Axion Ventures Files Claim Against Former CEO and Monaker Group, Inc.

Vancouver, British Columbia--(Newsfile Corp. - January 14, 2021) - Axion Ventures Inc. (TSXV: AXV) (OTC Pink: AXNVF) ("Axion" or the "Company") will be filing a civil claim in the Supreme Court of British Columbia tomorrow (the "Claim") against its former CEO, Mr. John Todd Bonner, and his wife, Nithinan Boonyawattanapisut (aka different aliases including "Jess", "Fon", formerly as "Rassarin Boonyawattanapisut" or "Jutamas Fuangkaew"), for Breach of Fiduciary Duty Causing Harm and their co-conspirators including Monaker Group, Inc. (NASDAQ: MKGI) ("Monaker") and its CEO and Vice Chairman, Mr. William Kerby, and others including Mr. Jonathan Chen (aka Chen Chung Hong), Mr. Christopher Jon Peter Bagguley, and Mr. Mark Henry Saft.

The Claim states, among other things, that Mr. Bonner and his wife effected the unlawful transfer (the "HotPlay Theft") of Axion's digital marketing and in-game advertising software and intellectual property ("Axion's IGA Intellectual Property") from Axion eventually to HotPlay (Thailand) Ltd. and then in 2020, they entered into a further conspiracy with Monaker to secretly and unlawfully transfer the Axion Assets to Monaker, in return for shares of Monaker, including the ownership of Axion's IGA Intellectual Property from the HotPlay Theft and Longroot Limited.

The Company does not have any direct involvement with Monaker and as part of the civil claim asserts it owns assets that Monaker alleges it is acquiring.

The Company is confident in the merits of its case.

About Axion Ventures

Axion Ventures is an Investment Issuer with majority ownership in Axion Games, an online video game development and publishing company headquartered in Shanghai, China as well as in True Axion Interactive Ltd., its video game development company headquartered in Bangkok, Thailand cofounded with True Corporation. Axion Ventures also maintains holdings in other innovative technology companies.

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Contact Information

Axion Ventures Inc.
Grant Kim
Interim Chief Executive Officer
+1(604)219-2140

Cautionary Statement Regarding Forward-Looking Information

This news release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to put undue reliance on these forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/72135