- OOOOO Entertainment Commerce Limited (OOOO) has signed a memorandum of understanding with Qglobe
- The agreement empowers the company to launch a social commerce platform for the global gaming community called “Tilted”
- QGlobe intends to use the OOOOO technology platform to connect with the global gaming audience through short videos and live broadcasts that are connected to physical and digital assets that can be purchased
- OOOOO Entertainment Commerce Limited operates a technology platform that enables retailers, brands and entrepreneurs to share product-based opinions directly with consumers through live, interactive, shoppable videos
- OOOOO Entertainment Commerce Limited was down 25.00 per cent, trading at C$0.03 at 10:26 AM ET
OOOOO Entertainment Commerce Limited (OOOO) has signed a memorandum of understanding with Qglobe.
The agreement empowers the company to launch a social commerce platform for the global gaming community called “Tilted.”
Qglobe Inc. offers support for metaverse and crypto gaming startups by organizing Initial Game Offerings and providing product development, tokenomics, and marketing strategies.
QGlobe intends to use the OOOOO technology platform to connect with the global gaming audience through short videos and live broadcasts that are connected to physical and digital assets that can be purchased.
According to the MOU, the parties have agreed to a framework in which OOOOO will grant a perpetual, royalty-free, worldwide licence to QGlobe with respect to OOOOO’s proprietary software on an exclusive basis for the gaming industry.
OOOOO will grant the licence in consideration for a 30-per-cent equity interest in the new company.
In addition, subject to any requisite shareholder approval and/or the approval of the TSX Venture Exchange, QGlobe will be granted a time-limited option to purchase the software for an aggregate purchase price of US$10,000,000 if the option exercise is completed in the second year after closing.
The purchase price will be US$12,000,000 if the option exercise is completed in the third year after closing.
If the option is exercised, OOOOO shall receive a perpetual, royalty-free, worldwide licence of the software for use in all fields other than gaming.
QGlobe plans to launch “Tilted” in early 2023.
The MOU remains subject to a number of closing conditions.
OOOOO Entertainment Commerce Limited operates a technology platform that enables retailers, brands and entrepreneurs to share product-based opinions directly with consumers through live, interactive, shoppable videos.
OOOOO Entertainment Commerce Limited was down 25.00 per cent, trading at C$0.03 at 10:26 AM ET.
