Adventure Box Technologies AB (publ) signs letter of intent for acquisition of Lion Gaming Group Inc.

The letter of intent involves the acquisition of 100% of the shares in Lion Gaming Group Inc. for a purchase price of approximately SEK 475 million (USD 45 million), which will be paid with newly issued shares in Adventure Box at a share price of SEK 0.40 per share. The parties will now enter into negotiations on a definitive share purchase agreement ("SPA"). Completion of the transaction is subject to the completion of due diligence and approval at an extraordinary general meeting. The target is to finalize the acquisition in the second half of 2024.

"We are creating a major new player in the iGaming market through the acquisition of Lion Gaming Group, and we see opportunities for synergies between the KoGaMa platform and Lion's gaming platform. This acquisition lays the foundation for a global player," said Mads Jørgensen, Chairman of the Board of Adventure Box Technologies AB.

Lion Gaming Group Inc. currently has approximately 70 shareholders, including financial institutions, individuals, and venture capitalists from Canada, the United States, Europe, Central America, the Caribbean and Australia. Major shareholders in Lion support the transaction, which provides a strong foundation for future cooperation. Adventure Box and Lion share the same vision for the gaming market, especially with synergies between the Kogama platform and Lion's gaming platform
and universe, including Web3 development and cross-user acquisition. This transaction opens up opportunities in game development and aligns with Adventure Box's strategic focus and business objectives.

"This strategic move significantly enhances our footprint in the video game industry. This acquisition not only broadens our scope and capabilities within the gaming ecosystem but also introduces new revenue streams. We are confident that this will bring value to our shareholders and accelerate our growth trajectory in the ever-evolving gaming market," said Michal Bendtsen, CEO of Adventure Box
Technologies AB.

Lion Gaming Group Inc. is a leading player in iGaming technology, offering a unique platform that supports multi-chain, on-chain transactions as well as customized sportsbook and casino solutions. The company has several subsidiaries and brands, including Lion Gaming, MAMMOTH Workshop, Fer0x and Aggretron. Lion also holdsseveral licenses, including B2B and B2C licenses in Malta and a Curacao Gaming License.

"We look forward to becoming part of Adventure Box Technologies AB and benefiting from their extensive experience and resources to further develop our business. This merger gives us the opportunity to benefit from synergies and strengthen our presence globally, which benefits both our customers and shareholders. We are confident that this transaction will provide us with the tools and support we need to continue to be a leader in iGaming technology through organic growth and acquisition of new businesses," said Duncan McIntyre, CEO of Lion Gaming Group Inc.

ABOUT LION GAMING GROUP:

Lion Gaming Group Inc. is a technology company that creates sportsbook and casino IP which is licensed out to operators. Lion's software accepts wagers in fiat and/or cryptocurrency, and can also transact fully on-chain through multiple blockchains. Lion's blockchain-based smart contract gaming platform is able to transact on multiple blockchains. Lion's focus is on creating a self-feeding ecosystem of complementary gaming assets through M&A activity.

This information is such that Adventure Box Technology AB (publ) is required to disclose in accordance with the EU Market Abuse Regulation. The information was released through the agency of the contact persons below on 10 June 2024 at 8:32 CET.