and curates a next generation metaverse for 3D assets, which allows functional art and collectibles to exist simultaneously across different NFT blockchain environments. HoK has successfully released digital assets to include GenZeroes, which sold out in just 37 minutes for total proceeds to LGL of CAD 6.2 million, in addition to a perpetual 5% royalty stream on secondary market sales.
Adam Deffett, Non-Executive Director
Mr. Deffett is a senior capital markets professional with over 15 years of experience in the Canadian equity markets. Mr. Deffett began his career at RBC Capital Markets and has held senior positions in both sales and trading at various Canadian banks and independent dealers, most recently as Managing Director and Head of Institutional Sales at Laurentian Bank. He has extensive experience in capital raising, shareholder communication and capital markets strategy. Mr. Deffett is also the interim CEO and vice president of capital markets of KetamineOne Capital Limited. Mr. Deffett graduated with a Bachelor of Commerce from the University of Calgary and is a CFA Charterholder.
Patrick O’Flaherty, Non-Executive Director
Mr. O’Flaherty is a Chartered Accountant and a Chartered Financial Analyst. He also holds a degree in Economics from Union College, in Schenectady, NY. Mr. O’Flaherty has several years of experience in financial services, including public accounting and wealth management. He has worked for a recognized accounting firm and two recognized banking institutions.
Carl Chow, Non-Executive Director
Mr. Chow is a telecommunications Consultant, at Shaw Communications responsible for designing, implementing, and upgrading cost-effective telecommunication systems for both residential and commercial clientele. Mr. Chow served on the board of directors for a Singapore domiciled company, Interact Investments Inc., from 2010 to 2015. Mr. Chow held a position as an Investor Relations senior manager for NewAge Financing Limited, from 2006 until 2009. His role and responsibilities were composed of liaising with start-up companies and locating strategic Venture Capital funding. Prior to this position he served as CEO and director of Meadow Springs, Inc. and as a director of Lido Minerals Corp. (now Highlander Silver Corp.) Mr. Chow completed a diploma in Financial Management from the British Columbia Institution of Technology.
Dorian Banks, Chief Executive Officer
Mr. Banks is an international serial entrepreneur, having started dozens of businesses in Europe, Africa, Asia and North and South America. For over 25 years, he has primarily worked in the tech, agri-tech and blockchain sectors. Mr. Banks primarily works to identify up-and-coming trends, develop a business model and turn the idea into a successful business. He has also consulted globally on the sectors he has most expertise. Mr. Banks has served on over a dozen public Boards and taken his own startups to the public markets such as MetroBridge Networks which he started as a one-man operation. He also has served in larger corporations such as Chief Knowledge Officer of Voith GmbH in Germany. He continues as Managing Director of Design Build Research, a non-profit educating around sustainable building practices.
Francis Rowe, Chief Financial Officer
Mr. Rowe is a Chartered Professional Accountant and holds a Bachelor of Science degree from the University of Northern British Columbia. He has provided accounting and tax services to a wide range of business and personal clients. In addition, he currently serves as a Director and Chief Financial Officer for several public and private entities.
Neil Stevenson-Moore, Chief Product Officer
A serial entrepreneur, Mr. Stevenson-Moore was the CEO and founder of StylePixi, a retail technology company that leverages Artificial Intelligence and advanced algorithms to disrupt the $25 trillion dollar retail market. Building off the success of StylePixi, Neil moved to London UK as he was selected to be the head of online giant Farfetch’s “Store of the Future”. Farfetch is recognized as a world leader in consumer retail technology and is currently valued in excess of $1.5B. Neil has since co-founded and helped to build SportNinja into a fast-growing player in the $200B amateur sports industry. Mr. Stevenson-Moore brings a wealth of consumer engagement and marketing experience to the Looking Glass team and will be instrumental in developing an exciting go to market strategy.
This news release contains “forward-looking statements.” Statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things: the development of Pocket Dimension, the Company’s goal to become the leading digital studio specializing in NFT architecture, immersive metaverse design and virtual asset display monetization streams; intention to build out a portfolio of perpetual NFT royalty streams through collaborations, accretive acquisitions and other arrangements, to potentially result in consistent, de-risked and passive revenue; and the near-term projects and future projects.
The material assumptions supporting these forward-looking statements include, among others, that: the Company could mitigate the risks associated with the blockchain and NFT industry; the ability to compete with other businesses in the NFT market; the availability of sufficient funding to carry out the Company’s business development plans; favourable market conditions; the ability of HoK to sell all or substantially all of its product offerings; the market acceptance for its products; and the ability to complete the development of Pocket Dimension in a timely manner.
Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the continued growth and adoption of NFT and metaverse offerings by the consumer market; the cost of developing and designing NFTs and metaverses is economically viable; the Company being able to attract and retain a sufficient workforce with desired skillsets to develop the Company’s NFT and metaverse offerings; the availability of offerings provided by third-parties in the NFT, metaverse development and online gaming market to identify potential transactions; the increasing adoption of NFTs as a solution for various online gaming, entertainment and collectible uses; the Company having the ability to mitigate the risks associated with the blockchain and NFT industry; and the ability to compete with other businesses in the NFT, metaverse development, content creation and collectibles market.
Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the risk that the Company’s offerings are not accepted by the consumer, the risk that other competitors may offer similar digital offerings; the risk that there may be negative changes in general economic and business conditions; the risk that the Company may have negative operating cash flow and not enough capital to complete the development of any of its technologies; the risk that the Company may not be able to obtain additional financing as necessary; the risk that there may be increases in capital and operating costs; the risk that the NFT technology may be subject to fraud and other failures; the risk that there may be technological changes and developments in the blockchain that make the NFT solutions obsolete; risks relating to regulatory changes or actions which may impede the development or operation of the blockchain solutions; the risk that other competitors may release similar blockchain offerings; the potential future unviability of the NFT market in general; the volatile cost of the amount of computational effort required to execute specific operations on the blockchain, and other general risks involved in the blockchain solutions.
Risks and uncertainties about the Company’s business are more fully discussed in the Company’s disclosure materials, including its reports filed with the Canadian securities regulators and which can be obtained from www.sedar.com.
Any of these risks may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Further, although the Company has attempted to identify factors that could cause actual results, levels of activity, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause results, levels of activity, performance or achievements not to be as anticipated, estimated or intended. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law, including the securities laws of the United States and Canada. Although the Company believes that any beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. The Company does not assume any liability for disclosure relating to any other company mentioned herein.
SOURCE Looking Glass Labs Ltd.
For further information: Looking Glass Labs Ltd.: Dorian Banks, Chief Executive Officer, Tel: +1 833 545 6389, Email: [email protected], Website: https://www.lgl.io/; Novum Securities Limited, AQSE corporate Advisor: David Coffman/ George Duxberry, Tel: +44 (0)207 399 9400