July 30, 2020 Vancouver, British Columbia. Zadar Ventures Ltd. (“ZAD” or the “Company”) announces that it has executed a definitive share exchange agreement with XRApplied SAS (“XRA”), based in Sarlat-la-Canéda, France. XRA is a leader in the development and deployment of AR/VR/MR technologies as well as assets like AR/VR games and AR/VR mobile applications
Under the terms of the agreement ZAD will acquire all of the outstanding shares of XRA in exchange for 40,000,000 common shares of the Company. ZAD will also commit to raise a minimum of US$500,000 by way of equity offering. The Company will seek shareholder and regulatory approval to complete the share exchange agreement and to changing its name to XRApplied Technologies Inc.
XRA has developed a unique solution that removes the barrier to entry for XR technologies and assists its clients in building an engaging brand experience across multiple platforms at an affordable cost. Businesses in any vertical can now engage customers, employees, and clients across any platform via engaging interactive AR and VR content. As a result, any business can now leverage one single set of assets in order to build unique e-commerce platforms, presentations, training applications, games, and more - in AR /VR.
Company Chairman Mark Tommasi states, “We are thrilled to be moving forward with the merger in a time when AR/VR/MR technologies are disrupting every industry as we know it, and we strongly believe that we have found the right team and project to position us in this market. We are looking forward to launching a series of game changing business applications and consumer games in the AR/VR/MR space over the coming months.”
The Company advises that the transaction will acquire regulatory and shareholder approval, and that there is no assurance that the proposed transaction will close. The Company will also file all the necessary documents for approval of a change of business.
ON BEHALF OF THE BOARD OF DIRECTORS