GOAT Industries Provides Update on Acquisition of Source Gaming
Vancouver, British Columbia — November 11, 2025 — Leads & Copy — GOAT Industries Ltd. (CSE: GOAT) (OTC: BGTTF) (FWB: 26B.F) has provided a business and operational update regarding its anticipated acquisition of Source Gaming Company, a wholly owned subsidiary of 1509467 BC Ltd.
GOAT Industries entered into a share exchange agreement dated September 26, 2025, to acquire all outstanding shares of 150 BC and, indirectly, 100% of Source Gaming’s outstanding shares. The company also entered into a share exchange agreement dated October 16, 2025, to acquire all outstanding shares of Veroom, Inc. DBA Vroom (collectively, the “Targets”).
Source Gaming, based in Pennsylvania, focuses on creating and commercializing engagement and monetization tools for sports and sports-betting related content. It generates revenue and operates in the United States and Ontario, Canada. Revenue streams include subscriptions, advertising/sponsorship sales, and affiliate-based revenues through attribution events.
Source Gaming operates the BETSource product and holds affiliate licenses for sports wagering technology in over 15 U.S. states and Ontario, allowing it to generate revenues from driving users to licensed sportsbooks. Revenues are earned through fixed payments per customer acquisition or as a percentage of revenue.
BETSource synchronizes sports books and gaming applications to personalize user experiences, includes contextual advertising features, incorporates live sports rights and distribution, and enables casinos to manage their own wagering and entertainment channels. The platform allows brands and sportsbooks to target users contextually within live sports content, blending entertainment, wagering, and personalized user experiences.
Source Gaming has licensing and subscription arrangements for its engagement and wagering platform with casino and gaming clients in the United States, as well as an arrangement to provide BETSource to a live-sports streaming application. Client Agreements have terms of between one and three years. Source Gaming earns fixed service fees and shares in advertising, subscription, and e-commerce revenues.
Source Gaming licenses its platform from Source Digital Inc. and Epoxy AI LLC and maintains partnerships with AI and data-science providers. It also holds intellectual-property and managed-services arrangements granting exclusive commercialization rights to its core technology platform and related patents in interactive media and sports betting.
BETSource aims to build a sports and sports-betting content network integrating AI, content recognition, and interactive engagement technologies. U.S. operations are conducted through Source Gaming, which holds Affiliate Classification Licenses issued by state regulators. The network is designed for casinos and is focused on the U.S. tribal casino market.
Source Gaming has been operating since 2021. As of October 31, 2025, its revenue base consists of fixed-fee service income and technology-licensing revenue. Source Gaming expects casino-network activations and advertising campaigns to contribute to 2026 revenues.
Veroom, Inc. DBA Vroom serves as the sales and marketing division for Source Gaming and the BETSource network, responsible for partner acquisition, advertising sales, affiliate sportsbook integrations, and casino-facing marketing initiatives. Vroom’s team leverages industry relationships across media, gaming, and advertising technology.
Vroom’s team consists of experienced professionals from entertainment, tech, casino, and financial services companies, compensated through sweat equity. Vroom does not currently hold any licenses, patents, or registered intellectual property and has no material operating history to date.
Shareholders of 150 BC and Vroom will enter into a voting trust agreement, assigning voting rights to a trustee selected by GOAT’s management. Shareholders will not have voting control until GOAT’s management dissolves the Voting Trust Agreement.
The acquisition of the Targets aligns with GOAT’s business model as an investment issuer focused on opportunities across emerging technology, digital media, and data-driven industries.
According to the National Indian Gaming Commission, the U.S. tribal gaming industry comprises 532 gaming operations across 29 states, generating approximately $43.9 billion in gross gaming revenue in fiscal 2024. The broader U.S. commercial gaming sector generated an estimated $72 billion in total revenue in 2024. The sports betting segment is difficult to quantify due to regulated and unregulated activity.
Consideration and shares for the Transactions were determined through arm’s length negotiations, reflecting Source Gaming’s growth trajectory, licensing position, and commercial potential.
Management views the Transactions as a flagship strategic acquisition designed to establish a position in the emerging sports-gaming affiliate space.
Allocation of shares to 150 BC and Vroom was determined through arm’s length discussions, reflecting the relative maturity and commercial role of each business.
GOAT Industries Ltd. is an investment issuer focused on investing in high-potential companies operating across a variety of industries and sectors. The goal of the Company is to generate maximum returns from its investments.
Kevin Cornish, Chief Executive Officer
Head Office Suite 2300, 550 Burrard Street,
Vancouver, BC V6C 2B5
Telephone 1-204-801-3613
Email info@goatindustries.co
Source: GOAT Industries Ltd.
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