AMPD Announces Strategic Partner Metastage Inc. Takes Minority Equity Stake in AMPD Subsidiary, Departure Lounge Inc.
March 2, 2023
Vancouver, British Columbia – AMPD Ventures Inc. (CSE: AMPD) (OTCQB: AMPDF) (FRA: 2Q0) (“AMPD” or the “Company”), a next-generation digital infrastructure provider, is pleased to announce that global volumetric capture pioneers, Metastage Inc. (“Metastage”), has taken a minority equity stake in Departure Lounge Inc (“Departure Lounge”), an AMPD subsidiary.
The move is expected to further strengthen the partnership between Metastage and Departure Lounge and position the companies for enhanced strategic alignment and growth. Mr. Tony Jansz, an investment and finance professional with over thirty years of corporate development experience, and a current Metastage investor and board member, is expected to join the board of Departure Lounge.
Metastage has been operating a world-leading volumetric capture facility since 2018 and is responsible for over two hundred volumetric capture projects across a range of sectors. Departure Lounge and Metastage announced their strategic partnership in March 2022, whereby Departure Lounge would house and operate Metastage Canada through a jointly held subsidiary.
“Departure Lounge has demonstrated exceptionally rapid and meaningful traction since the studio opened in September 2022 and we have a great deal of confidence and trust in the Departure Lounge team as valuable partners,” said Tony Jansz. “This stronger alignment creates the largest and most experienced volumetric capture platform in North America with an exciting array of virtual production and creative services.”
“AMPD continues to focus on its mission of establishing and growing a portfolio of valuable subsidiary companies that address key technological and content value creation points in the Metaverse ecosystem,” said Anthony Brown, CEO at AMPD. “I am pleased that Metastage has recognized the stellar first year of execution at Departure Lounge. We look forward to continuing to build value with Tony and the Metastage team as more closely integrated members of the AMPD family.”
“We believe that bringing Metastage more directly into the Departure Lounge ecosystem will supercharge our capabilities, expand our pipeline of opportunities and accelerate our vision of building the world’s premier volumetric company,” said James Hursthouse, CSO at AMPD Ventures and CEO at Departure Lounge. “Our key mission, as always, is to build as much value for AMPD shareholders as possible by making Departure Lounge, and all AMPD Ventures subsidiaries, as successful and valuable as we can.”
The Metastage investment involved: a corporate reorganization of Departure Lounge; a share exchange of Metastage’s shares in a Departure Lounge subsidiary for shares in Departure Lounge currently representing a 9.9% position in Departure Lounge; the adoption of a new shareholders agreement for Departure Lounge and its shareholders, including AMPD, Metastage and the Departure Lounge founders; the establishment of a new more robust board for Departure Lounge comprised of five directors, including two nominees of AMPD, two nominees of majority shareholders and one appointee from Metastage, with Anthony Brown, AMPD CEO, as chair of the Departure Lounge board; and the adoption of a new equity incentive plan for Departure Lounge to replace its existing employee profit sharing plan (the “Transactions”). The board of AMPD unanimously approved and resolved to authorize Departure Lounge to complete the Transactions, with James Hursthouse declaring his interest as CEO and a founder of Departure Lounge and not voting to approve the Transactions.
About Metastage Inc.
Metastage specializes in bringing the best of the real world into the Metaverse. The company has holographically captured people (and animals) from all walks of life, including athletes and actors to executives and training instructors. Metastage’s capture system creates beautiful 3D holograms which can be integrated into any virtual platform, from common devices like smartphones to high-end VR headsets. Metastage and their partners translate true human performance to be digitally shared in the Metaverse.
About Departure Lounge Inc.
Departure Lounge Inc. was established in June 2021 to combine the founding team’s expertise to capitalize on the massive opportunity represented by the ongoing transition to the Metaverse. The company offers innovative tools and technologies to facilitate access to the Metaverse, a creative services team to help build the Metaverse, and a Web3 consultancy team to monetize the Metaverse. Departure Lounge’s main facility occupies over 6,000 sq ft of space at Vancouver’s Centre for Digital Media (“CDM”) and houses the Metastage Volumetric Capture Stage and Move.ai motion capture rig, alongside its creative services team.
About AMPD Ventures Inc.
AMPD Ventures Inc. (“AMPD”) is building the world’s best suite of tools and technologies for digital content creation and distribution. Through its operating subsidiaries, AMPD Technologies Inc. and Departure Lounge Inc., AMPD is advancing the way that digital content is created and consumed. By combining the power of a high-performance-edge approach to cloud computing with world-leading media production technologies, AMPD enables companies to enter the next era of the internet. The team at AMPD has been leading technological developments within the games and digital media industries for nearly twenty years. AMPD was listed as a public company in 2019. Additional information about the company is available on SEDAR and on our website at http://www.ampd.tech.
ON BEHALF OF THE BOARD OF DIRECTORS
/s/ “Anthony Brown”
CEO & Director
AMPD Ventures Inc.
Telephone: +1 (604) 332-3329
This news release contains statements and information that constitute "forward-looking information" within the meaning of Canadian securities legislation. All statements that are not referring to historical facts and events constitute forward-looking information. Forward-looking information is based on the reasonable assumptions, estimates, analysis, and opinions of the Company’s management made in light of its experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Forward-looking information in this news release includes, but is not limited, to information with respect to the Company’s relationship with Metastage and its board members, its expectations for the benefits to come from that relationship, and the future use, marketability, and benefits of volumetric capture, and other technologies and services mentioned in this news release.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of AMPD to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, but are not limited to: general business, economic, competitive, geopolitical, technological and social uncertainties; uncertainties in regard to the development and direction of volumetric and other real-time and virtual production solutions; uncertain capital markets; other risks related to the inability of a party to perform its obligations under its contracts with the Company, as well as those factors discussed in the section entitled “Risk Factors” in the Company’s Form 2A Listing Statement dated October 17, 2019, and “Risk and Uncertainties" in the Company's most recent Management Discussion and Analysis filed on SEDAR.
Although the forward-looking information is based on our management’s reasonable assumptions at the date such statements are made, there can be no assurance that the actions anticipated in this news release will generate the benefits anticipated, or that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. AMPD does not undertake to update or revise any forward-looking information, except in accordance with applicable securities laws. All forward-looking information contained in this news release is qualified by this cautionary statement.