SOURCE: EnergyTEK Corp.

September 14, 2016 08:01 ET

EnergyTEK Corp. (ENTK) Closes Merger With Timefire, a Virtual Reality Content Producer

Company Raises $1.5 Million in Equity to Support Acquisition

SCOTTSDALE, AZ--(Marketwired - Sep 14, 2016) - EnergyTek Corp.(OTCQB: ENTK) (the "Company") announced today that it has merged with Scottsdale, AZ based Timefire LLC ("Timefire"), a Virtual Reality Content Producer. Timefire is a Virtual Reality Content Producer that has been creating its primary product "Hypatia," the first truly "virtual city," for over two years and believes it is a unique and advanced VR experience.

In focusing on the importance of this acquisition, Jonathan Read, Chief Executive Officer stated: "Timefire's vision focuses on creating an immersive space in the field of the arts, education, entertainment, and social interaction designed to offer a more 'hands-on' approach to learning that is accessible to all people. Hypatia aims to offer the citizens of Virtual Reality a complete 'place' where the magic of building a community and creative mind surrounds everyone."

Joining Mr. Read as part of the new management team are John Wise President and founder of Timefire, Jeffrey Rassas, Chief Strategy Officer, and Jessica Smith, Interim CFO. The Company expects to change its name to TimefireVR Inc. with a new symbol upon obtaining shareholder approval.

Jonathan Read continued: "Timefire founder John Wise has a phenomenal vision for the application of Virtual Reality for education, entertainment and socially positive purposes. He and his team have been actively developing the world's first major VR interactive city, Hypatia, a platform for a host of VR applications, and a strong multi-tiered revenue model. Mr. Wise will continue to lead the VR development as President of Timefire/ENTK and as majority shareholder and visionary. To support this VR development, the Company raised $1.5 million in equity. With the warrants we issued to the new investors, we have the opportunity to raise another $1.5 million in the first year."

Mr. Wise stated: "There is no greater imperative facing humanity today than our collective intelligence coming together to make great decisions that better engage all people into our modern information based economies. Education, cultural knowledge, social skills that extend beyond borders and collaboration are the keystones to our shared prosperity. Today's merger is offering us the resources and the tools that will allow the creative team we've assembled at Timefire to accomplish our greater goals."

About Timefire:
Timefire is a virtual reality content producer and provider that has developed the first comprehensive Virtual Reality "VR" city "Hypatia" -- a unique social, educational and cultural world. Visit www.timefirevr.com.

Further information concerning the merger and financing is contained in the form 8-K filed with the SEC on September 13, 2016.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding development of Timefire's products and receipt of future funds from the exercise of warrants. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include the future condition of the capital markets in general and the market for microcap securities, the public's and future investors' reaction to and acceptance of virtual reality, and software bugs that could delay Timefire's successful development of its Virtual Reality platform. Further information on our risk factors is contained in our filings with the SEC, including the Annual Report on form 10-K for the year ended December 31, 2015. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Contact Information

  • Company Contact:
    EnergyTek Corp.
    Jonathan Read
    CEO
    Email Contact
    1888-875-9928