Livestream is the parent company of Loot.Bet. Its acquisition by Intema Solutions was finalised in April 2022, with Intema further disclosing that it would undergo a rebrand to React Gaming. Both companies inked a definitive share purchase agreement (SPA) in January 2022.
Under the terms of the agreement, React agreed to issue a $4m secured vendor take-back note in favour of Livestream bearing 12% interest from the date of any default.
A statement from React, which in this instance is defined as the Corporation and the vendors of Livestream are defined as the Vendors, read: “Pursuant to the terms of the Debt Settlement agreement, the parties have agreed to settle the amounts outstanding under the note and release each other from their respective obligations under the SPA in consideration that Corporation has agreed to pay the Vendors $200,000, upon the sale of any assets of the Corporation, or the closing of a future financing, and by no later than April 9, 2023.”
React Gaming CEO Leigh Hughes commented: “This transaction is an important milestone for React Gaming, as it will eliminate all remaining obligations in regard to the Loot.Bet acquisition and improve our balance sheet.
“It will also enable us to fully benefit from our new B2B market initiatives, namely with HHRP in the Philippines and any future developments planned for this promising asset.”
React signed a master services agreement with HHR Philippines (HHRPh) last month, giving HHRPh exclusive rights to React Gaming subsidiary Loot.Bet’s cloud-based software for the Philippines.
