REVITALIST LIFESTYLE AND WELLNESS LTD. (“Revitalist” or the “Company”) is pleased to announce it has acquired a 60% interest in Revitaland Meta Tech Inc. to expand virtual clinics in the metaverse (“Revitaland”). The development of Revitaland will be carried out by Metachain Technologies Inc. (“META”), a company experienced in developing applications in the metaverse who owns the remaining 40% interest in Revitaland. The Company and META have executed a management services agreement (“MSA”) to develop Revitaland with real time patients and mental health professionals.
Marketing Technology News: MarTech Interview with Leon Zemel, Chief Product Officer at Kubient
The Metaverse is an expansive network of persistent, real-time rendered 3D worlds and simulations that support continuity of identity, objects, history, payments, and entitlements, and can be experienced synchronously by an effectively unlimited number of users, each with an individual sense of presence. This virtual world allows real people to gather, socialize, play and work with other people who aren’t in the same physical space. A peer-reviewed study by an Oxford University psychologist concluded that patients who used automated VR therapy experienced a 38% decrease in anxiety and avoidant symptoms over a six-week period.
In the event META accomplishes certain development milestones listed below, (the “Development Milestones”), the Company will issue common shares (the “Milestone Shares”) within 5 business days after the applicable Development Milestone is achieved.
- Development Milestone #1 – 2,500,000 Milestone Shares when the Company successfully launches a virtual clinic of which 50% of the Milestone Shares will be escrowed for 4 months from the launch of the virtual clinic and 50% will be escrowed for 8 months from the launch of the virtual clinic;
- Development Milestone #2 – 1,000,000 Milestone Shares when the Company successfully launches a rewards program in Revitaland using Non-Fungible Tokens which 50% will be escrowed for 4 months from the achievement of Development Milestone #2 and 50% will be escrowed for 8 months from the achievement of Development Milestone #2; and
- Development Milestone #3 – 1,500,000 Milestone Shares when Revitaland achieves $500,000 USD in revenue of which 50% will be escrowed for 4 months from the achievement of Development Milestone #3 and 50% will be escrowed for 8 months from the achievement of Development Milestone #3.
The Company will issue META 1 million common shares of which 50% will be escrowed for 4 months from signing the MSA and 50% will be escrowed 6 months from signing the MSA.
Marketing Technology News: MURAL Joins 2021 Deloitte Technology Fast 500™ List of Fastest-Growing Companies
Matthew Connelly, CEO of META stated “A virtual clinic offers patients an alternative to traditional treatment options and also puts Revitalist at the forefront of the virtual interactive world as it relates to mental health. Our team will work closely with Revitalist to ensure patients have a quality experience when visiting Revitaland. Technology in the metaverse is changing at a rapid pace with large technology companies such as Facebook and Microsoft spending a significant amount of time and resources to deploy projects in the metaverse.”
Kathryn Walker, CEO of Revitalist and Revitaland stated “Technological advancements and the need for mental health treatments are accelerating rapidly on a daily basis. We are excited to work with META to leverage technology and develop a unique alternative to traditional healthcare which is based in the Metaverse. I’m excited about our future together and believe META is the ideal partner for our collective patients and shareholders”.