AMPD Ventures Inc (CSE:AMPD, OTCQB:AMPDF), a next-generation digital media tools and infrastructure provider, revealed that global volumetric capture pioneer Metastage Inc has taken a minority stake in AMPD’s subsidiary Departure Lounge Inc.
Vancouver-based AMPD, which is building a suite of tools and technologies for digital content creation and distribution, said that the move will further strengthen the partnership between Metastage and Departure Lounge and position the companies for “enhanced strategic alignment and growth.”
AMPD said Tony Jansz, a finance professional with over three decades of corporate development experience, and a current Metastage investor and board member, is expected to join Departure Lounge’s board.
READ: AMPD subsidiary Departure Lounge achieves a strong start to commercial operations and is positioned for growth in 2023
Metastage has been operating a volumetric capture facility since 2018 and is responsible for over 200 volumetric capture projects across many sectors. In March 2022, Departure Lounge and Metastage first announced their strategic partnership, whereby Departure Lounge would house and operate Metastage Canada through a jointly held subsidiary.
Creates largest volumetric capture platform
"Departure Lounge has demonstrated exceptionally rapid and meaningful traction since the studio opened in September 2022. We have a great deal of confidence and trust in the Departure Lounge team as valuable partners," said Jansz, while adding that the move creates the “largest and most experienced volumetric capture platform in North America” with virtual production and creative services.
In a nutshell, Departure Lounge offers innovative tools and technologies to facilitate access to the Metaverse, a creative services team to help build the Metaverse, and a Web3 consultancy team to monetize the Metaverse.
"AMPD continues to focus on its mission of establishing and growing a portfolio of valuable subsidiary companies that address key technological and content value creation points in the Metaverse ecosystem," AMPD CEO Anthony Brown said in a statement.
"I am pleased that Metastage has recognized the stellar first year of execution at Departure Lounge. We look forward to continuing to build value with Tony and the Metastage team."
Departure Lounge CEO James Hursthouse said that bringing Metastage more directly into the Departure Lounge ecosystem will “supercharge our capabilities, expand our pipeline of opportunities and accelerate our vision of building the world's premier volumetric company."
According to AMPD, the Metastage investment set in motion the following:
- A corporate reorganization of Departure Lounge;
- A share exchange of Metastage's shares in a Departure Lounge subsidiary for shares in Departure Lounge currently representing a 9.9% position in Departure Lounge;
- The adoption of a new shareholders agreement for Departure Lounge and its shareholders, including AMPD, Metastage and the Departure Lounge founders;
- The establishment of a new board for Departure Lounge consisting of five directors, including two nominees of AMPD, two nominees of majority shareholders and one appointee from Metastage, with AMPD CEO Brown as chair of the Departure Lounge board.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive