Alpha Metaverse Technologies Completes Acquisition of Shape Immersive Entertainment Inc.

Alpha Metaverse Technologies Inc. is pleased to announce, further to its news release dated April 13, 2022, that it has completed the acquisition (the “Acquisition”) of 100% of the issued and outstanding share capital of Shape Immersive Entertainment Inc. (“Shape”) from all of the former shareholders of Shape (the “Shape Shareholders”).

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Shape creates three dimensional and non-fungible token (“NFT”) content and experiences for brands including Red Bull^® and the Olympics^®. Shape has also created metaverse experiences for NFT leaders RTFKT (recently acquired by Nike^®) and Star Atlas^®. Bringing Shape’s next-gen content creation abilities into the Company’s portfolio of gaming solutions are intended to accelerate the Company’s metaverse production capabilities, provide cross-selling opportunities across business units and allow further gaming intellectual property development and speed to market. Shape will function as a business unit within the Company and Shape’s management team will continue to lead the studio.

“Acquiring Shape accelerates Alpha’s positioning as a global leader in metaverse technology, NFT content creation and Web3 gaming. Shape’s reputation and skill sets are important assets to add to Alpha’s growing portfolio of gaming ‘software as a service’ applications and metaverse capabilities. The Acquisition will allow the Company to both invest in Shape’s growth and capacity while also giving Alpha the ability to build recognized metaverse gaming experiences in-house,” stated Brian Wilneff, CEO of Alpha.

A leader in metaverse development since inception in 2018, Shape was founded by Vancouver VR/AR Association co-presidents, Alex Chuang and Dan Burgar. Alex Chuang is a BC Business ‘30 under 30’ award winner and founded Launch Academy, Western Canada’s largest tech incubator, which has helped its members raise over $2 Billion since inception. Dan Burgar is an official ‘top 15 technology voice’ on LinkedIn^® and a leading voice generally in the global metaverse community.

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“The metaverse is anticipated to be worth between $8 trillion to $13 trillion by 2030. By combining Shape’s talent and experience in Web3 with the existing gaming portfolio and user base of Alpha, Alpha will further its expansion into Web3 and position itself to capitalize on the unique tipping point in technology disruption,” stated James Basnett, CEO of Shape.

In connection with the Acquisition, the Company also announces that 3,500,000 performance warrants that were issued on September 1, 2020 to certain consultants have vested in accordance with their terms and become exercisable.

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