New acquisition to provide full-suite of Blockchain solutions for Launch of new Division focusing on Consumer Privacy and Security
VANCOUVER, British Columbia, Feb. 02, 2021 — Victory Square Technologies Inc. (“Victory Square” or the “Company”) (CSE:VST) (OTC:VSQTF) (FWB:6F6), a company that provides investors access to a diverse portfolio of next generation internet companies in key sectors including: digital health, gaming, blockchain, AR/VR, cybersecurity, and cloud computing, is pleased to announce that it has signed an Asset Purchase Agreement (the “APA”) dated February 1, 2021 to acquire certain intellectual property assets (the “Acquisition”) of Aspen Technologies Inc. (“Aspen”), a technology company focused on building Blockchain and Cybersecurity solutions.
Aspen, is best-known for its work in developing an ecosystem of hardware, software, and networking products to meet increased global consumer demand for new age technology.
Through the Acquisition, the Company has acquired certain key digital assets of Aspen, including the following six anchor products currently deployed in the marketplace and or in late-stage development:
- VPN Network – using Patented Mining Technology to generate revenue;
- Decentralized Database – Data Network which crowd-sources computer storage to deliver a decentralized database that is more secure, tamper-proof and scalable than traditional offerings. (Peer-to-Peer Privacy Mesh);
- A Digital Asset Exchange – to be licensed globally as an Exchange-as-a-Service;
- Crowd-Backed Credit Card – decentralized pools of capital, small lenders and investors (individuals), underwrite the issuance of credit card;
- Online Virtual Currency Platform – which allows customers to buy, sell, and spend Bitcoin, Bitcoin Cash, Ethereum & Litecoin
- WiFi Monitor – Plug & Play Privacy that delivers faster browsing and safer, more private internet on every device in your home. (Protects every device from smartphones, kids’ Tablets, Smart TVs, Smart Fridges and other at home IOT devices)
This Acquisition furthers Victory Square’s commitment to leveraging the latest technology to deliver products and services for an open and more secure internet. Innovations that change the way the world manages information, analyzes data, purchases and consumes goods, and communicates across the globe.
“These Web 3.0 assets represent a strategic addition to our growing portfolio of next gen internet tech,” said Victory Square Chief Executive Officer Shafin Diamond Tejani. “Blockchain technology will have an overwhelming effect on the way consumers adopt and use everyday products in the future. Having already developed a suite of ground-breaking software and hardware solutions catering to consumers that will inevitably utilize blockchain products in the future, we saw an immediate opportunity to bring the team and technology in house and assist in scaling their operations to serve a growing demand.”
Following closing of the transaction, Victory Square will launch a new division that focuses on consumer security related products, diversifying the current enterprise database and providing blockchain solutions.
“The last privacy and security wave was driven by business concerns; the next will be driven by consumers. People have become more aware of how open their data really is. With this strategic acquisition we can service those needs. Aspen has a proven track record and expertise in producing highly secure consumer products, the addition of these technologies accelerates Victory Square’s growth strategy as we equip the company to meet both the enterprise and consumer privacy and decentralization requirements today and in the future,” concluded Tejani.
“As we continue to pursue our vision of leading the next generation of technology entrepreneurs to build world class products, we remain confident in our ability to scale our portfolio companies aggressively and maintain a healthy pipeline of acquisitions with a focus on increasing value for Victory Square shareholders,” added Tejani.
Terms of the Acquisition
In consideration for the Acquisition, the Company will issue 4,600,048 common shares in the capital of the Company (the “Consideration Shares”) at a deemed issue price of $0.80 Canadian per Consideration Share as well as forgive an aggregate of $1,587,001 owed from Aspen to the Company for aggregate transaction consideration of $5,267,040. In accordance with the terms of the APA, the Consideration Shares shall be subject to a four months and one day statutory hold period from the date of issuance. Closing of the acquisition is expected to occur on or about February 15, 2021, unless otherwise agreed between the Parties. Completion of the Acquisition will be subject to compliance with applicable laws including policies of the Canadian Securities Exchange as well as satisfactory completion of due diligence by the Company and other customary conditions to closing.
The Company also announces that it has launched a 12-month online marketing campaign through AGORACOM for the purposes of targeting new potential investors and engaging current shareholders. The Company is paying $75,000 + HST to be paid in Shares in 5 instalments. The number of shares to be issued at the end of each period will be determined after the date that the advertising services are provided to Victory Square, and will be calculated using the closing price of that day.
The Company has also launched a “CEO Verified” Discussion Forum on AGORACOM to serve as the Company’s primary social media platform to interact with both current and prospective shareholders in a fully moderated environment.
The Victory Square discussion forum can be found at:
AGORACOM is a pioneer of online marketing, broadcasting, conferences and investor relations services to North American small and mid-cap public companies, with more than 300 companies served. AGORACOM is the home of more than 7.7 million investors that visited 55.2 million times and read over 600 million pages of information over the last 10 years. The average visit of 8min 43sec is more than double that of global financial sites, which can be attributed to the implementation and enforcement of the strongest moderation rules in the industry.
Check out VictorySquare.com and sign up to VST’s official newsletter at www.VictorySquare.com/newsletter.
On behalf of the board,
Shafin Diamond Tejani
Chief Executive Officer
Victory Square Technologies Inc.