Vancouver, British Columbia – December 16, 2021 AMPD Ventures Inc announced that it has completed the share purchase agreement with Departure Lounge Inc, with its shareholders acquiring all of the issued and outstanding shares of the newly-acquired metaverse initiative company.
AMPD said that acquisition will help build upon its robust high-performance cloud and compute platform to expand its business across a range of metaverse-focused initiatives.
“Part of AMPD’s mission with the development of our high-performance Edge platform has always been to become the hosting company for the Metaverse,” said Anthony Brown, CEO at AMPD.
He added: “By adding Departure Lounge to AMPD’s growing roster of subsidiaries and having AMPD’s CSO, James Hursthouse, transition to running Departure Lounge as a wholly-owned subsidiary of AMPD, we add significantly to the value of what we are creating through technology and content initiatives that require exactly the type of computing that AMPD specializes in providing. The result is a full 360-degree metaverse focused organization.”
Departure Lounge is a Vancouver, BC-based company pursuing various technology and content initiatives related to the development of the Metaverse. It recently signed an agreement through its operating subsidiary, 1310675 B.C. Ltd, with leading 4D holographic capture provider, Metastage Inc, to build a Metastage holographic capture facility in Vancouver, BC.
Departure Lounge will build on this initial foundation with a range of metaverse-related technology and content initiatives.
AMPD will use $2.5 million of the proceeds from its recently closed oversubscribed private placement to accelerate the operations of Departure Lounge.
“By joining the AMPD family, we have an exceptionally firm technology and infrastructure foundation on which to build our business,” said Charles Creighton, President of Departure Lounge. “AMPD’s prowess in providing the type of infrastructure that we need is second to none and we’re exceptionally excited about growing the business together.”
The purchase price for the acquisition was C$1,079,458. The initial purchase consideration was satisfied by issuing 3,598,195 common shares in the capital of AMPD at a deemed price of $0.30 per share.
The company added that 50% of the purchase shares are subject to contractual resale restrictions for two years from the date of issuance and will be released in four equal installments every six months after the acquisition closes.
AMPD specializes in providing high-performance and computing solutions for low-latency applications, including video games and eSports, digital animation and visual effects, and big data collection, analysis, and visualization.