WESTON, FL, Jan. 7, 2021 (GLOBE NEWSWIRE) – via NewMediaWire – Monaker Group, Inc. (NASDAQ: MKGI), An innovative technology company announced today that it has increased its indirect stake in Longroot (Thailand) Limited (“Longroot”), the company that controls Longroot Coin Portal (ICO), to 75% in exchange for a capital contribution. ). The additional capital will be used to expand the workforce, operations, technology platforms and reporting capabilities of Longroot. Longroot is currently one of only three ICO portals licensed and regulated by the Securities and Exchange Commission of Thailand. This enables Longroot to offer companies worldwide financing and investment services for digital assets.
“This increased stake is timely as Longroot positions itself in one of the fastest growing global industries,” said Bill Kerby, vice chairman and CEO, Monaker Group. “The global cryptocurrency and digital asset industry is projected to grow from $ 3 billion in 2020 to $ 39.7 billion in 2025, with a compound annual growth rate (CAGR) of 67.3 %. “
As previously reported, Longroot signed a letter of intent with MAGNOLIA QUALITY DEVELOPMENT CORPORATION (“MQDC”) on December 1, 2020 to act as the financial advisor and ICO portal for MQDC on a proposed coin offering valued at $ 500-700 million.
For financial details and additional information on Monaker’s increased stake in Longroot, see Monaker’s most recent report on Form 8-K, filed with the Securities and Exchange Commission on January 7, 2021 and at www.sec.gov is available.
About the Monaker Group
Monaker Group, Inc. is an innovative technology-driven company that is building a next generation company through acquisitions and organic growth, leveraging the strengths and channels of our existing technologies with those we acquire to create synergies and opportunities in the recreational field. The Monaker Group is a party to a definitive agreement (subject to closing conditions, including shareholder approval of the transaction) to acquire HotPlay Enterprise Limited, an innovative in-game advertising and ad-tech company. Upon completion of the proposed HotPlay acquisition, Monaker Group plans to transform it into NextPlay Technologies, an innovative global technology company focused on consumer video game and travel products with innovative solutions for ad tech, artificial intelligence and blockchain. For more information about the Monaker Group, visit www.monakergroup.com and follow @MonakerGroup on Twitter and Linkedin.
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This press release contains “forward-looking statements” within the meaning of and within the safe haven provided by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E Securities Exchange Act of 1934, as amended. Forward-looking statements reflect our current expectations, opinions, beliefs or predictions about future events and performance. A statement identified by the use of forward-looking words such as “will”, “may”, “expectation”, “projects”, “anticipation”, “plans”, “beliefs”, “estimates”, “should” and certain of the other statements made above may be viewed as forward-looking statements. Although Monaker believes that the expectations contained in such forward-looking statements are reasonable, these statements involve risks and uncertainties that could cause actual future activities and results to differ materially from those proposed or described in this press release. Factors that can cause such a difference include risks and uncertainties related to our need for additional capital that may not be available on commercially acceptable terms, if at all, raising questions about our ability to continue as a business. the fact that the COVID-19 pandemic has had, and is expected to continue to have, materially material adverse effects on the travel industry and our businesses, results of operations and liquidity; amounts owed to us by third parties that may not be paid or not paid on time; certain amounts that we owe as part of an outstanding debt and that are essentially secured by all of our assets; the fact that we have significant debt that could adversely affect our business and financial condition; Our sales and operating results are subject to the ability of our distributors and partners to integrate our ALR (Alternative Loding Rental) properties into their websites and the timing of such integrations. Uncertainty and illiquidity in the credit and capital markets, which can affect our ability to obtain credit and financing on acceptable terms and the financial strength of our business partners; The executives and directors of the company have the opportunity to exercise significant influence over the company. Shareholders can be significantly diluted by our efforts to raise funds, meet commitments, and complete acquisitions by issuing additional common or preferred shares. If we cannot adapt to changes in technology, our business can be affected. Our business essentially depends on property owners and managers renewing their offerings. If we do not adequately protect our intellectual property, our competitiveness can be affected. Our long-term success depends in part on our ability to expand the base of our owners, managers and travelers outside of the United States. As a result, our business is vulnerable to risks related to international activities. adverse changes or interpretations of government regulations or taxes in the evolving ALR, internet and e-commerce industries that could affect our results of operations; The market in which we participate is highly competitive and as a result we may not be able to successfully compete with our current or future competitors. our potential inability to adapt to changes in technology that could harm our business; the volatility of our share price; Risks associated with our pending exchange agreement with HotPlay Enterprise Limited, including our ability to complete such a transaction and dilution on such close as well as dilution due to the conversion of our outstanding Series B Preferred Shares and Series C Preferred Shares; the fact that we may be held liable for the activities of our owners and managers, which could damage our reputation and increase our operating costs; and that we have suffered significant losses to date and require additional capital that may not be available on economically acceptable terms, if at all. For more information about the risks and uncertainties Monaker faces, please refer to Monaker’s periodic reports from time to time, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q under the heading “Risk Factors”. These reports are available at www.sec.gov. Other unknown or unforeseeable factors could also have a material adverse effect on the company’s future results and / or cause our actual results and financial position to differ materially from those expressed in the forward-looking statements. Investors are cautioned that forward-looking statements are no guarantee of future performance and that actual results or developments may differ materially from those forecast. The forward-looking statements in this press release speak only as of the date of this press release. The company assumes no obligation to update or revise its own forward-looking statements, unless required by law or prepared by third parties not paid by the company. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to these or any other forward-looking statements.
Source: Monaker Group
Monaker Group, Inc.
Corporate Development Director
Tel. (954) 888-9779