Sports Venture Holdings declines to enter into business combination with Kings Entertainment

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VANCOUVER, BC, March 17, 2023 /CNW/ – Kings Entertainment Group Inc. (“Kings Entertainment” or the “Company”) (CSE: JKPT) (OTC: JKPTF) announces that, despite months of consistent efforts by part of the Company, Sports Venture Holdings Inc. (“SVH”) declines to complete the business combination previously agreed to between the Company and SVH (the “Business Combination”) announced on May 25, 2022.

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The terms of the business combination have been agreed pursuant to a business combination agreement dated May 24, 2022 (the “Business Combination Agreement”) between Kings Entertainment and SVH. Pursuant to three extension agreements between the Company and SVH, the closing date of the Business Combination Agreement has been extended to March 17, 2023 (the “Deadline”). Despite the Company’s willingness and ability to complete the Business Combination prior to the Deadline, SVH has indicated that it does not intend to do so.

The Company is considering all options regarding the execution of the Business Combination Agreement, the loan and its other rights.

Disclaimer and Caution Regarding Forward-Looking Information

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. Use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “plan”, “estimate” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current beliefs or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this press release contains forward-looking information regarding, among other things, the Company’s intention to seek performance of the business combination agreement, the loan and its other rights, and the Company’s ability to to recover the sums due from SVH. Various assumptions or factors are generally applied in drawing conclusions or making the forecasts or projections set forth in forward-looking information. These assumptions and factors are based on information currently available to the Company. Although these statements are based on management’s reasonable assumptions, there can be no assurance that the Company will pursue legal recourse or be successful in collecting amounts owed by SVH under the terms of the business combination agreement.

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Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. These statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including expected costs and the ability to achieve its objectives. Trading in the Company’s securities should be considered highly speculative.

Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include SVH’s willingness to cooperate, general economic, market or business conditions, changes in law and regulation and litigation. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be construed as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those implied by such statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances, except as required by law. Readers should not place undue reliance on the Company’s forward-looking statements. Neither CSE nor its regulation services provider accepts responsibility for the adequacy or accuracy of this press release.

SOURCEKings Entertainment Group Inc.

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