VANCOUVER, British Columbia, April 24, 2018 (GLOBE NEWSWIRE) -- Victory Square Technologies Inc. (“Victory Square” or the “Company”) (CSE:VST) (VSQTF) (6F6.F) is pleased to update investors on the strong performances by three of its portfolio companies.
Bluzelle Investment (511% INCREASE)
In December 2017, Victory Square purchased $250,000 Canadian worth of Bluzelle tokens (BLZ), with an additional 25% incentive bonus tokens received for being an early contributor. The Company’s average token price is $0.09 cents. As of April 22, 2018, BLZ trades for $0.55/token, representing a 511% increase over the average cost base.
Bluzelle is a decentralized database service where users are able to rent out their computer storage space and be compensated with a cryptocurrency token. Decentralized app developers then use these tokens to have their decentralized app’s data stored and managed. Decentralized database services have the potential to provide more scalable, secure and affordable storage solutions than current centralized alternatives.
VS Blockchain Assembly Inc. Financing ($12M GAIN)
The Company is excited to announce that VS Blockchain Assembly Inc. (“Blockchain Assembly”) recently completed a financing at $0.75 a share, valuing the company at approximately $33.2 million Canadian. Victory Square maintains an approximate 36.17% equity stake in Blockchain Assembly, which plans to list on the Canadian Securities Exchange later this year.
Incubated by Victory Square in 2017, Blockchain Assembly focuses on designing and deploying innovative token-based capital solutions for technology firms, while helping those businesses raise capital through comprehensive tokenization strategies that include delivering Token sales to the global capital markets.
FansUnite Media Inc. Acquisition (400% GAIN)
Victory Square acquired FansUnite Media Inc. (“FansUnite”) in September 2016 for $2 million Canadian in exchange for common shares in Victory Square. Victory Square is pleased to announce that FansUnite is currently raising a private placement round of $4 million Canadian (at a pre-money valuation of $13 million Canadian) towards their go-public strategy in Q4 2018. FansUnite is also planning to launch their regulatory-compliant token sale this summer to raise an additional $10 million Canadian of non-dilutive funding for the company.
FansUnite is using blockchain to disrupt the sports betting and sports data industries. The flagship FansUnite asset will be the first sports betting blockchain protocol, allowing any company to build their tokenized platform on top of the FansUnite infrastructure. The first application built atop this protocol will be the FansUnite Sportsbook, the first decentralized social sports betting platform in the world.
We have seen a number of other exceptional performances by Victory Square portfolio companies, including those by V2 Games Inc., Fantasy 360 Technologies Inc. doing business as Immersive Tech, Limitless Blockchain Technology, LLC, Cassia Research Inc., PayVida Solutions Inc., Flo Digital Inc., Howyl Ventures Inc., and Multiplied Networks Inc. Some of these investments have returned well in excess of 100% and have promising funding strategies that will be executed in 2018.
“We are delighted to report that we have seen extremely rapid growth amongst our portfolio companies as each one of them has achieved key milestones in the past few months,” commented Shafin Diamond Tejani, CEO of Victory Square. “The coming year is shaping up to be an exciting one, not only for our partner companies, but also for the overall development of the technology sector in Canada. As a result, our acquisition strategy and focus remains on finding quality companies in emerging technology verticals that have identified a sector niche and are in need of capital and expertise to scale out their operations.”
For further information about the Company, please contact:
Investor Relations Contact - Prit Singh
Media Contact - Howard Blank, Director
ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square Technologies is a blockchain-focused venture builder that funds and empowers entrepreneurs to implement innovative blockchain solutions. Victory Square portfolio companies are disrupting every sector of the global economy including Virtual Reality, Artificial Intelligence, Personalized Health, Gaming and Film. Victory Square has a proven process for identifying game-changing entrepreneurs and providing them with the partners, mentorship and support necessary to accelerate their growth and help them scale globally. For more information, please visit www.victorysquare.com.
ABOUT THE CANADIAN SECURITIES EXCHANGE (CSE)
The Canadian Securities Exchange, or CSE, is operated by CNSX Markets Inc. Recognized as a stock exchange in 2004, the CSE began operations in 2003 to provide a modern and efficient alternative for companies looking to access the Canadian public capital markets.
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square, including, without limitation, statements relating to future performance by any portfolio company of the Company, the impact of any portfolio company’s performance on the Company, the strategic direction of the Company, and its goal of broadening its portfolio of interests in innovative companies. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical fact contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square. Although Victory Square believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.