Looking Glass Labs announced that it has signed a definitive agreement to acquire the climate and AI Web3 assets of Bot Media for $765,000 in an all-share transaction.
The company highlighted that the acquisition includes carbon.bot, a digital platform that leverages artificial intelligence (AI) to act as a real-time news aggregator for the environmental sustainability sector.
It also includes climate.bot, a platform that allows users to calculate their carbon footprint and support mitigation by offering mangrove tree planting through a partnership with regenerative finance firm The Treegens.
Looking Glass Labs believes the acquisition represents a pivotal moment in merging technology and environmental stewardship and positions it at the forefront of combating climate change with its Web3 solutions.
"This is more than a business transaction; it's a significant step towards a sustainable future," Looking Glass Labs CEO Jared Gurfein said in a statement.
"We're eager to incorporate these groundbreaking platforms into our offerings and make a real difference in environmental protection."
Bot Media editor-in-chief Daniel Rad added: "Partnering with Looking Glass Labs is a key achievement for us. Our combined technological and media expertise will undoubtedly forge a powerful tool in the climate change battle."
Per the transaction terms, Looking Glass Labs said it would issue a total of 3,060,000 shares at $0.25 per share to Bot Media.
The shares will be subject to a statutory hold period of four months and one day from the closing date.
Shares of Looking Glass Labs were higher following the acquisition announcement, up 17.3% at C$0.03.
Vancouver, British Columbia-based Looking Glass Labs specializes in consumer engagement applications that exploit immersive metaverse environments, gamification, and Web 3.0/blockchain monetization strategies.