SAN DIEGO, CA / ACCESSWIRE / November 24, 2022 / Live Current Media, Inc. (“Live Stream”) (OTCQB:LIVC) announces that it has completed the purchase of the company Guru Experience Co, Inc. (dba TheGuru.co) (“Guru”) of San Diego in an all-stock transaction.
Pursuant to the terms of the acquisition agreement, Live Current has agreed to issue 3 million shares of restricted common stock to Guru stockholders in exchange for all of the issued and outstanding shares of Guru stock. In addition to the stock exchange, the company arranged for the issuance of 1.25 million restricted shares of common stock to retain key management, and Guru’s current CEO, Suzie Dergham, agreed to a contractual arrangement to continue her efforts to build the Guru experience.
“I am delighted that our agreement has been ratified and we can now focus on accelerating Guru’s growth,” said Ms Dergham. “We have a fantastic plan in place for 2023 and being part of Live Current will help us deliver on that plan.”
“Guru’s revenue has been growing at a double-digit rate for the past few years and we believe that with the additional experience provided by Live Current, we can further increase this growth in the years to come,” said Mr. Ollila. “To date, Guru has only scratched the surface of the growth potential available in the market. And it’s an exciting market when you consider the power of AR and VR to tell the stories that Guru’s customers will demand.”
Guru operates in the virtual reality market. The global virtual reality market is valued at USD 28 billion and is expected to expand at a CAGR of 15% from 2022 to 2030, reaching a value of USD 87 billion in 2030.
About the Guru
Guru Experience Co. offers museums and cultural sites a comprehensive digital experience platform.
Guru creates a bridge between cultural institutions and 21st century audiences. Museums have been connecting people with art and culture for centuries. Guru works with partners from museums, zoos and aquariums to not only improve the visitor experience, but also to provide digital strategies to meet the institutions’ educational and financial goals.
The company offers a user-friendly platform that makes it quick and easy to create, share, update and maintain digital experiences. These include audio tours, augmented reality, wayfinding, geo-located content, interactive maps, games, scavenger hunts, ticketing and queues.
About Live Current Media Inc.
Live Current Media Inc. is a media technology company that operates the Kast watch party platform. Kast is a virtual living room where friends gather to watch movies, play games and be together. Kast is at the intersection of the fast-growing live event, social media, video streaming and gaming markets with its multi-channel entertainment viewing solution. The platform is available on the web, iOS and Android and offers a limited free subscription service and an enhanced premium subscription with more bandwidth and more functionality.
On behalf of the Board of Directors of Live Current Media Inc.
Mark Ollila, CEO and Director
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All statements in this press release that are not statements of historical fact are forward-looking statements, including any projections of growth, profit, revenue, cash or other financial items, any statements about management’s plans, strategies, goals and objectives for the future of operations , any statements regarding future economic conditions or performance, statements of belief and any statements of assumptions underlying any of the foregoing. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, general economic conditions, particularly with respect to demand for our products and services; competitive factors; changes in business expenses; our ability to raise capital as and when we need it and other factors. Live Current Media, Inc. undertakes no obligation to update these forward-looking statements to reflect future events or actual results, and does not intend to do so.
SOURCE: Live Current Media Inc.