WESTON, FL – January 11, 2021 – Monaker Group, Inc. (NASDAQ: MKGI) (‘Monaker' or the ‘Company'), a technology solutions company, today announced that Longroot Holding (Thailand) Company Limited, a Thailand company (‘Longroot'), which Monaker indirectly controls, which operates an initial coin offering (ICO) portal in Thailand, has signed a formal Engagement Letter with MAGNOLIA QUALITY DEVELOPMENT CORPORATION (‘MQDC') (‘MAGNOLIA'), to represent MQDC as its financial advisor for a proposed ICO offering targeted between US$500 – $700 million.
As MQDC's financial advisor, Longroot plans to manage MQDC's initial coin offering for the Forestias, Thailand's largest property development project, through its ICO portal using cryptocurrency. The ICO is also planned to extend to other jurisdictions through syndication with duly licensed firms in each jurisdiction. Longroot will receive a management and placement fee on the proceeds raised. Longroot's fees will be due immediately upon closing the offering, which is expected to occur during the second quarter of 2021.
Founded in 1994, MQDC, a business unit of DTGO Corporation Limited (DTGO), is a renowned Thailand-based real estate developer with a portfolio of developments that extend from condominiums to mixed-use and ‘theme' properties. MQDC residential and mixed-use developments are built by its award-winning team with innovative, sustainable, and safe. The company is currently developing the Forestias, valued at approximately Thai ฿125 Billion (approximately US$4.12 billion).
Longroot's financial services are regulated by the Securities and Exchange Commission of Thailand to create digital assets for corporate clients. These unique cryptocurrencies are expected to allow consumers to invest in unique revenue streams and potentially wholesale travel, real estate homes and hotels, gaming assets, and digital advertising, all complement Monaker's portfolio and growth strategy.
A director and officer of DTGO control significant ownership in HotPlay Enterprise Limited (which is a party to a pending share exchange agreement with Monaker as previously disclosed) (“HotPlay”), and various other related-party transactions exist between DTGO and HotPlay.
Additional information regarding Monaker's interest in Longroot is available in Monaker's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on January 7, 2021, which is available at http://www.sec.gov.
About Monaker Group
Monaker Group, Inc., is an innovative technology-driven company with plans to build a next-generation company through acquisition and organic growth, leveraging our existing technologies' strengths and channels with those that we acquire, creating synergy and opportunity in the leisure space.
Monaker Group is a party to a definitive agreement (subject to closing conditions, including shareholder approval for the transaction) to acquire HotPlay Enterprise Limited, innovative in-game advertising and AdTech company. Following the completion of the proposed HotPlay acquisition, Monaker Group plans to transform into NextPlay Technologies.
An innovative global technology company focused on engaging consumers in video gaming and travel verticals with innovative Ad Tech, Artificial Intelligence, and Blockchain solutions.
Magnolia Quality Development Corporation Limited is a business unit of DTGO Corporation Limited (DTGO) that develops, invests in, and manages villa, condominium, and mixed-use projects. MQDC develops residential and mixed-use projects under the Magnolias and Whizdom brands. MQDC offers an industry-leading 30-year warranty on all its projects in line with its exceptional construction standards. Under its mission to improve the quality of living for all, MQDC invests in research and development to create products and innovations for consumers and ecosystems that support environment-friendly living and add value to surrounding communities. MQDC is determined to operate with concern for all life on Earth, advancing this agenda through sustainable development to benefit society.
Source: Monaker Group, Inc. 8-K Exhibit 99.1 EX-99.1 2 ex99-1.htm PRESS RELEASE Monaker Group, Inc. 8-K Exhibit 99.1 Monaker Group, Inc. Richard Marshall Director of Corporate Development Tel (954) 888-9779 firstname.lastname@example.org MAGNOLIA Athid Nanthawaroon DTGO Senior Vice President Athid_na@dtgo.com