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The sale marks the completion of ESE’s sale of GameAddik for $13 million after selling an initial 70% stake last year.
VANCOUVER, British Columbia, July 19, 2024 (GLOBE NEWSWIRE) — ESE Entertainment Company (TSXV: ESE) (OTCQX: ENTEF) (“who“or the”a company“, a gaming and esports company that provides a range of services to leading video game developers and publishers, announces that it has completed the sale of its remaining 30% stake (“minority interest“) at 9327-7358 Quebec Inc. dba GameAddik (“Jim Adik“) to BPV Games Limited Partnership, a subsidiary of BlackPines Capital Partners Ltd. (hereinafter referred to as “the buyer“).
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Pursuant to the terms of the Share Purchase Agreement dated July 14, 2024 (“SpaThe Company sold its minority interest to the purchaser for $4,030,925, which was paid in cash at closing. The minority interest sale, which follows the Company’s sale of its 70% interest in GameAddik on August 14, 2023, concludes the Company’s disposition of GameAddik at an enterprise value of $13 million.
Conrad Wasilla, CEO of ESE, commented: “We were pleased to partner with Darren Houston and Black Pines Capital Partners. This exit has generated significant value for ESE shareholders by enabling us to inject non-dilutive capital into ESE. As a result, ESE is now strategically positioned for the next phase of growth. I would also like to express my gratitude to Eric Goodwin and the entire GameAddik team for their dedication and hard work. We are excited about the future and confident that the steps we have taken will drive further success and create greater opportunities for ESE. We wish the GameAddik team continued success in all their future endeavors.”
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The transaction was an arm’s length transaction in accordance with the policies of the Toronto Venture Exchange (TSX).exchange“) and constitutes a “reviewable transaction” in accordance with Exchange Policy 5.3 – Acquisition and disposal of non-cash assetswhich required ESE to obtain the approval of disinterested shareholders in the transaction. The Company met this requirement by obtaining written approval from disinterested shareholders who own more than 50% of the Company’s issued and outstanding shares, excluding shares held by the Buyer, its affiliates, subsidiaries and any parties not independent of the Buyer.
The transaction remains subject to final acceptance by the exchange.
ESE Entertainment Company
Conrad Wasilla
CEO & Director
+1 (437) 826-4012
About ESE Entertainment Inc.
ESE is a global technology company focused on gaming and esports. The company provides a range of services to leading video game developers, publishers and brands by providing technology, infrastructure and fan engagement services globally. ESE also operates its own e-commerce channels, esports teams and gaming leagues.
www.esegaming.com
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Cautionary Note Regarding Forward-Looking Information
This press release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than statements of historical fact, that address activities, events, results, developments, performance or achievements that ESE anticipates will occur or will occur (in whole or in part) in the future should be deemed to be forward-looking information. Such information may include, but is not limited to, statements regarding: the receipt of final stock exchange approval of the Transaction; the benefits of the Transaction to ESE, including that it will allow the Company to improve its cash position without diluting shareholders, strategically position ESE for the next phase of growth, and drive further success and create greater opportunities for ESE. Often, but not always, forward-looking information can be identified by the use of words such as “plans,” “expects,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “believes” or variations (including the negative) of such words and phrases, or statements that form the future tense or indicate that certain actions, events or results “may,” “could,” “will” (or other variations of the foregoing) be taken, occur, be achieved or be realized. Forward-looking information is based on currently available competitive, financial and economic data, operating plans, strategies or beliefs as of the date of this press release, but involves known and unknown risks, uncertainties, assumptions and other factors that may cause ESE’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information, including that the Transaction may not be completed or that ESE may not achieve the anticipated benefits of the Transaction. These factors may be based on information currently available to ESE, including information obtained from third-party industry analysts and other third-party sources, and are based on management’s current expectations or beliefs regarding future growth, results of operations, future capital (including the amount, nature and sources of financing thereof) and expenditures. Any and all forward-looking information contained in this press release is expressly qualified by this cautionary statement. Trading in ESE’s securities should be considered highly speculative.
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 statement.
Source: ESE Entertainment Inc.
For more information about ESE, please contact:
investors@esegaming.com
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