Liquid Meta Provides Update on FTX

TORONTO, Nov. 8, 2023 /PRNewswire/ - Liquid Meta Capital Holdings Ltd. ("Liquid Meta" or the "Company") (NEO:LIQD) (FRANKFURT: N5F) (OTCQB: LIQQF) announces that it has successfully entered into an Assignment of Claim Agreement for the sale of its bankruptcy claim against FTX Trading Ltd. to an arm's-length third-party in exchange for approximately US$1.428M.

Approximately 1-year ago FTX Trading Ltd. and several FTX subsidiaries filed for bankruptcy in the Bankruptcy Court in the District of Delaware.  At the time, all customer accounts and deposits at FTX were frozen and held as part of the bankruptcy process which remains ongoing.  Further to the Company's press releases dated November 10, 2022 and November 18, 2022, as of the petition date of the bankruptcy claim against FTX Trading Ltd. (November 11, 2022), Liquid Meta held total assets of US$4,903,161 and borrowings of US$990,562 on the FTX Exchange resulting in a net balance of US$3,912,599. 

Prior to discontinuing its operations, Liquid Meta was a DeFi and Web3 focused company developing best-in-class technology and operational expertise allowing it to build a scaled business within proof-of-stake ("PoS") based networks (see "Proof-of-Stake" for more information). Liquid Meta was focused on liquidity mining operations and planned to build proprietary software and tools to access, automate, and scale operations within the fast-growing DeFi segment of the blockchain industry.

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This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Liquid Meta to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risks Factors" in the Company's Annual Information Form dated as of August 31, 2023 which is available for view on SEDAR+ at www.sedarplus.ca. Forward-looking statements contained herein are made as of the date of this press release and Liquid Meta disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For further information:

Jonathan Wiesblatt, President, CEO
Liquid Meta Investor Relations
investors@liquidmeta.io
[email protected]

SOURCE Liquid Meta Capital Holdings Ltd