logo-loader
viewGlobal Gaming Technologies Corp

Global Blockchain Technologies signs deal to buy Atari co-founder's gaming company X2 Games for $49.6M

Under the definitive agreement, the buyer will focus on blockchain-integrated gaming and spin off its exchange-related interests

Shaking hands symbolizing blockchain
Under the deal, all of the intellectual property rights to X2 Games' game projects will become part of Global Blockchain

Crytocurrency investment firm Global Blockchain Technologies Corp (CSE:BLOC.U) (OTCMKTS:BLKCF) said Tuesday that it has signed a definitive agreement to buy Atari co-founder Nolan Bushnell’s blockchain-focused gaming company X2 Games Corp for C$49.6 million.

Under the deal, Vancouver-based Global Blockchain will issue 330,519,541 common shares at a deemed price of C$0.15 per share in exchange for all of the issued and outstanding shares of X2 Games.

READ: Global Blockchain Technologies set to buy Atari founder's X2 Games and spin-out its enterprise and exchange division

All of the intellectual property rights to X2 Games' game projects will become part of Global Blockchain. Included will be four digital interactive games for Amazon Alexa. One of these games, titled St. Noire, has a pre-release date set for the first quarter of 2019, with three other Amazon Alexa games set to be launched early next year.

As part of the deal, Global Blockchain will spin out its blockchain exchange interests as it focuses on gaming that integrates blockchain.

Bushnell, who also established the Chuck E. Cheese pizza and video game chain, and Hollywood creative director and visual effects designer Zai Ortiz, will assume key leadership roles in the new entity.

“Bringing Nolan and Zai, as well as their creative works, into BLOC enables us to build a stronger footing in the ever-growing interactive gaming space,” Global Blockchain CEO Shidan Gouran said in a statement.

The deal, subject to regulatory and shareholder approval, is expected to close by year-end.

Shares of Global Blockchain slipped C$0.01 to C$0.06 in Tuesday's Canadian trading. They were little changed at US$0.05 on the OTC Markets.

--This story was updated to give Tuesday's stock trading--

 

Contact Dennis Fitzgerald at [email protected]

Quick facts: Global Gaming Technologies Corp

Price: 0.02 USD

CSE:GGAM.U
Market: CSE
Market Cap: $1.25 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Global Gaming Technologies Corp named herein, including the promotion by the Company of Global Gaming Technologies Corp in any Content on the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Global Blockchain Technologies sees big upside following X-2 Games...

Global Blockchain Technologies (BLOC.U) President and CEO Shidan Gouran joined Steve Darling from Proactive Investors Vancouver on Skype to talk about the recent acquisition of the gaming company X-2. Gouran talked about the many aspects of the company and how they plan of using...

on 01/31/2019

2 min read