HeadsUp Announces Steps to Closing Major Acquisition in Gaming Software Sector

Rhea-AI Summary

HeadsUp Entertainment International Inc. (OTC: HDUP) is set to acquire a major European Gaming Software Development Company. The transaction includes all assets, licenses, and contracts, with an estimated value of over USD $180 million. HeadsUp has already forwarded approximately USD $1 million toward the deal, which secures critical technology for online gaming and sports betting. The Definitive Agreement and Closing are expected within 60 days, potentially enabling the company to move to a higher-tier exchange. This acquisition supports the company's strategy to become an industry leader.

Positive

• Acquisition value exceeds USD $180 million.
• Secures critical technology for online gaming and sports betting.
• Forwarded USD $1 million already, indicating commitment.
• Potential to move to a higher-tier exchange post-acquisition.

Negative

• None.

LAS VEGAS, Sept. 28, 2021 /PRNewswire/ - HeadsUp Entertainment International Inc. (OTC: HDUP.PK) 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.

Forward-Looking Statements:

This news release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. When used in this release, words such as "estimate," "expect," "anticipate," "projected," "planned," forecasted" and similar expressions are intended to identify forward-looking statements, which are, by their very nature, not guarantees of HeadsUp Entertainment International Inc.'s future operational or financial performance and are subject to risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Due to the risks and uncertainties, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements because of new information, future events or otherwise.

View original content:https://www.prnewswire.com/news-releases/headsup-announces-steps-to-closing-major-acquisition-in-gaming-software-sector-301386650.html

SOURCE HeadsUp Entertainment International Inc.

FAQ

What is the acquisition announced by HeadsUp (HDUP)?

HeadsUp announced the acquisition of a major European Gaming Software Development Company, involving all assets, licenses, and contracts valued over USD $180 million.

How much has HeadsUp already invested in the acquisition?

HeadsUp has forwarded approximately USD $1 million towards the acquisition.

When is the closing of the acquisition expected?

The Definitive Agreement and Closing are anticipated within the next 60 days.

What is the significance of this acquisition for HeadsUp (HDUP)?

This acquisition secures innovative technology and aligns with HeadsUp's strategy to enhance its market presence in online gaming and sports betting.

How does this acquisition impact HeadsUp's market position?

The deal aims to position HeadsUp as an industry leader and supports revenue generation in the expanding legal gaming market.