- MSM International’s (MSM) strategic partner, Riva Technology and Entertainment, has invested US$1 million (roughly A$1.3 million) for a minority equity holding in OkLetsPlay
- This investment adds to Riva’s existing eSports and gaming business interests, Firefly Games and Galaxy Racer
- The funds from Riva will go towards the expansion of OkLetsPlay’s platform and user base
- MSM Corporation International is in the grey, last trading at 5.9 cents
MSM International’s (MSM) strategic partner, Riva Technology and Entertainment, has invested US$1 million (roughly A$1.3 million) for a stake in OkLetsPlay.
OkLetsPlay is a gaming and settlement platform used worldwide in eSports competitions. The funds from Riva will go towards the expansion of OkLetsPlay’s platform and user base.
This investment adds to Riva’s existing eSports and gaming business interests, Firefly Games and Galaxy Racer.
OkLetsPlay is intended to be used as a settlement platform in the company’s Megastar Version Two offering and form an important component in the monetisation for the Megastar platform.
“The investment in OkLetsPlay represents a significant piece of our strategy to build a true eSports, gaming and entertainment platform. We see that the Megastar competition platform can be significantly enhanced by applying the OkLetsPlay patented technology in conjunction with the global Esports audience generated by Galaxy Racer,” said Riva Director, Paul Roy.
MSM recently proposed a merger with Riva to create a global digital media entertainment, eSports and gaming business.
Since first announcing a strategic partnership with the company in 2017, MSM has secured a 10 per cent equity interest in RIVA, as well as interest free loan notes totalling U.S.$1.3 million (around A$1.7 million).
“We are pleased that Riva Technology and Entertainment continues to generate shareholder value as they rapidly progress along their business strategy to create a global digital media entertainment, Esports and gaming business, including Firefly Games, Galaxy Racer and now complimentary gaming company OkLetsPlay,” said MSM Chairman Antoine Massad.
MSM Corporation International is in the grey, last trading at 5.9 cents at 1:50 pm AEDT.