Kings Entertainment to exit online lottery sector following acquisition


Kings Entertainment Group has announced that it has entered into a share purchase agreement dated December 7, 2023 with PM Legacy, pursuant to which PM Legacy has agreed to acquire the entirety of the company’s online lottery and casino business through the acquisition of all of the outstanding shares of the company’s wholly-owned subsidiaries.

Legacy Eight Curaçao NV, Azteca Messenger Services S.A. de C.V., and Phoenix Digital Services Ltd, together with L8 Curaçao and Azteca,in exchange for cash consideration of $175,000.

The Company is proceeding with the Disposition subsequent to the closing of its acquisition of Braight AI Technologies Inc, as previously announced in its press release of July 17, 2023, in order to focus its business on Artificial Intelligence (AI) Big Data analytics solutions.

Steve Budin, CEO of the Company, commented: “With the exciting acquisition of Braight AI and all of our efforts and resources being redirected toward the artificial intelligence sector, it made sense to move away from the lottery space and focus all of our attention on our new direction.”

The disposition is an arms-length transaction and is subject to terms and conditions as set forth in the Share Purchase Agreement which are customary for transactions of this nature, including, among other things, the approval of the Company’s shareholders and the approval of the Canadian Securities Exchange. The Company intends to obtain shareholder approval by way of consent resolution.