SUNRISE, FL, May 05, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- NextPlay Technologies, Inc. (NASDAQ:NXTP) has completed the 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 It Games™ (‘MIG') brand. FBP's proprietary AI animation tools enable game or film characters to animate themselves, and be more lifelike in appearance and behavior, saving producers time and money over traditional animation.
Fighter Base Publishing was founded by Mark Vange, who joined NextPlay as its chief technology officer in July of last year. Vange has authored more than 41 U.S. patents of breakthrough technologies, which have defined the video gaming industry. He earlier served as the chief technology officer of Electronic Arts Interactive (EAI) following EAI's acquisition of a company he founded.
"We see MIG's AI technology enabling not only rapid game development, but also faster ad creation, advertising optimization, and richer metaverse experiences across our NextPlay ecosystem," stated NextPlay co-CEO Nithinan ‘Jessie' Boonyawattanapisut. "We believe that it will support faster product time-to-market and higher-margin digital asset monetization, as well as potentially generate licensing revenue from game and film studios, ad agencies and content creators."
NextPlay secured the new crypto technology through the acquisition of the assets of Token IQ, Inc., an early innovator in digital asset management and smart compliant token technology that was also founded by Vange. Token IQ's foundational IP employs a distributed ledger, like Ethereum or Stellar, to reconcile legal and regulatory requirements around digital assets, including Know Your Customer (KYC) challenges, anti-money laundering (AML) and shareholder rights enforcement. These factors represent the most common pain points currently affecting the crypto markets.
NextPlay plans to initially deploy the Token IQ technology through its NextBank International and Longroot Thailand subsidiaries, where it will be used to more effectively and securely serve our cryptocurrency customers. The technology is also available to license partners.
Nithinan ‘Jessie' Boonyawattanapisut, commented: "Given its powerful capabilities, we expect Token IQ technology to eventually become core to all of our products and services as we focus on delivering consumer-engaging products 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 Token IQ acquisition also brings with it software development talent that will support the integration of the technology across NextPlay's various digital platforms, as well as further the company's Intellectual Property (‘IP') development.
"We believe that the significant opportunity these acquisitions have brought to us greatly strengthens our global technology IP," added Boonyawattanapisut. "These new technology platforms are expected to 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 third fiscal quarter ended November 30, 2021, up 59% from the previous quarter, with gross margin expanding to 53.5% from 51.9%. Cash, cash equivalents and restricted cash totaled $21.4 million as of November 30, 2021.
Further information regarding the Fighter Base Publishing and Token IQ acquisitions can be found in the company's filings with the Securities and Exchange Commission (SEC), available at www.sec.gov.
About NextPlay Technologies
NextPlay Technologies, Inc. (NASDAQ:NXTP) is a technology solutions company offering games, in-game advertising, crypto-banking, connected TV and travel booking services to consumers and corporations within a growing worldwide digital ecosystem. NextPlay's engaging products and services utilize 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 includes "forward-looking statements" within the meaning of, and within 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, belief or forecasts of future events and performance. A statement identified by the use of forward-looking words including "will," "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release. Factors that may cause such a difference include risks and uncertainties including, and 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 as a going concern; the fact that the COVID-19 pandemic has had, and is expected to continue to have, a significant material adverse impact on the travel industry and our business, operating results and liquidity; amounts owed to us by third parties, which may not be paid timely, if at all; certain amounts we owe under outstanding indebtedness, which are secured by substantially all of our assets, and penalties we may incur in connection therewith; the fact that we have significant indebtedness, 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 lodging rental (ALR) properties with their websites, and the timing of such integrations; the development and acceptance of cryptographic and algorithmic protocols governing the issuance of and transactions in cryptocurrencies are subject to uncertainty and a variety of factors that are difficult to evaluate; uncertainty and illiquidity in credit and capital markets, which may impair our ability to obtain credit and financing on acceptable terms and may adversely affect the financial strength of our business partners; the officers and directors of the Company have the ability to exercise significant influence over the Company; stockholders may be diluted significantly through our efforts to obtain financing, satisfy 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 be harmed; our travel business depends substantially 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 property owner, manager and traveler bases outside of the United States and, as a result, our business is susceptible to risks associated with international operations; unfavorable changes in, or interpretations of, government regulations or taxation of the evolving ALR, cryptocurrency, Internet and e-commerce industries which could harm our operating results; risks associated with the operations of, the business of, and the regulation of, Longroot and NextBank International (formerly IFEB); the market in which we participate being highly competitive, and because of that we may be unable to compete successfully with our current or future competitors; our potential inability to adapt to changes in technology, which could harm 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. More information about the risks and uncertainties faced by NextPlay are 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 unpredictable factors also could have material adverse effects on the company's future results and/or could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made only as of the date hereof. The company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the company. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
SOURCE: NextPlay Technologies, Inc.
Director of Corporate Development
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