NEW
YORK and LOS
ANGELES, July 5, 2022 /PRNewswire/ -- Infinite
Realty, Inc., the Metaverse innovation and entertainment company,
today announced the close of their previously reported $470 million acquisition of esports and
entertainment conglomerate ReKTGlobal, Inc., based on an equity
valuation for iR of $2 billion, for a
combined post-close valuation of $2.47
billion.
All of us at Infinite Reality are thrilled
to have concluded the acquisition of ReKTGlobal.
As part of the deal, Infinite Reality will consolidate ReKT's
robust entertainment and esports business into their already
impressive array of creative tools covering social, gaming, virtual
and remote production, NFT minting, UGLC, and Metaverse creation.
Infinite Reality's comprehensive vision is bolstered by ReKT's
previous acquisitions of content creation and marketing company
Greenlit Content; renowned digital media agency Fearless Media; fan
engagement and monetization platform FullCube, and digital talent
management company TalentX Entertainment. This will also be
Infinite Reality's first foray into competitive global esports as
they welcome onboard ReKT-owned League of Legends LEC champions
Team Rogue and Call of Duty League's London Royal Ravens. These franchise acquisitions were
approved by Riot Games and Activision Blizzard.
ReKTGlobal's impressive leadership team, including founders
Dave Bialek and Amish Shah, will
join iR's experienced leaders, and operate under the Infinite
Reality banner with combined offices now in New York, Los
Angeles, Las Vegas,
Charlotte, London, and
Berlin. ReKT's multi-faceted
approach maximizes marketing potential via both classic marketing
and influencer marketing to build solid foundations for brand,
creator, and fan relationships. Together, the companies will
continue to propel Infinite Reality forward and further
cement its position at the forefront of Web3, creator empowerment,
and Metaverse opportunities.
"All of us at Infinite Reality are thrilled to have concluded
the acquisition of ReKTGlobal," says Infinite Reality CEO
John Acunto. "ReKT's senior
leadership team adds tremendous insight and experience, and the
various businesses align strategically with Infinite Reality's push
to become the world leading Metaverse innovation and entertainment
company. The whole is most definitely greater than the sum of its
parts."
"This is the beginning of the exciting next chapter in ReKT's
evolution, and it is firmly planted in the future," said Amish
Shah, ReKTGlobal Founder and Chairman. With the unlimited potential
opportunity in the Metaverse, our two companies can and will blaze
a trail of innovation that will be a dominant, unstoppable force in
the marketplace for decades to come."
"With the robust resources of our now officially combined
entity, we can steward forward-looking brands into this new and
evolving world, which will transform the future of business,
entertainment, socializing, and learning," said ReKTGlobal
co-founder and CEO Dave Bialek.
Earlier this year, Infinite Reality announced it entered into a
definitive merger agreement with NYSE-listed Universal Security
Instruments, Inc. (NYSE: UUU) and secured a Standby Equity Purchase
Agreement with Yorkville Advisors Global, LP for up to $200 million upon completion of the merger with
Universal Security Instruments. Completion of the announced merger
with Universal Security Instruments remains subject to approval by
shareholders of both Infinite Reality and Universal Security
Instruments, as well as clearance by the Securities and Exchange
Commission and stock exchange listing.
Forward Looking Statements
This communication contains
"forward-looking statements." Forward- looking statements are
generally identified by terminology such as "may," "should,"
"expects," "plans," "anticipates," "could," "intends," "target,"
"projects," "contemplates," "believes," "estimates," "predicts,"
"potential" or "continue" or the negative of these terms or other
similar words. These statements are only predictions. Infinite
Reality has based these forward-looking statements largely on their
then-current expectations about future events as well as the
beliefs and assumptions of management. Forward-looking statements
are subject to a number of risks and uncertainties, many of which
involve factors or circumstances that are beyond each of Infinite
Reality's control. Events could differ materially from those stated
or implied in forward-looking statements due to a number of
factors, including but not limited to: (i) risks associated with
the ability to obtain the shareholder approval required to
consummate the proposed transactions and the timing of the closing
of the proposed transaction; (ii) the outcome of any legal
proceedings that may be instituted against the parties and others
related to the proposed transactions; (iii) the occurrence of any
event, change or other circumstance or condition that could
give rise to the termination of the proposed transactions, (iv)
statements regarding future events, actions or performance.
Accordingly, forward-looking statements are not guarantees and you
should not rely upon forward-looking statements as predictions of
future events. Infinite Reality cannot assure you that the events
and circumstances reflected in the forward-looking statements will
be achieved or occur, and actual results could differ materially
from those projected in the forward-looking statements. The
forward-looking statements made in this communication relate only
to events as of the date on which the statements are made. Except
as required by applicable law or regulation, Infinite Reality
undertakes no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which the
statement is made or to reflect the occurrence of an unanticipated
event.
This Communication is Not a Solicitation
This
communication shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
in connection with the proposed merger shall be made except by
means of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.
About Infinite Reality, Inc.
Infinite Reality, Inc. is
fostering a revolution of data, commerce, online authenticity, and
digital transparency. Our vision of an open Metaverse makes each
brand, creator, and fan the master of their own internet
experience, their own data, the ways in which they distribute
content and sell products, and the ways in which they interact with
one another. iR provides the tools and services that companies and
creators need to develop compelling open Metaverse experiences. Our
Metaverse Empowerment Group advises, manages, designs, and oversees
these custom features leveraging our expert internal and creator
community resources. iR's Entertainment division, anchored by
Thunder Studios, provides production, broadcasting, and streaming
services to the world's best talent, brands, and creators. Infinite
Reality has all of the resources to seamlessly create and broadcast
content into and from the Metaverse. For more information visit
theinfinitereality.com.
About ReKTGlobal
ReKTGlobal is at the forefront of
what matters most to Gen Z audiences. It is a cutting-edge digital
entertainment organization that helps connect brands with what's
now and what's next, from traditional sports and esports to social
media, music, and more. ReKT is the parent company to
digitally-native brands including championship esports
organizations Rogue and the London Royal Ravens, content creator
collectives SwayLA and MADGMR, and the creator economy/NIL
monetization app, Fullcube. ReKT is also home to the esports
industry's most robust media and marketing agency business,
consulting brands, properties, and influencers. For more
information visit rektglobal.com.
Media Contact:
press@theinfinitereality.com
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SOURCE Infinite Reality
