LOOKING GLASS LABS LTD.
N E W S R E L E A S E
LGL Recaps 2022 and Provides 2023 Outlook
2022 was a fascinating year in technology, but many investors can be forgiven for still having difficulty discerning the technology-based sectors on the bleeding edge of innovation. Despite LGL being an early mover in the metaverse space with its own set of notable achievements, the Company continues to evolve in an industry that is, so far, better known for other reasons. Ever since Facebook became Meta last October and then proceeded to invest another nearly
Looking ahead to 2023, LGL continues to be focused on building industry leading products that are firmly rooted in immediate consumer engagement with the continued development of the first live-action series, entitled GenZeroes, as well as its proprietary metaverse platform, Pocket Dimension, which is expected to come to market in the first quarter of 2023. These two flagship products are blurring the lines between familiar user experiences and Web3 technology applications to provide corporate and brand partners with new ways to engage their customers. LGL is actively pursuing partnerships with multiple major brands and organisations across the media, marketing, automotive and entertainment industries to leverage the improved engagement and monetisation benefits for which the blockchain and Web3 have great potential.
LGL’s most notable highlights from 2022 in chronological order include:
- 3D modelling technology of HoK’s NFT infrastructure became core to the development of the HAPEBEAST NFT collection by Digimental Studio that realized in excess of
$100 millionin secondary revenues1;
- HoK partnered with Polygon Studios to scale and further develop key infrastructure solutions;
- Received over
CAD$2.5 millionin Metaverse land sale proceeds in April 2022;
- Produced and release the first-ever live action sci-fi series backed by NFTs;
- Showcased HoK’s GenZeroes Live-Action Series at Comic-Con International 2022; and
- Launched Alpha Release of Pocket Dimension Metaverse Assets at the beginning of November.
Further information regarding the Company’s news releases and accomplishments can be found here.
“I am proud of the Company’s accomplishments this year, thanks to the hard work and dedication of our entire enterprise including both LGL and HoK. Looking back, I am grateful for both our successes and our challenges as they have helped shape the Company that we have today,” said Dorian Banks, Chief Executive Officer at LGL. “Going forward, our management team believes that there is currently more opportunity than ever in the metaverse industry. We intend to pursue significant contracts and important partnerships in 2023 as major global brands continue to announce Web3 initiatives,” added Mr. Banks.
The Directors of Looking Glass Labs take responsibility for this announcement.
This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse.
Dorian Banks, Chief Executive Officer
For further information, please contact:
Toll-Free: +1 833 LGL-NFTX (833-545-6389)
Novum Securities Limited, AQSE Corporate Adviser
David Coffman/ George Duxberry
Tel: +44 (0)207 399 9400
ABOUT LOOKING GLASS LABS
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This news release contains “forward-looking statements.” Statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things: the continued development of Pocket Dimension, development of immersive metaverse environments, play-to-earn tokenization and blockchain monetization strategies,; pursuing partnerships to monetize blockchain and Web3 opportunities; and the near-term projects and future projects.
The material assumptions supporting these forward-looking statements include, among others, that: the Company could mitigate the risks associated with the blockchain and NFT industry; the ability to compete with other businesses in the NFT market; the availability of sufficient funding to carry out the Company's business development plans; favourable market conditions; the ability of HoK to sell all or substantially all of its product offerings; the market acceptance for its products; and the ability to complete the development of Pocket Dimension in a timely manner.
Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the continued growth and adoption of NFT and metaverse offerings by the consumer market; the cost of developing and designing NFTs and metaverses is economically viable; the Company being able to attract and retain a sufficient workforce with desired skillsets to develop the Company's NFT and metaverse offerings; the availability of offerings provided by third-parties in the NFT, metaverse development and online gaming market to identify potential transactions; the increasing adoption of NFTs as a solution for various online gaming, entertainment and collectible uses; the Company having the ability to mitigate the risks associated with the blockchain and NFT industry; and the ability to compete with other businesses in the NFT, metaverse development, content creation and collectibles market.
Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the risk that the Company's offerings are not accepted by the consumer, the risk that other competitors may offer similar digital offerings; the risk that there may be negative changes in general economic and business conditions; the risk that the Company may have negative operating cash flow and not enough capital to complete the development of any of its technologies; the risk that the Company may not be able to obtain additional financing as necessary; the risk that there may be increases in capital and operating costs; the risk that the NFT technology may be subject to fraud and other failures; the risk that there may be technological changes and developments in the blockchain that make the NFT solutions obsolete; risks relating to regulatory changes or actions which may impede the development or operation of the blockchain solutions; the risk that other competitors may release similar blockchain offerings; the potential future unviability of the NFT market in general; the volatile cost of the amount of computational effort required to execute specific operations on the blockchain, and other general risks involved in the blockchain solutions.
Risks and uncertainties about the Company’s business are more fully discussed in the Company’s disclosure materials, including its reports filed with the Canadian securities regulators and which can be obtained from www.sedar.com.
Any of these risks may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Further, although the Company has attempted to identify factors that could cause actual results, levels of activity, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause results, levels of activity, performance or achievements not to be as anticipated, estimated or intended. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law, including the securities laws of
- Neither LGL nor HoK received compensation for the development of HapeBeast nor secondary revenues from the collection.
SOURCE: LOOKING GLASS LABS LTD.