Technology
Wednesday, May 15th, 2024 2:52 pm EDT
Key Points
- Strategic Restructuring: VIP Entertainment Technologies Inc. is restructuring its business into three distinct market segments: Sports Enthusiasts, Gamers, and Business-to-Business (B2B) partnerships to optimize operational efficiencies and enhance revenue streams.
- Acquisition and Development: VIP’s recent investment in Item.Bet is a significant milestone, enabling the development of a state-of-the-art casino platform with an engaging UI/UX and proprietary casino games built in-house.
- White Label Solutions and Blockchain Integration: VIP is offering custom-built white label products for B2B customers to facilitate client acquisition and retention, while integrating blockchain technology into its games to ensure a provably fair system and enhance user trust and engagement.
Calgary, Alberta – TheNewswire – May 14, 2024 – VIP Entertainment Technologies Inc. (TSXV: VIP OTC: VETIF) (“VIP” or the “Company”), a leading innovator in the gaming industry, proudly announces a strategic restructuring that segments its business into three distinct market targets: Sports Enthusiasts, Gamers, and Business-to-Business (B2B) partnerships. This transformative approach is designed to optimise operational efficiencies, enhance revenue streams, and expand market presence.
Diversified Market Focus:
Sports Enthusiasts: Catering to a broad demographic, VIP will enhance its offerings to engage sport bettors of all ages, integrating cutting-edge features tailored to this dynamic market segment.
Gamers: Targeting primarily the 18-35 age group, VIP with its strategic alliance in Item.Bet is developing innovative gaming experiences that leverage the latest in technology and user engagement strategies for gamers.
Business-to-Business: By collaborating directly with other casinos, VIP aims to provide bespoke, fully integrated solutions that drive client growth and profitability.
Acquisition and Development:
VIP’s recent investment in Item.Bet marks a significant milestone in its expansion strategy. This acquisition enables VIP to develop a state-of-the-art casino platform and proprietary casino games, all built in-house. The new platform will feature an engaging User Interface (UI) and User Experience (UX), incorporating retention and reward-based models to encourage daily user engagement.
White Label Solutions:
VIP’s custom-built white label products will offer B2B customers a comprehensive and fully
customised website, facilitating client acquisition and retention. By leveraging these solutions, VIP will secure a share of the gross gaming revenue (GGR) from third-party platforms, thus increasing market share and revenue generation.
Blockchain Integration and Fair Play:
VIP through its strategic alliance with Item.Bet is at the forefront of integrating blockchain
technology into its custom games, ensuring a provably fair system that enhances user trust and engagement. The advanced UI will deliver an immersive experience, complete with features designed to boost user activity and betting volumes.
Introduction of New CFO:
VIP would also like to introduce our new CFO, Inez Ho. Inez offers her experience in the public sector and will replace the outgoing CFO, Scott Seguin, who will remain in his role as a Director.
About VIP Entertainment Technologies Inc.
VIP Entertainment Technologies Inc. (TSXV: VIP) is a leading provider of innovative
entertainment solutions, dedicated to delivering unparalleled experiences to customers
worldwide. With a focus on leveraging emerging technologies and trends, VIP is committed to shaping the future of the entertainment industry.
For media inquiries, please contact:
Randy Jennings
14038999319
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance, or achievements that VIP anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass.
Forward-looking statements are based on assumptions, including expectations and assumptions concerning the Company’s growth plan. While VIP considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; future legislative, tax and regulatory developments. Readers are cautioned that the foregoing list is not exhaustive and other risks set out in public disclosure recorded and filed under the Company’s profile on www.sedar.com. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. For more information on the risk, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of VIP which are available on SEDAR at www.sedar.com. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. VIP disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Copyright (c) 2024 TheNewswire – All rights reserved
