AN IMPRESSIVE NEW PROJECT FOR IP and a reasonable timing of shares granted to a management team that have not taken a salary for the last year.
IMAGINATION PARK ANNOUNCES EXCLUSIVE DEAL WITH MICHAEL BISPING, UFC MIDDLEWEIGHT CHAMPION OF THE WORLD, FOR PRODUCTION OF A NEW VIRTUAL REALITY SERIES
Imagination Park Entertainment Inc. has entered an exclusive agreement, signed on March 12, 2017, with Michael Bisping, UFC (Ultimate Fighting Championship) middleweight champion of the world, to produce a VR (virtual reality) series entitled "A Day in the Life of the Champ." Production starts next month commencing in Michael's hometown of Los Angeles, CA and will have exclusive access to his training camp, behind the scenes activities, as well as the journey leading up to his summer championship fight against UFC Legend Georges St-Pierre. This fight is considered one of the biggest of the year in the world of MMA.
Yas Taalat, Director of Imagination Park, stated: " Michael Bisping's journey is one of my favourite sports stories of all time. He is the real life version of 'Rocky Balboa.' He is not only a good friend, but an immense talent and a true champion in every sense of the word. It is hard not to have tremendous respect for his work ethic, skills, and evolution in the sport of MMA. I am ecstatic to begin working with Michael on a thrilling Virtual Reality project. I am certain UFC, MMA and sports fans around the world will love it too!"
Gabriel Napora, CEO of Imagination Park, added: "Today is one of the best days I've ever had. Getting to work with my friend Michael, the UFC Middleweight Champion, is an honor for me. This agreement demonstrates Imagination Park's commitment to providing the absolute best content in Virtual Reality that exists today. Once this project is released, I expect significant revenue and it will also open the door to even more sports VR opportunities."
Michael Bisping, UFC Middleweight Champion, said: "I am very excited to be working with world class producers Yas Taalat and Gabriel Napora, from Imagination Park Entertainment on this incredible VR series. Together, we will create something original and groundbreaking in VR that will blow people away. I have the biggest fight of my life against Georges St-Pierre and I am excited to work on this project and bring all of you with me as I successfully defend my championship belt."
The Ultimate Fighting Championship (UFC) was recently sold for $4 billion to a group led by WME-IMG.
Further, the Company has entered into debt settlement agreements with officers, directors and consultants of the Company pursuant to which the Company has agreed to issue an aggregate of 7,926,157 common shares at a deemed price of $0.05 per Share (the " Transaction "). The amount of indebtedness settled by the Transaction is $396,307.94. The Company determined to satisfy this outstanding indebtedness with shares in order to preserve its cash for operations.
All securities issued pursuant to the Transaction will be subject to a four-month and one-day hold period. The price of the shares were reserved by way of confidential price reservation pursuant to the policies of the Canadian Securities Exchange.
Gabriel Napora, CEO of Imagination Park, commented: "The executive team at Imagination Park has worked daily this past year without a paycheck. This shares for debt transaction demonstrates that our executive management is committed long term to the company and that we intend to control the direction so investors can achieve the highest possible return. We are committed to adding value for investors on a daily basis.
