OOOOO Signs License Agreement with The Taken Seat to Launch Social Commerce Platform in Middle East

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Vancouver, British Columbia–(Newsfile Corp. – May 12, 2022) –  OOOOO Entertainment Commerce Limited (TSXV: OOOO) (OTCQB: OOOOF) (“OOOOO”), a mobile commerce platform, is pleased to announce that it has signed a license agreement with The Taken Seat – a venture builder in the Middle East – to launch a video commerce platform in the region later this year.

Pursuant to the agreement, OOOOO has agreed to license the OOOOO software to the Taken Seat exclusively for a number of countries in the region and non-exclusively for others in exchange for a minority equity interest in Fourth Taken Holding Ltd, a private company incorporated under the laws of the Abu Dhabi Global Market. In addition, OOOOO will receive an upfront cash payment towards certain of its costs to integrate the software.

The Taken Seat is a Kuwait-based venture builder that incepts, launches, scales and funds next generation disruptive technology ventures in the Middle East. The Taken Seat was established about three years ago by Musab & Abdullah Almutawa, the co-founders of Carriage which had a successful exit to Delivery Hero in 2017. Along with a team comprised of Harvard/MIT/Stanford/Apple alumni, The Taken Seat and its ventures boast 100+ employees across 10+ countries and have raised millions of dollars in venture funding both from the region and beyond.

Sam Jones, CEO of OOOOO said: “We are delighted to have partnered with The Taken Seat in the Middle East. The team have launched some fantastic technology companies in the region in recent years and we believe their team and local relationships provide a great platform to launch social, video commerce in the region using our technology. Through this partnership and license agreement, the technology can be in market at speed and OOOOO can participate in the long-term success of the project as well as receive financial contribution to our development costs”.

Aziz Albahar, COO of The Taken Seat declared: “We are incredibly excited to launch the next generation of e-commerce in the region with a focus on live video and ability to go from viewing to completing a purchase with just one click without ever leaving the video feed. With OOOOO as a partner, we are able to accelerate our market entry and start with a strong, proven technology stack.”

About OOOOO Entertainment Commerce

OOOOO Entertainment Commerce operates a technology platform that enables retailers, brands and entrepreneurs to share product-based opinions directly to consumers through live, interactive, shoppable videos. The platform also offers gamification and social features which reward the community for helping to grow the user base, reducing the need for traditional ad networks.

For further information please contact:

OOOOO Entertainment Commerce Limited

Samuel Jones
Chief Executive Officer
604.265.0771
[email protected]

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Source: OOOOO

Forward Looking Information

Certain statements in this news release may constitute “forward-looking statements”. Forward-looking statements are statements that address or discuss activities, events or developments that OOOOO expects or anticipates may occur in the future. When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “projects”, “will”, “believes”, “intends” “should”, “could”, “may” and other similar terminology are intended to identify such forward-looking statements. Forward-looking statements reflect the current expectations and beliefs of OOOOO’s management. Because forward-looking statements involve known and unknown risks, uncertainties and other factors, actual results, performance or achievements of OOOOO or the industry may be materially different from those implied by such forward-looking statements. Examples of such forward-looking information that may be contained in this news release include statements regarding: growth and future prospects of our business; our perceptions of the industry and markets in which we operate and anticipated trends in such markets; expectations regarding the operation of our app; our future revenues; and the value of our equity investments. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking statements may include, but are not limited to, our ability to execute on our business plan, increase visibility amongst consumers and convert users to revenue producing subscribers and the success of the business of our partners. Forward-looking statements involve significant uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, without limitation: those relating to potential disruptions to product delivery; failure to meet regulatory requirements; adoption of the software in the Middle East changes in the market; potential downturns in economic conditions; availability of financing (as necessary); and other risk factors described in our Filing Statement which is available on SEDAR at www.sedar.com. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should exercise caution in relying upon forward-looking statements and OOOOO undertakes no obligation to publicly revise them to reflect subsequent events or circumstances, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/123751