VerseBooks, Inc. dba metaversebooks (‘VerseBooks’) is thrilled to announce a strategic spin-off and asset swap with brainrap Technologies, part of BrainRap Artificial Intelligence, and parent company Cingularity (‘BrainRap’). This innovative partnership, detailed in an Asset Purchase Agreement dated March 14, 2023, aims to amplify both companies’ market presence by leveraging groundbreaking technologies in artificial intelligence, music, and the metaverse.
BrainRap will transfer its cutting-edge nftX technology, MIDAS NAIB, and BrainRap Transection trading and metaverse code packages (XMT) to VerseBooks. In return, VerseBooks will provide high-value assets worth over $50 million and a USD fee. This exhilarating transaction builds on a $10 million acquisition of BrainRap assets by VerseBooks in 2021, propelling both companies into their next growth phase and nurturing collaboration on commercializing neuroscience and metaverse technology, such as the brainbit -enabled BrainRap Gold headset.
This alliance arises from synergies, strategic alignments, and a focus on BrainRap AI and Cingularity’s core offerings: neuroscience software and hardware products for financial and music companies. With over five years of partnership with BrainBit and renowned neuroscientist Boris Goldstein, BrainRap and Cingularity have achieved successful exits for Filmfundr, Centiment.io, and CCH.
BrainRap and Cingularity plan to continue divestitures, asset sales, and exits to prepare for their listing on the OTCMKTS and Canadian Stock Exchange, led by Listing Partners. The VerseBooks assets will accelerate this process.
VerseBooks and BrainRap will launch VMX (VerseBooks Music Experience), a metaverse-enabled artist incubator and record label supported by Live Nation. This partnership will cultivate emerging artists and harness the VerseBooks metaverse and XMT performance technology. Additionally, they will introduce VerseBattle, an ambitious Netflix documentary competition to find gifted musicians through a thrilling game show-style contest. The venture will operate from VerseBooks Ohio campus and Penthouse Recording Studio in Times Square, New York, NY.
The acquired VerseBooks assets will follow the guidance provided by FASB ASC Topic 805, backed by credit insurance assets insured by Atradius and Allianz.
