공시 • Dec 06
PM Legacy Inc. completed the acquisition of Legacy Eight Curaçao NV and Azteca Messenger Services S.A. de C.V. and Phoenix Digital Services Ltd. from Kings Entertainment Group Inc. (CNSX:JKPT) for CAD 0.17 million. PM Legacy Inc. entered into a share purchase agreement to acquire Legacy Eight Curaçao NV and Azteca Messenger Services S.A. de C.V. and Phoenix Digital Services Ltd. from Kings Entertainment Group Inc. (CNSX:JKPT) for CAD 0.17 million on December 7, 2023. The Disposition is an arms-length transaction and is subject to terms and conditions as set forth in the Share Purchase Agreement which are customary for transactions of this nature, including, among other things, the approval of the Company’s shareholders and the approval of the Canadian Securities Exchange. Transaction was subject to approval of Board of Directors of Kings Entertainment Group, and the same has been approved. The Share Purchase Agreement provides that if, for a 36-month period following closing of the Disposition, PM Legacy completes any sale, partial or otherwise, of the Subsidiaries or the assets thereof to an arm’s length party, the Company will be entitled to 10%-20% of the total consideration received therefor, depending on when such sale is completed.
As of June 4, 2024, the company has amended the agreement on March 28, 2024, April 17, 2024, and May 31, 2024. The primary purpose of the Amendments was to extend the outside date for completion of the Disposition, which date has now been extended to October 31, 2024. Steve Budin has resigned as the Chief Executive Officer of the to pursue other opportunities and will remain as a director of the until closing of the transaction.
PM Legacy Inc. completed the acquisition of Legacy Eight Curaçao NV and Azteca Messenger Services S.A. de C.V. and Phoenix Digital Services Ltd. from Kings Entertainment Group Inc. (CNSX:JKPT) for CAD 0.17 million on December 5, 2024. 공시 • Jun 06
Kings Entertainment Group Inc. Announces Resignation of Steve Budin as Chief Executive Officer Kings Entertainment Group Inc. announced that Steve Budin has resigned as the Chief Executive Officer of the company to pursue other opportunities. Mr. Budin will remain as a director of the company until closing of the Disposition. Reported Earnings • Nov 30
Third quarter 2023 earnings released: US$0.004 loss per share (vs US$0.009 loss in 3Q 2022) Third quarter 2023 results: US$0.004 loss per share (improved from US$0.009 loss in 3Q 2022). Revenue: US$1.68m (up 37% from 3Q 2022). Net loss: US$546.6k (loss narrowed 8.4% from 3Q 2022). Reported Earnings • Sep 01
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: US$1.05m (up 35% from 2Q 2022). Net loss: US$461.6k (loss narrowed 24% from 2Q 2022). New Risk • Jul 21
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 97% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$2.3m free cash flow). Shares are highly illiquid. Earnings have declined by 74% per year over the past 5 years. Shareholders have been substantially diluted in the past year (97% increase in shares outstanding). Minor Risks Revenue is less than US$5m (US$4.1m revenue). Market cap is less than US$100m (CA$13.5m market cap, or US$10.2m). 공시 • Jun 20
Kings Entertainment Group Inc. (CNSX:JKPT) acquired Braight AI Technologies Inc. Kings Entertainment Group Inc. (CNSX:JKPT) acquired Braight AI Technologies Inc. on June 14, 2023. Pursuant to the terms of the Definitive Agreement, as consideration for the Transaction and on closing thereof, Kings Entertainment Group will issue an aggregate of 59,289,392 common shares in the capital of the Company to the shareholders of Braight AI at a deemed value of $0.185 per Payment Share. There is no hold period for the Payment Shares pursuant to applicable securities laws. Braight AI has entered into a share exchange agreement dated May 31, 2023 with Epeer Spólka Z Ograniczona Odpowiedzialnoscia. Closing of the Transaction is subject to, among other things, closing of the Acquisition, receipt by the Company of an independent third party valuation of Braight AI which is satisfactory to the Company in its sole discretion, compliance with all applicable regulatory requirements and receipt of all necessary regulatory, corporate, and board approvals being obtained, including the approval of the Canadian Securities Exchange (the "CSE"). There can be no assurance that the Transaction will be completed as proposed, or at all. The Transaction is an arms-length transaction. On Closing, the Company will appoint two nominees of Braight AI to the board of directors of the Company. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 공시 • Feb 01
Kings Entertainment Group Inc. Announces the Launch of LottoHub Kings Entertainment Group Inc. announced the launch of LottoHub, an Android-based global lottery results app that provides instant lottery results to avid lottery players around the world. The LottoHub app has been approved by the Google Play Store and is now free to download. Easy-to-use and offering results from popular lotteries globally, the app allows users to choose up to 10 favourite lotteries for instant viewing. Users can also opt into notifications and create alerts based on personal preferences. Through LottoHub, Kings Entertainment will build a significant audience of targeted end users, while also cross-promoting its popular lottery brands, LottoKings and WinTrillions. The global lottery market was valued at USD 336 billion in 2019 and it is expected to grow at a CAGR of 4%, reaching USD 434 billion by the end of 2026. Board Change • Jan 26
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.