The Asset Purchase Agreement entails the Purchase of Intellimedia Networks’ right, title, and interest in certain intellectual property rights by Frontera Group
DALLAS, TEXAS, June 29, 2022 (GLOBE NEWSWIRE) -- Frontera Group, Inc. (OTC Pink: FRTG) (“Frontera” or “the Company”), a technology-focused strategic acquirer of revenue-generating companies and intellectual property (IP), today announced the release of the 3.0 version of its Mixie Holoport immersive reality framework with Extended Reality (XR) support (“Mixie Holoport XR”). Mixie Holoport XR is a National Association of Broadcasters (NAB) Product of the Year award winner, setting the benchmark for immersive realism in Augmented Reality (AR), Mixed Reality (MR), and Virtual Reality (VR) applications. Frontera recently acquired the Mixie Holoport IP to enhance Metaverse business applications.
On June 3, 2022, Frontera entered a Material Definitive Agreement to purchase assets and certain intellectual properties from an industry leader, Intellimedia Networks, Inc. (“Intellimedia”). Intellimedia has earned a reputation in the industry for award-winning technology.
The final purchase price was $5,000,000 cash by Frontera, plus the issuance of 20,000,000 (million) shares of FRTG, with restrictions. Essentially, Intellimedia is turning over the assets and Intellectual Properties to Frontera, as Frontera has the platform in place to maximize the value of the purchased IP.
The acquisition news was documented via an 8-K on June 9, 2022, which can be viewed at the link below.
Andrew De Luna, CEO, CFO, and Vice Chairman of Frontera stated, “Some companies mine for bitcoin, some mine for gold, while others explore for oil and gas. Frontera diligently explores the market and mines for undervalued assets using stringent risk analysis parameters, choosing the technology that can potentially create substantive increases in shareholder value.”
“This acquisition is aligned with FRTG’s core mission, which is to aggressively pursue opportunities in the technology and human capital markets that exhibit innovation, profitability, and the potential to scale; all of which is the recipe to increasing returns for stakeholders.”
About Frontera Group
Frontera Group is a strategic acquirer of intellectual property and revenue-generating companies in the technology and human capital markets. It is developing and executing an aggressive, four-tier acquisition and implementation strategy intended to provide substantial increases in profitability to its acquisitions in industries which possess traditionally low and stagnant EBITDA multiples. The Company has identified and is currently pursuing several revenue-generating acquisition targets.
For further information, please visit Frontera’s website at www.frtgtech.com
About Intellimedia Networks
Intellimedia Networks is a US and India-based technology company that designs and deploys cloud platforms and applications that create immersive experiences. Intellimedia’s award-winning products utilize AR, VR, and AI to enhance media, training, education, virtual event broadcasting, real estate, and other applications.
For further information, please visit Intellimedia Networks’ website at www.intellimedianetworks.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
The statements contained in this news release which are not historical facts may be “forward-looking statements” that involve risks and uncertainties which could cause actual results to differ materially from those currently anticipated. For example, statements that describe FRTG’s hopes, plans, objectives, goals, intentions, or expectations are forward-looking statements. The forward-looking statements made herein are only made as of the date of this news release. Numerous factors, many of which are beyond FRTG’s control, will affect actual Results. FRTG undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. This news release should be read in conjunction with FRTG’s most recent financial reports and other filings posted with the OTC Markets and/or the U. S. Securities and Exchange Commission by FRTG.
Frontera Group Contact
Andrew De Luna
Chief Executive Officer
Investor Relations Contact