VANCOUVER, British Columbia, March 31, 2022 (GLOBE NEWSWIRE) -- Pioneer Media Holdings Inc. (NEO: JPEG, AQSE: PNER) (“Pioneer” or the “Company”) is excited to announce that it has completed the acquisition of Crowdform Ltd. (“Crowdform”), a London based web3 venture builder and digital product studio focused on gaming and products related to web3.
Crowdform is a leading digital product and venture activation studio that creates innovative platforms, apps and websites for global brands and startups. Founded by Ewan Collinge and Léo Mercier, Crowdform is built by a team of designers, developers and strategists that bring powerful digital products to life. Their unique experience in building user-centred products and accelerating company growth will be an asset to Pioneer as a first mover in the space and a leading web3 technology incubator. Crowdform has an established, globally recognized client list including: The Pit (a popular NTF game) Applied Blockchain, RedBull, and Sony.
Pioneer’s mission is to build a comprehensive web3 ecosystem and Crowdform will be the backbone of the entire network. As part of its strategic growth plan, Pioneer has recently made several key acquisitions of NFT and web3 assets and having an in-house digital product studio will be a crucial part of building the technology infrastructure for the continued growth and development of these assets and of the Company’s complete ecosystem. Mr. Collinge and Mr. Mercier will continue in their current positions with Crowdform and their leadership and expertise will be extremely valuable to Pioneer’s success.
Mike Edwards, CEO of Pioneer commented, “The acquisition of Crowdform is our largest acquisition to date and a very important part of our growth strategy. Having our own digital product studio and the expertise of Léo and Ewan, means we can now create and develop our own web3 assets and support our NFT and gaming portfolio to drive our comprehensive ecosystem forward. We have established the foundational pillars within our business and Crowdform is the foothold that brings everything together. Now that we have built the framework, it’s time for us to execute. I could not be happier with the progress we’ve made in a short amount of time, including graduating to the NEO exchange and look forward to adding meaningful shareholder value as the industry continues to evolve and mature.”
Ewan Collinge, Co-Founder of Crowdform commented, “Joining the Pioneer group is a new and exciting chapter in the history of Crowdform. We’ve always seen the future of the company as becoming a venture builder, and the opportunity to deliver the Pioneer vision alongside the other talented companies within the group is hugely exciting. We already have the first ventures in the pipeline and have so far been greatly encouraged by the clarity and speed at which Mike and the other leaders within Pioneer operate. Léo, myself and our team look forward to building out an ecosystem of products that we hope will form part of the infrastructure of web3 and shape the future of the space in gaming, NFTs, payments and beyond.”
Transaction Details
Under the terms of the acquisition, Pioneer has acquired all of the outstanding securities of Crowdform from Messrs. Collinge and Mercier (collectively the “Vendors”), who are arm’s length parties to Pioneer. In consideration, Pioneer paid approximately £601,994 (C$987,968) in cash at closing, with an additional £500,000 (C$820,580) to be paid six months thereafter, subject to adjustment. The Vendors will also receive an aggregate total of 4,460,303 Pioneer common shares, subject to the policies of the NEO Exchange. The consideration shares will be issued in four equal tranches every six months from closing and will be subject to a four month hold period commencing from issuance.
Additionally, with respect to any of Pioneer’s wholly-owned subsidiaries for which Crowdform provides all or substantially all of the software development services, Pioneer will cause such subsidiary to grant incentive stock options or other equity compensation in that subsidiary to Crowdform’s directors, officers, employees or consultants, as chosen and determined by Crowdform’s then-directors, to a maximum of 20% of the then-outstanding capital of such subsidiary.
The Company’s directors take full responsibility for this announcement.
About Pioneer Media Holdings Inc.
Pioneer is technology incubator creating a full Web3 ecosystem focusing on NFT, NFT Gaming, DAO and tokenized communities. Pioneer’s experienced management team leverages its global network and expertise to provide investors with direct access to a portfolio of innovative, early-stage to mid-level growth companies in the space.
Additional information about Pioneer is available at www.p10neer.com or www.sedar.com.
ON BEHALF OF PIONEER MEDIA HOLDINGS INC.
“Mike Edwards”
CEO & Director
| First Sentinel Corporate Finance Ltd (AQSE Corporate Adviser) | |
| Brian Stockbridge / Gabrielle Cordeiro | +44 7876 888 011 |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the matters described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding the payment of consideration regarding the Crowdform acquisition described above. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including factors beyond the Company's control. These forward-looking statements are made as of the date of this news release.
