Marvion Announces US$15million Acquisition of Intellectual Property Assets from Euro Amazing Limited Following Initial Success From Sales of Movie Remake Licenses
SINGAPORE, June 8, 2023 /PRNewswire/ -- Marvion, a Metaverse Blockchain company and a fully owned subsidiary of Bonanza Goldfields Corp. (OTC:BONZ), has announced the successful acquisition of a portfolio of valuable intellectual property assets from Euro Amazing Limited. This counts as the second round of acquisition to date, following the initial success of sales from the first batch of movie remake licenses acquired from Euro Amazing Limited in April 2022.
Under the terms of the agreement, Marvion will acquire all of Euro Amazing Limited's right, title, and beneficial interest in the Intellectual Property related to the purchased asset. The purchased asset includes associated licensing, sub-licensing rights, and territorial rights pertaining to various categories of adaptation rights in the entertainment industry.
This acquisition allows Marvion to expand its presence in the web 3 space and leverage cutting-edge technologies to revolutionize the media and entertainment industry. With the perpetual worldwide license obtained through the agreement, Marvion gains the ability to mint 10 DOT (Digital Ownership Token) per category for 10 different categories of adaptation rights derived from the purchased asset.
"We are thrilled to announce the successful acquisition of these valuable intellectual property assets from Euro Amazing Limited again, especially since we have generated $15,094,500 from the sale of the movie remake licenses within a year. Clearly, there is a demand from collectors with reference to the movie remakes and we hope to continue to bring more movie classics to the market." said Raymond Chua, Chief Executive Officer of Marvion.
The 10 categories of adaptation rights acquired by Marvion encompass a wide range of media formats, including live-action cinema films, online movies/TV movies, web series/TV series, online short videos, 2D/3D animation cinema films, animation web movies/animation-TV movies, animation web/TV series, online short video/series, PC/VR/AR games, and mobile phone/tablet games.
In consideration for the acquisition, Marvion has agreed to issue shares worth US$15 million of Bonanza Goldfields Corp to Euro Amazing Limited as the purchase price. The number of shares will be determined based on the average closing price over a 30-trading day period and will be transferred to Euro Amazing Limited via the transfer agent upon signing of the agreement.
This acquisition reinforces Marvion's commitment to driving innovation and expanding its presence in the web 3 landscape. By harnessing the power of blockchain and smart contracts, Marvion aims to enhance transparency, efficiency, and collaboration within the media and entertainment industry.
For more information about Marvion's DOT offerings, please visit www.marvion.media.
For media queries, please contact:
media@marvion.media
About BONZ
Bonanza Goldfields Corporation is a Nevada holding company that through its subsidiaries are engaged in the media distribution business. Specifically, we provide authentication, valuation and certification ("AVC") service, sale and purchase, hire purchase, financing, custody, security and exhibition ("CSE") services to buyers of movie and music media through traditional channels as well as through leveraging blockchain technology through the creation of digital ownership tokens ("DOTs").
The group is building an ecosystem and a metaverse for the media and entertainment industry that implements and adopts blockchain and NFT technologies, through mergers and acquisitions.
About Marvion™️
Marvion is a global company headquartered in Singapore. It is one of the first public-listed Web 3.0 group with market-leading technologies and ecosystem that aims to be the driver behind the world's transition into Web 3.0. We offer services, access and content and provide the necessary tools for creators to create unique content in the Web 3.0.
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About Marvion's DOT
Marvion's DOTs are integrated, best in class, digital ownership token (DOT) that contains a smart contract that can execute transactions and also contains the specific legal terms of the intellectual property ownership, license and/or rights. Each DOT contains the following:
- A copy of the SPA for the purchase of the master license.
- Evidence or warranty of ownership of the relevant intellectual property.
- Ownership of the sub-license detailing the rights of the DOT holder.
- Image/video/music or other file depending on what the asset is.
View original content:SOURCE Bonanza Goldfields Corp.
