Alpha Metaverse Technologies Announces Signing of

VANCOUVER, British Columbia, April 13, 2022 (GLOBE NEWSWIRE) – – Alpha Metaverse Technologies Inc. (CSE: ALPA) (FSE: 9HN0), (OTC PINK: APETF) (“Alpha” or the “Company”) is satisfied to declare, further to the Company’s news discharge dated January 24, 2022, that it has consented to a conclusive arrangement (the “Agreement”) with Shape Immersive Entertainment Inc. (“Shape”) and each of the investors of Shape (the “Shape Shareholders”), to obtain (the “Acquisition”) 100 percent of the gave and exceptional offer capital of Shape.

Upon finishing of the Acquisition, Shape will keep on working as a completely functional metaverse maker occupied with the advancement of non-fungible token (“NFT”) innovation, expanded reality encounters, and three layered (“3D”) items to change client encounters. Shape is a forerunner in 3D NFTs, multi dimensional images, increased and augmented reality, and play-to-procure game turn of events. Shape has additionally collaborated or worked with some notable Fortune 1000 and other classification driving organizations like RTFKT® (as of late procured by Nike®), Red Bull®, Intel® and the Olympics®.

“Entering into this Agreement with Shape represents a major milestone for Alpha in our expansion into Web3 and Metaverse-based gaming and branded experiences,” said Brian Wilneff, Alpha CEO. “We look forward to completing the Acquisition and growing Shape’s continued studio work for major brands and leveraging its development capabilities to grow Alpha’s existing gaming properties. This combination of internal and external studio work will also expand Alpha’s business development pipeline and partnership growth.”

Purchase Consideration:

On and dependent upon the circumstances set out in the Agreement, the Company will convey the accompanying thought for the Acquisition:

(a) Payment of a total $500,000 in real money to the Shape Shareholders (all in all) on the end date of the Acquisition (the “Closing Date”);

(b) Issuance of a total 14,000,000 normal offers in the capital of the Company (every, a “Alpha Share”) to the Shape Shareholders (all in all) on the Closing Date;

(c) Payment of a total $500,000 in real money to the Shape Shareholders (altogether) inside one-hundred and eighty (180) days following the Closing Date (the “Additional Cash Consideration”); and

(d) Issuance of a total of 840,000 Alpha Shares to specific people for administrations delivered regarding the effective finish of the exchange examined by the Agreement on the Closing Date.

The 14,000,000 Alpha Shares to be given according to the Acquisition will be dependent upon escrow limitation by which 10% of such Alpha Shares will be delivered on the Closing Date, and from there on, 18% of such excess Alpha Shares will be delivered after each ensuing four (4) month time frame following the Closing Date (the “Escrow Arrangement”).

The Company will give an overall security premium for the Shape Shareholders for the motivations behind getting the installment of the Additional Cash Consideration. In the occasion the Additional Cash Consideration has not been paid inside one-hundred and eighty (180) days following the Closing Date, the Company will give an extra total 6,678,000 Alpha Shares to the Shape Shareholders (altogether), the Escrow Arrangement will never again apply and the Company will keep up with the commitment to pay the Additional Cash Consideration.

In option, the Company has consented to issue up to a total of 9,000,000 Alpha Shares to specific Shape Shareholders (aggregately) who will join, endless supply of the Acquisition, as representatives or specialists (by and large, the “Milestone Shares”), on the accompanying basis:

(a) 500,000 Milestone Shares upon the market capitalization of Alpha being at least $50,000,000 for a time of 10 sequential exchanging days;

(b) 500,000 Milestone Shares upon the market capitalization of Alpha being at least $75,000,000 for a time of 10 back to back exchanging days;

(c) 1,000,000 Milestone Shares upon the market capitalization of Alpha being at the very least $100,000,000 for a time of 10 continuous exchanging days;

(d) 1,000,000 Milestone Shares upon the market capitalization of Alpha being at least $125,000,000 for a time of 10 successive exchanging days;

(e) 1,000,000 Milestone Shares upon the market capitalization of Alpha being at the very least $150,000,000 for a time of 10 successive exchanging days;

(f) 1,000,000 Milestone Shares upon the market capitalization of Alpha being at least $175,000,000 for a time of 10 successive exchanging days;

(g) 1,000,000 Milestone Shares upon the market capitalization of Alpha being at least $200,000,000 for a time of 10 successive exchanging days;

(h) 1,000,000 Milestone Shares upon the market capitalization of Alpha being at least $250,000,000 for a time of 10 back to back exchanging days;

(i) 1,000,000 Milestone Shares upon the market capitalization of Alpha being at the very least $300,000,000 for a time of 10 sequential exchanging days; and

(j) 1,000,000 Milestone Shares upon the market capitalization of Alpha being at least $350,000,000 for a time of 10 sequential exchanging days,

provided that each individual achievement should be accomplished in somewhere around five years after the Closing Date and that the market capitalization for every achievement will be determined in light of the cost per Alpha Share on the Canadian Securities Exchange duplicated by the quantity of Alpha Shares then outstanding.

Closing of the Acquisition is dependent upon standard circumstances, including receipt of all essential administrative and other approvals.

About Alpha Metaverse Technologies Inc.

Alpha Metaverse Technologies Inc. is an innovation organization that spotlights on arising ventures in Esports, versatile, control center and electronic gaming, web based business, and other high learning experiences like increased reality/computer generated reality Web3 and Blockchain-based organizations. Through a solid arrangement of innovation resources and items, for example, GamerzArena and HeavyChips, Alpha brings an exceptional mass-bid concentration to present day gaming stages. Learn more at: www.alphametaverse.com

Contact:
Investor Relations: ir@alphametaverse.com – 604 359 1256
Media and Public Relations: media@alphametaverse.com

On Behalf of The Board of Directors
Brian Wilneff
Chief Executive Officer

Forward-Looking Statement
This news discharge contains “forward-looking information” inside the importance of relevant protections regulations connecting with explanations in regards to the Acquisition, the Company’s business and plans, incorporating as for undertaking further acquisitions, the fulfillment of extra installments and the accomplishment of specific achievements, including yet not restricted to, any expansion in market capitalization. Albeit the Company accepts that the assumptions reflected in the forward-looking data are sensible, there can be no confirmation that such assumptions will end up being right. Perusers are forewarned not to put unnecessary dependence on forward-looking data. Such forward-looking explanations are liable to dangers and vulnerabilities that might influence genuine outcomes, execution and advancements to contrast tangibly from those considered by these assertions relying upon, in addition to other things, the dangers that the Acquisition doesn’t finish as pondered, or by any means; that the Company finishes no further acquisitions; that the Company doesn’t fulfill its future installments and issuances; that the Company meets any or its future achievements in general, including yet not restricted, any expansion in market capitalization; and that the Company will most likely be unable to complete its strategies true to form. Besides as legally necessary, the Company explicitly renounces any commitment and doesn’t plan to refresh any forward-looking assertions or forward-looking data in this news discharge. Albeit the Company accepts that the assumptions reflected in the forward-looking data are sensible, there can be no affirmation that such assumptions will end up being right and makes no reference to benefit in view of deals revealed. The assertions in this news discharge are made as of the date of this release.

The CSE has not inspected, supported, or opposed the substance of this public statement