Adventure Box Enters Into a LOI for Acquisition and Strategic Expansion With Blok Sports and Sparx Technologies
As Previously Announced on February 8, 2025
STOCKHOLM, Feb. 26, 2025 (GLOBE NEWSWIRE) -- Adventure Box Technology AB (STO: ADVBOX) Adventure Box Technologies AB (publ) ("Adventure Box” or “the Company") announced on February 8, 2025, the execution of a Letter of Intent to purchase 100% of Blok Sports LLC ("Blok") and 51% of Sparx Technologies ("Sparx"). These planned acquisitions will strengthen Adventure Box's position in the iGaming sector and advances management's vision of building the premier portfolio of gaming companies.
The planned acquisition of Blok represents a key entry into the digital sports and gaming markets, introducing a turnkey social sports betting platform for global media partners. Blok's cutting-edge technology enhances customer engagement, expands brand visibility, and delivers blockchain-based gaming solutions across Adventure Box's iGaming properties. Specializing in social sports betting and AI-driven analytics, Blok leverages blockchain and smart contracts to increase transparency and trust.
Sparx, a subsidiary of Blok, is a leading fan engagement platform used by major sports and media companies including ESPN, Disney, and Turner Sports. With a majority stake in Sparx, Adventure Box will further diversify its portfolio by integrating advanced fan engagement tools, broadening its technological capabilities and market reach.
Under the terms of the agreement, Adventure Box will acquire 100% of Blok and 51% of Sparx for total consideration of $12 million. The payment structure includes an initial issuance of $3,000,000 in common shares, less certain liabilities outstanding, on March 31, 2025, at a 15% discount to the last 30 days' volume weighted average price. This initial share issuance is supported by the resolution of the Extraordinary General Meeting of Adventure Box on December 30, 2024, which authorized the Board to issue shares, warrants, and convertibles corresponding to up to 25% of the shares. All additional share issuances of $3,000,000 will follow on December 31, 2025, 2026 and 2027, under the same discount terms. These future share issuances will require approval at the Annual General Meeting or be subject to approval at an Extraordinary General Meeting. All share issuances will be subject to a lock-up period of up to one month, followed by a gradual release equally over a six month period.
"We couldn't have found a better potential partner than Adventure Box, especially following their acquisition of Lion Gaming Group Inc.," said Mitchell Chun, CEO of Blok Sports LLC. "With these acquisitions, Adventure Box is reshaping the iGaming landscape through its innovative approach to aggregating complementary assets to drive significant value, while Blok is redefining how the next generation of fans bet on sports. We're excited about the opportunity to join the Adventure Box family and deliver transformative consumer experiences in the global sports betting market, which remains underserved by traditional players."
Duncan McIntyre, CEO of Adventure Box, added: "This agreement represents another decisive step in our journey to becoming a dominant force in the iGaming space. Our vision is to establish a unified platform that harnesses the latest technology to deliver superior gaming experiences while fostering growth across new market segments. As we move forward with greater certainty and focus, we remain committed to providing exceptional experiences while creating long-term value for our all our stakeholders. The addition of Blok creates an immediate new revenue segment for our existing customers, while the addition of Sparx provides an engagement platform which can significantly better customer acquisition and retention. Sparx will also generate diversified media revenues outside of the traditional iGaming sector."
The next phase of the transaction involves finalizing definitive agreements, bringing Adventure Box closer to solidifying its position as a leader in the evolving digital gaming and sports betting markets.
About Blok Sports
Blok Sports is a decentralized social sports betting exchange built on next-generation blockchain technology. Sparx Technology, a wholly-owned subsidiary, is a leading provider of fan engagement, content, and monetization solutions utilized by some of the largest entertainment, sports, and consumer brands around the world, including ESPN, Disney, and Turner Sports. and .
This information is such that Adventure Box Technology AB (publ) is obliged to make it public pursuant to the EU Market Abuse Regulation (MAR). February 5, 2025, at 08:32 CET.
For more information, please contact:
Duncan McIntyre
Adventure Box Technology AB (publ)
+1 (778) 996-3596
About Adventure Box Technology AB (publ)
Adventure Box Technology offers KoGaMa, an online game creation platform that provides user-friendly tools for creating and sharing unique gaming experiences. With its innovative multiplayer editor and thriving user marketplace, KoGaMa empowers users to collaborate, create and customise content in a dynamic social metaverse. The company's world-leading streaming technology is patent-protected. Founded in Stockholm in 2014, the company now also has staff in Seville, Copenhagen and Madrid. Adventure Box is traded on Nasdaq First North Growth Market under the ticker ADVBOX and ISIN code SE0012955276. Berg Securities is the Company's Certified Adviser and can be reached via e-mail and telephone 0.
