SAN DIEGO, CA / ACCESSWIRE / June 12, 2023 / Live Current Media, Inc. ("Live Current" or the "Company") (OTCQB:LIVC) announces that it has signed a letter of intent (the "LOI") to acquire Total Communicator Solutions Inc. ("TCS") (dba Spark Compass ®), of San Diego in an all-stock transaction.
About TCS
TCS has developed, Spark Compass ®, an Augmented Intelligent Communication Platform that creates real-time, personalized experiences that drive engagement and loyalty- delivers "Data with a Purpose" enabling real-world operating systems. It's patented and award winning technology transforms how brands and venues connect with people, using data and context to deliver the right message, to the right person, at the right time, on the right channel. Spark Compass ® has delivered its platform to a variety of clients, including the newly announced activation of the Chula Vista Elite Athletic Training Center, a USA Olympic Training Site. TCS has a substantial pipeline with multiple contracts totaling $18MM and LOIs in place for an additional $17MM. The patent protected platform is endorsed by client partners including Google Cloud, AWS and IBM as well as system integrator giants including CGI, HCL and Atos.
Erik Bjontegard, the CEO of TCS, brings valuable expertise as the inventor and patent holder of the Spark Compass ® platform and a former Qualcomm R&D executive. His background in ubiquitous computing, mobile technology and the R&D industry positions him well to lead the development and implementation of the next-generation Spark Compass ® platform.
The LOI
Pursuant to the terms of the LOI, the parties intend to sign a definitive agreement by July 27th, 2023. Conditions precedent to signing of a definitive agreement include completing due diligence by both parties, any shareholder approvals required and TCS completing an audit of its books. Final terms of the transaction will be disclosed upon signing of the definitive agreement.
Management and Directors
At the closing, the current board of directors of Live Current will resign and a new board will be appointed that will include Mark Ollila, Erik Bjontegard, Heidi Steiger, two directors nominated by Heidi Steiger and two directors nominated by Erik Bjontegard representing TCS. Erik Bjontegard will become President and Mark Ollila will continue as CEO.
"This acquisition will speed up the growth of Live Current immensely as we continue to build a unified platform that ties creators, audiences, fans, brands and businesses together," said Live Current CEO Mark Ollila. "Mr. Bjontegard and his team have put together a fantastic product in a rapidly growing sector that is almost certain to increase in popularity. His experience from launching VR platforms such as Vuforia and location beacon platforms such as Gimbal when he was in Corporate Development at Qualcomm will prove invaluable as we move into this world of AI and contextual intelligence."
Mr. Bjontegard stated: "The artificial intelligence, contextual intelligence ecosystem market is experiencing rapid growth and is projected to continue expanding in the coming years. According to market intelligence reports, the market size for AI technology and services is expected to reach approximately $190.61 billion by 2025, growing at a compound annual growth rate (CAGR) of over 55%."
Mr. Bjontegard continued, "The experience of Mark Ollila in the ubiquitous computing and platform as a service space will allow the unified company to deliver solutions to a wider group of businesses. Teaming up with him and his team will further expand and accelerate the growth of the unified platform."
About Live Current Media Inc.
Live Current Media Inc. acquires and integrates technologies that automate key processes in content and community creation, bringing together innovative businesses and technologies to provide an end-to-end resource for the hundreds of millions of creators who do not have a meaningful piece of the creator economy. The Live Current platform features a growing set of creative tools and community building technologies that include video community creation, AR/VR discovery, social media amplification, personal and business brand management and sponsorship and alternative revenue creation for the global creative community in addition to providing community and experiential solutions for businesses wishing to become more creative in the way they reach their customers.
On behalf of the board of directors of Live Current Media Inc.
Mark Ollila, CEO & Director
For more information please contact:
mark@livecurrent.com
www.livecurrent.com
All statements in this press release that are not statements of historical fact are forward-looking statements, including any projections of growth, earnings, revenue, cash or other financial items, any statements of the plans, strategies, objectives and goals of management for future operations, any statements regarding future economic conditions or performance, statements of belief and any statements of assumptions underlying any of the foregoing. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, general economic conditions particularly as they relate to demand for our products and services; competitive factors; changes in operating expenses; our ability to raise capital as and when we need it and other factors. Live Current Media, Inc. assumes no obligation to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so.
SOURCE: Live Current Media Inc.
View source version on accesswire.com:https://www.accesswire.com/760571/Live-Current-Media-Signs-LOI-to-Acquire-San-Diego-Based-Contextual-Intelligence-Company-Total-Communicator-Solutions
