Liquid Avatar Technologies Provides Q4 Recap and Business Update
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES
Business activities and revenue continued to show strong growth in Q4
Toronto, Canada January 5, 2022 – Liquid Avatar Technologies Inc. (CSE: LQID / OTCQB:LQAVF / FRA:4T51) (“Liquid Avatar Technologies” or the “Company”), a global blockchain and fintech solutions company, focused on Digital Identity, integrated Avatars and the Metaverse, is pleased to provide an update on its business activities for the fourth quarter of 2021, as the Company progressed from research and development to commercial operations, focusing its efforts on activation of its business and revenue efforts.
During Q4 2021, the Company activated the new version of its Liquid Avatar Mobile App; enhanced its Liquid Avatar Verifiable Credentials Ecosystem; began the development of a digital identity verifications platform, PassmateTM, using payment rail technologies; initiated activation plans for a US based network card program; launched its metaverse program, Aftermath Islands, through Oasis Digital Studios Limited, which acquired a 50% interest in the program; and engaged in other activities that are supporting the technology efforts of the Company to continue its leadership position in Digital Identity, Avatars and the Metaverse.
As a result, Liquid Avatar Technologies has seen an earlier than anticipated rise in commercial activities, which generated preliminary gross revenue of approximately C$1,000,000, from October 1, 2021, through December 31, 2021, before direct costs of sales. The Company believes that gross margins on this revenue will be in line with other digital services companies. Sales and other financial measures for the period are unaudited, subject to final cash settlement, accounting and technical review, and potential revisions. There is no guarantee that revenue in future periods will be equivalent.
As of January 1, 2022, Aftermath Islands, which is 50% owned and principally operated by Oasis Digital Studios Limited, a 100% owned subsidiary of Liquid Avatar Technologies, will be operated through Aftermath Islands Metaverse Limited, a Barbados Corporation.
As the Company moves into 2022, it is working to release additional Aftermath Island Metaverse related programs and opportunities including interactive Avatars, new Islands, virtual land, NFTs and other in-platform items. Access to Aftermath Islands and other Liquid Avatar Technologies programs and platforms will be supported through verified digital identity and the Liquid Avatar Mobile App. Digital Identity will also continue to be positioned to support real world use cases like age verification, vaccination and other health credentials, government, and travel validation.
“Our in-market businesses continued to perform above expectations for Q4, and we remain optimistic, while cautious, as these are still early days in the Company’s transformation to an active revenue organization,” said David Lucatch, CEO – Liquid Avatar Technologies. “We have started to witness online acceptance of digital identity programs, which are at the core of all our solutions, and both avatar and metaverse activities are gaining traction, creating opportunities for early revenue there, as the industry embraces the future of Web 3.0. Our goal is to continue to create value for all our stakeholders.”
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About Liquid Avatar Technologies Inc. – www.liquidavatartechnologies.com
Liquid Avatar Technologies Inc. focuses on the verification, management and monetization of Self Sovereign Identity, empowering users to control and benefit from the use of their online identity.
The Liquid Avatar Mobile App, available in the Apple App Store and Google Play is a verified Self Sovereign Identity platform that empowers users to create high quality digital icons representing their online personas. These icons allow users to manage and control their digital identity and Verifiable Access and Identity Credentials, and to use Liquid Avatars to share public and permission based private data when they want and with whom they want.
The Liquid Avatar Verifiable Credentials Ecosystem (LAVCE) has been developed to support all participants in a digital credential ecosystem, including the Holder, Issuer and Verifier, using state-of-the-art blockchain and open standards technologies initially as a node on the Indicio Network. The Company is a voting and steering committee member of the Trust over IP Foundation, founding and steering committee member of Cardea, a Linux Foundation Public Health project, member of the Good Health Pass collaborative, DIACC, the Covid Credentials Initiative (“CCI”), The Linux Foundation and a founding member of the Lumedic Exchange.
The Company has a suite of early-stage revenue generating programs that support the Liquid Avatar Mobile App program, including KABN KASH, a cash back and reward program that has over 500 leading online merchants and is working to release its own branded network payment card.
The Company’s subsidiary, Oasis Digital Studios, is a creative and development agency that supports a wide range of artists, talent, and enterprises with Non-Fungible Token (NFT) solutions and has acquired 50% of the Aftermath Islands Metaverse program.
Liquid Avatar Technologies Inc. is publicly listed on the Canadian Securities Exchange (CSE) under the symbol “LQID” (CSE:LQID).
The Company also trades in the United States, on the OTCQB under the symbol “LQAVF” and in Frankfurt under the symbol “4T51”.
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Forward-Looking Information and Statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”.
The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding future revenue opportunities, program and geographic expansion, the ability of the Company to continue to generate revenues, roll out new programs and to successfully achieve business objectives, and expectations for other economic, business, and/or competitive factors.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such information and statements.
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.