The asset purchase agreement includes the purchase of the right, title and interest of Intellimedia Networks 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 businesses 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 and sets 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’s business applications.
On June 3, 2022, Frontera entered into a definitive agreement to purchase assets and certain intellectual properties from an industry leader, Intellimedia Networks, Inc. (“Intelli Media”). Intellimedia has built 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 transfers the assets and intellectual property to Frontera as Frontera has the platform to maximize the value of the IP purchased.
The acquisition news was captured on June 9, 2022 via an 8-K, viewable via the link below.
Andrew De Luna, CEO, CFO and Vice-President of Frontera stated: “Some companies mine for bitcoin, others for gold, while others forage for oil and gas. Frontera diligently explores the market and mines for undervalued assets using strict risk analysis parameters, choosing the technology that can potentially create substantial increases in shareholder value.”
“This acquisition is in line with FRTG’s core mission of aggressively pursuing opportunities in the technology and human capital markets that demonstrate innovation, profitability and scale potential; that is all the recipe to increase the return on investment 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-pronged acquisition and implementation strategy aimed at significantly increasing the profitability of its acquisitions in industries with traditionally low and stagnant EBITDA multiples. The company has identified and is currently pursuing several acquisition objectives.
For more information, 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 leverage AR, VR and AI to enhance media, training, education, virtual event broadcasting, real estate and other applications.
For more information, visit the Intellimedia Networks website at: www.intellimedianetworks.com
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Statements in this press release that are not historical facts may be “forward-looking statements” that involve risks and uncertainties that could cause actual results to differ materially from those currently expected. For example, statements describing FRTG’s hopes, plans, objectives, goals, intentions or expectations are forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release. Numerous factors, many of which are beyond FRTG’s control, will affect the actual results. FRTG assumes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. This press release should be read in conjunction with FRTG’s most recent financial reports and other filings by FRTG with the OTC Markets and/or the US Securities and Exchange Commission.
Frontera Group Contact
Andrew De Luna
Contact person for investor relations