Toronto, Ontario–(Newsfile Corp. – November 3, 2023)- Liquid Avatar Technologies Co., Ltd. (CSE: LQID) (OTC Pink: LQAVF) (FSE: 4T5) (“Liquid Avatar” or the “Company”) would like to provide stockholders with the following update.
As part of our continued efforts to maximize available corporate resources, we remain focused on our Liquid Avatar Mobile App and Aftermath Islands Metaverse programs. However, despite the continued efforts of management and the board of directors, given challenging market conditions, changing government dedication to digital identity, and changing market demand for new fintech services, including financial card products, However, the company continues to face difficulties. Achieve capital goals necessary to facilitate program development and implementation.
On August 21, 2023, the Company received a binding notice from a Swiss-based private metaverse and virtual experience organization to its controlling subsidiary, Aftermath Islands Metaverse Limited (“Aftermath Islands”) and its Liquid Avatar mobile app. announced that they received an offer without. This offer was subject to financing amounts and terms to be agreed between the parties. The proposed buyer was unsuccessful in its efforts to raise the necessary financing. Although the Company maintains a friendly relationship with the proposed buyer, the non-binding offer has now expired and is not scheduled to be renewed at this time.
As a result of these continuing difficulties, a cease-and-desist order was issued by the Ontario Securities Commission on May 5, 2023. At this time, we are unable to directly raise capital for Liquid Avatar Technologies, Inc. due to cease-and-desist orders and the inability to raise capital. Please submit our financial statements for the year ended 2022 and subsequent quarters. We expect that when we raise capital, we will have sufficient resources to file the representations necessary to apply for the removal of part or all of the cease-and-desist order. However, at this time, we do not anticipate rescinding the current cease-and-desist order under the current circumstances, at least in the foreseeable short term.
On June 30, 2023, the Company filed Form 51-102F6V, Statement of Compensation of Directors and Named Executive Officers. This statement reflects the compensation earned by each member of the management team and outlines the accrued compensation payable to each member as of December 31, 2022. No remuneration has been paid to management since the filing date, and unpaid remuneration is currently backdated to April 1, 2022. In 2022, to each and every management team. Additional compensation has also been accrued and amounts owed to other employees, consultants and vendors. Despite our inability to provide compensation, our management, employees and certain vendors continue to support our efforts as a priority, including certain management teams, and provide limited support for certain critical expenses. provided financing to the company. Related Party Transactions.
We are pleased to announce that Craig McCannell, Chief Financial Officer, will be retiring as of November 1, 2023. Mr. McCannell has offered to be available, time permitting, to respond to future requests related to his previous employment. We thank him for his contributions to our company over the years and wish him every success in his future endeavors. Management will work with the board of directors to establish a selection committee for his new CFO in due course.
“Even under these most difficult circumstances, our team remains committed to solving the challenges we currently face as an organization.” “This transaction may involve naked selling and short selling that has occurred throughout North America. We believe this process has had a material impact on our share price.”This is due to the regulatory requirements for our CSE listing, our management, employees This has resulted in our inability to raise the funds necessary to proceed with our normal operations, including to compensate our other partners. To keep the ship moving in the right direction and moving forward. ” said David Lucatch, CEO of Liquid Avatar Technologies.
We remain focused on Aftermath Islands and its complementary programs, including our Play to Ear (P2E) platform, Lost Kingdom of T’Sara (LKoT). In its first year, LKoT users generated over 9.2 million resource pack NFTs. The Aftermath Islands Metaverse platform continues to operate in beta and has achieved gross sales of approximately US$3 million. With further funding from Aftermath Islands, the company expects Aftermath Islands to continue developing the platform.
As part of the AIM Creator program (originally known as the Meta Hero Project), Meta Karaoke, an online AI-powered avatar performance platform, will be available from affiliate Pegasus (Gibraltar) Limited to the Aftermath Islands Metaverse on August 3, 2022, as originally announced. Acquired by Limited. Our Parties. In addition to this agreement, and given current economic conditions and changing market conditions, Aftermath Islands will continue to pay appropriate fees for the sale of the program and to fund further development of the program under the terms of the agreement. has not fulfilled its agreed obligations. . Rather than terminating the agreement, the parties agreed to resolve the matter by returning up to 80% ownership of the Meta Karaoke program, which is currently in the development stage, to Pegasus (Gibraltar) Limited. Aftermath Islands Metaverse Limited and Oasis Digital Studios will hold an initial minority stake in the new company, totaling approximately 20%.Compliant with Multilateral Agreement 61-101 Protection of minority security holders in special transactions (“MI 61-101”), the reassignment to Pegasus (Gibraltar) Limited constitutes a “related party transaction.” The Company relies on the exemption from the formal evaluation and minority approval requirements of MI 61-101. In particular: (i) As common to us, the evaluation requirements of MI 61-101 with the exemption contained in Section 5.5(b). The shares are not listed on the market specified in MI 61-101 and (ii) are subject to the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(1)(a) of MI 61-101. applies. The fair market value of the assets returned may not exceed 25% of the Company’s market capitalization (as determined pursuant to MI 61-101). Because the transfer does not constitute a material change, we will not file a material change report.
About Liquid Avatar Technologies Inc. – www.liquidavatartechnologies.com
Liquid Avatar Technologies Inc. focuses on validating, managing, and monetizing self-sovereign identities, allowing users to take control of and benefit from their use of their online identities.
The Liquid Avatar mobile app, available on the Apple App Store and Google Play, is a validated, self-sovereign identity platform that enables users to create high-quality digital icons that represent their online personas. These icons allow a user to manage and control her digital identity, verifiable access and her identity credentials, and use Liquid Avatar to connect public and permission-based private data to desired locations. You will be able to share it with the people you need.
Liquid Avatar Verifiable Credentials Ecosystem (LAVCE) will initially be a node on Indicio using cutting-edge blockchain and open standards technology to connect all participants in the digital credentials ecosystem, including holders, issuers, and verifiers. was developed to support. Communication network. We are a voting and steering committee member of the Trust over IP Foundation, a founding and steering committee member of Cardea, the Linux Foundation’s public health project, and the Good Health Pass Collaboration, DIACC and Covid Credentials Initiative (” He is also a member of CCI. .
Meta Park Pass is a W3C verifiable credential designed for interoperability. Meta Park Pass includes a verified phone number with country code and self-verified AI-reviewed age, and can be extended to include other unique credentials. Users can log in to multiple supported metaverses almost seamlessly, and the platform knows they are genuine and unique users. As each metaverse matures and offers additional services and experiences, additional credentials will grant access.
Our subsidiary, Oasis Digital Studios Limited, is focused on supporting the development of Aftermath Islands Metaverse and related projects.
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Learn more about. www.liquidavatartechnologies.com.
contact:
[email protected]
David Lecatch
chief executive officer
Forward-looking information and statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws and is also “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act. It may contain statements that may constitute. Such forward-looking information and forward-looking statements do not represent historical facts, information or current conditions, but only represent our beliefs regarding future events, plans or goals. , many of which by their nature are inherently uncertain and beyond our control. Generally, such forward-looking information or forward-looking statements may include statements such as “plans,” “expects,” “does not expect,” “anticipates,” “budgets,” “scheduled,” or “anticipates.” You can identify them by the use of forward-looking terminology, such as “forward-looking statements”. “,” “estimate,” “predict,” “intend,” “anticipate,” “unexpected,” or “believe,” or variations of such words or phrases, or specific actions; May contain statements that events or results “may” occur. , “may,” “will,” “may,” or “take place,” “continue,” “occur,” or “achieve.”
Forward-looking information and forward-looking statements contained herein include, without limitation, expectations that Aftermath Islands will continue to develop the Platform. The assumption we have made in making these statements is that Metaverse is a viable and growing opportunity for Aftermath Islands and the Company to drive economic benefits through the introduction of its products.
By identifying such information and statements in this manner, we do not warrant that such information or statements involve known and unknown risks, uncertainties, and the possibility that actual results, activity levels, performance, or achievements may be affected by Readers are cautioned that this information may be affected by other factors. We do not intend to differ materially from that expressed or implied by such information and statements. In particular, if Liquid Avatar Technologies Inc. or Aftermath Islands is unable to raise operating capital or execute its business plans, new opportunities from the Metaverse will not be of any benefit to us.
Although the Company believes that the assumptions and factors used in, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements; We cannot give such guarantees. Such forward-looking information and statements may prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not intend to update any forward-looking information and/or forward-looking statements contained herein. No obligation. However, they are referenced herein except in accordance with applicable securities laws.
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