VIP Entertainment Technologies Inc. (TSXV:VIP) entered into a definitive agreement to acquire Wallfair N.V. and Wallfair Ltd. for CAD 0.45 million on October 14, 2022. The completion of acquisition of Wallfair is subject to a number of conditions, including, but not limited to, completion of due diligence, and the receipt of any required regulatory approvals. As of September 9, 2022, VIP completed the majority of the due diligence and expect to close the transaction in the coming weeks.

The acquisition provides VIP with yet another engagement and entertainment offering to its users by adding the platform, software and users to its current suite of products. The agreement is for $285,000 payable with 5,555,556 common shares of VIP at a deemed price of $0.057/share. In addition to the definitive agreement, the Company will settle debt of Wallfair with the issuance of 6,000,000 common shares of VIP.

The securities issued in relation to this transaction are bourne by voluntary Escrow Conditions with releases of the shares every 6 months over the 18 months following closing.