Looking Glass Labs will begin trading on the NEO Exchange on February 3, 2022
NEO listing offers investors a unique company that is a digital platform specializing in NFT, uNFT architecture, Immersive XR Metaverse design and virtual asset royalty streams
VANCOUVER, BC, February 1, 2022 /CNW/ – Looking Glass Labs Ltd. (“LGL” or the “Company”) (NEO: NFTX), a digital platform specializing in non-fungible tokens (“NFT“), NFT utility (“uNFT“) architecture, immersive extended reality (“X-ray“) metaverse design and virtual asset royalty stream, is pleased to announce that its common stock (the “LGL-Shares“) will begin trading on the NEO Exchange Inc. (the “NEO“) under the symbol “NFTX” at the start of trading on February 3, 2022. The NEO currently hosts over 170 unique public listings, including public companies, exchange-traded fund listings, and special purpose acquisition companies, among other types of entities, while consistently facilitating nearly 15% of the entire volume of Canadian transactions.1 To coincide with its listing on the NEO, LGL recently updated its website with new information about the company and its flagship studio, House of Kibaa, including but not limited to a current investor presentation, which can be viewed at https://www.lgl.io/.
In addition, once listing on the NEO is complete, the Company will pursue options to increase liquidity for its shareholders by Europe and United States. LGL also intends to submit an application to the Depository Trust Company (the “CPD“) to make the Company’s common stock eligible for delivery and depository services with DTC to facilitate the electronic settlement of transfers of its common stock in United States. Securities eligible for electronic clearing and settlement through DTC are considered “DTC-eligible”. This electronic method of securities clearing expedites the receipt of stocks and cash, thereby speeding up the settlement process for investors and significantly reducing transaction costs for participating brokerage firms.
Dorian banks, Chairman and CEO of LGL, said, “As a primary exchange, the NEO should provide LGL with a high level of liquidity and exposure to enable our continued growth. We also anticipate that our listing on the NEO will provide the opportunity to target and reach a wide range of institutional and retail investors.” Mr. Banks added: “On behalf of the board and management team of company, I would like to thank our employees, shareholders and other stakeholders for their support throughout the process. Our team will continue to work to build our metaverse, abandon organic uNFT collections, develop 3D-ready NFT collections for clients third parties, benefit from NFT-based royalty streams and add value to society through appropriate business development opportunities.
ABOUT LOOKING GLASS LABS
Based at Vancouver, British ColumbiaLooking Glass Labs is a digital platform specializing in non-fungible tokens (“NFT“), NFT utility (“uNFT“) architecture, immersive extended reality (“X-ray“) metaverse design and virtual asset royalty stream. Its leading brand, House of Kibaa (“HoK“), designs and organizes a next-generation metaverse for 3D assets, which allows functional art and collectibles to exist simultaneously in different NFT blockchain environments. HoK has successfully released digital assets to include GenZeroswhich completely sold out in just 37 minutes for a total proceeds for LGL of $6.2 million, plus a 5% perpetual royalty stream on secondary market sales. HoK plans to launch a hyper-realistic metaverse built on top of the Unreal 5 engine in 2022.
On behalf of LOOKING GLASS LABS LTD.
Dorian banksChief executive officer
Neither the NEO Exchange nor its Regulation Services Provider (as that term is defined in the policies of the NEO Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains “forward-looking statements”. Statements in this press release that are not purely historical are forward-looking statements and include all statements regarding beliefs, plans, expectations or intentions regarding the future. These forward-looking statements include, among others: the Company’s goal to become the premier digital studio specializing in NFT architecture, immersive metaverse design, and virtual asset display monetization streams; and build a portfolio of perpetual NFT royalty streams through collaborations, accretive acquisitions, and other deals, to potentially generate consistent, risk-free, passive revenue.
Important assumptions supporting these forward-looking statements include, among others, that: the company may mitigate risks associated with the blockchain and NFT industry; and the ability to compete with other companies in the NFT market.
Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the continued growth and adoption of NFT and metaverse offerings by consumers; the cost of developing and designing NFTs and metaverses is economically viable; the Company being able to attract and retain a sufficient workforce with the desired skills to develop the Company’s NFT and metaverse offerings; the availability of offers provided by third parties in the NFT, metaverse development and online gaming market to identify potential transactions; the growing adoption of NFTs as a solution for various online gaming, entertainment and collecting uses; the Company having the ability to mitigate risks associated with the blockchain and NFT industry; the ability to compete with other companies in the NFT, metaverse development, content creation and collectibles market; the risk that the Company’s offers will not be accepted by the consumer, the risk that other competitors will offer similar digital offers; the risk that there may be adverse changes in general economic and business conditions; the risk that the Company will have negative operating cash flow and insufficient capital to complete the development of any of its technologies; the risk that the Company may not be able to obtain additional financing if required; the risk of increased capital and operating costs; the risk that the NFT technology may be subject to fraud and other failures; the risk that technological changes and blockchain developments will render NFT solutions obsolete; risks related to regulatory changes or actions likely to hinder the development or operation of blockchain solutions; the risk of other competitors publishing similar blockchain offerings; the possible future non-viability of the NFT market generally; the volatile cost of the amount of computational effort required to perform specific operations on the blockchain, and other general risks involved with blockchain solutions.
Risks and uncertainties relating to the Company’s business are discussed in more detail in the Company’s disclosure documents, including its reports filed with Canadian securities regulators and which may be obtained from www.sedar.com.
Each of these risks could cause the actual results, levels of activity, performance or achievements of the Company to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Additionally, while the Company has attempted to identify factors that could cause actual results, levels of activity, performance or achievements to differ materially from those described in the forward-looking statements, there may be Other factors that cause results, activity levels, performance or achievements not to be those anticipated, estimated or intended. These forward-looking statements are made as of the date of this press release, and the Company undertakes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the statements. forward-looking, except as required by applicable law, including the securities laws of United States and Canada. Although the Company believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be correct. The Company assumes no responsibility for the disclosure relating to any other company mentioned herein.
1. “About”, The NEO Exchange, accessed January 31, 2022https://www.neo.inc/en/about.
SOURCE Looking Glass Labs Ltd.
For further information: Dorian Banks, Toll Free: +1 833 LGL-NFTX (833-545-6389), Email: [email protected]Twitter: @LGL_io