HeadsUp Entertainment has announced it is the subject of a reverse triangular merger with an unnamed company.

The Calgary-headquartered global gaming operator joined forces with Enteractive Media last June to launch multiple revenue platforms in Ontario and six US states, but the firm is now in the process of consolidating its assets alongside a number of previously announced and upcoming new transactions.

This forms part of several corporate finance agreements that will see it move to a high tier exchange.

HeadsUp recently served a ‘mandated quiet period’ under a series of NDAs, but has broken its silence to reveal that it has been identified for the completion of a reverse triangular merger.

The company’s management is now preparing to complete two years of audited financial statements and a registration statement to meet exchange requirements for finalization of the proposed transactions.

This process will also provide the information required by the Alberta Securities Commission to request the removal of the Cease Trade Order in Canada with the submission of these items.

Addressing the merger, HeadsUp explained: “Through the process of completing the audits and registration statement, the company will begin to outline details of multiple transactions including acquisitions, new strategic partnerships and new global product launches that until recently had been under strict non-disclosure commitments.

“Management cannot yet publicly disclose the name of the targeted consolidation vehicle but will make all material disclosures required as it navigates through the corporate finance process, and as required by the various exchanges, through its filings.

“New additions to the management team are also forthcoming which will clarify the scope of the enhanced business model in its multi-pillared monetization plan for the gaming, lottery and media sectors.”