Looking Glass Labs Ltd (LGL) announced that it has entered into a letter of intent (LOI) to acquire the Development Division of LACA Solutions Corporation.
The company said the acquisition provides it with experienced, turnkey human capital to scale its metaverse development, play-to-earn (P2E) gaming, and non-fungible token (NFT) design initiative.
”Acquiring the development division of LACA is strategic for LGL as it marks our first purchase of assets overseas,” Looking Glass Labs CEO Dorian Banks said in a statement.
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LGL noted that, upon closing of the acquisition, the Development Division is intended to become the foundation of the company’s new base of operations in Vietnam, which is one of the world's leading jurisdictions for NFT, metaverse, and P2E gaming development.
“We are optimistic that the transaction of operations in Vietnam will only help us achieve our goals as a company,” Banks added.
LGL said it is planning for the Development Division to fall under its wholly-owned subsidiary and flagship studio, House of Kibaa (HoK).
It said it will pay up to C$500,000 in cash and up to C$1 million in LGL stock to acquire LACA's Development Division.
Headquartered in Vancouver, British Columbia, Looking Glass Labs is a digital platform specializing in non-fungible token architecture, immersive extended reality metaverse design, and virtual asset royalty streams. Its leading brand, House of Kibaa, designs and curates a next-generation metaverse for 3D assets, which allows functional art and collectibles to exist simultaneously across different NFT blockchain environments.
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