Amax goes AR and VR


Casino investor Amax International Holdings is entering into an agreement to purchase an augmented reality, virtual reality, 3D modelling and animation company, according to a filing on the Hong Kong Stock Exchange.
The company, MostCore, as well as its subsidiary Inno Motion, are conditionally to be sold for HK$63.5 million, and purchased by a wholly-owned subsidiary of Amax.
MostCore is a limited liability company whose ‘principal activities […] include the development of innovative intellectual properties and technological solutions, mobile apps development and the provision of IT solutions to clients and mobile users across the globe,’ according to the filing.
The sale is expected to be satisfied by the issuing of HK$49.5 million in Consideration Shares and HK$14 million in promissory notes.
Amax’s decision to purchase the property is based on ‘the growing popularity of virtual reality and augmented reality’ as well as the ‘future business prospects of mobile and digital industries’. In addition the preliminary valuation of the group of HK$64.4 million. Once all conditions are fulfilled the completion is expected three business days later, ‘or such other date’ as the parties agree upon.
Amax International Holdings late last month reported that ‘a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern,’ in a stock exchange filing, having calculated the loss from its involvement in the Greek Mythology casino at HK$901.2 million for the financial year ended March 31.