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.
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OOOOO Entertainment Commerce Limited
Chief Executive Officer
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Forward Looking Information
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