NextPlay Technologies Completes Separation of NextTrip Group, LLC

NextPlay Technologies, Inc. (NASDAQ: NXTP) (the “Company”), a digital native ecosystem for finance, digital advertisers, and video gamers, announced that the Company has completed the separation of its online travel business, NextTrip Group, LLC, to a consortium led by former Co-CEO William Kerby.  On June 29, 2022, the Company announced the proposed sale of NextTrip and Reinhart Zappware to TGS Esports Inc. (TSX-V: TGS, OTC: TGSEF).  That agreement was terminated by mutual consent.  NextPlay continues to explore strategic alternatives for the interactive TV business, now known as ZW Inc.

As consideration for the assets of NextTrip, NextPlay will receive nonvoting convertible preferred LLC units of NextTrip Group, LLC in the amount of US $4 million. The convertible preferred LLC units are redeemable, can be sold subject to certain transfer restrictions, and are distributable to NextPlay shareholders of record once certain conditions are met, including upon a Nasdaq listing of the NextTrip business.

In conjunction with the transaction, Mr. Kerby will be leaving NextPlay Technologies to assume the CEO role at NextTrip Group, LLC.  Additionally, Mr. Donald Monaco, Ms. Carmen Diges, and Mr. Kerby have resigned their positions as Directors of Next Play Technologies to assume Director roles on the Board of Directors of NextTrip, LLC., and are pursuing a going public transaction.

 “We are pleased to complete the separation of NextTrip and look forward to their anticipated success as an independent company.  The value they create will accrue to the benefit of NextPlay shareholders”, commented Todd Bonner, NextPlay’s Chairman.

The divestiture streamline’s Next Play’s business allowing for increased focus on our core businesses in the areas of financial technology, digital banking, and ad-tech, and advances the company’s initiatives in capital allocation”, noted NextPlay CEO Nithinan “Jess” Boonyawattanapisut.

Further details regarding the separation can be found in NextPlay’s current report on Form 8-K filed with the Securities and Exchange Commission on January 31, 2023, available at sec.gov and in the Investors section of the company’s website.