6-K
Enthusiast Gaming Holdings Inc. / Canada (EGLXF)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16
Under the Securities Exchange Act of 1934
For the month of May 2021
Commission File Number: 001-40331
Enthusiast Gaming Holdings Inc.
(Exact name of registrant as specified in its charter)
90 Eglinton Avenue East, Suite 805, Toronto, ON,M4P 2Y3
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F Form 40-F X
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1). _____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _____
EXHIBIT INDEX
| Exhibit No: | Description |
|---|---|
| 99.1 | Press Release, dated May 12, 2021. |
| 99.2 | Press Release, dated May 12, 2021. |
| 99.3 | Press Release, dated May 12, 2021. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Enthusiast Gaming Holdings Inc. | ||
|---|---|---|
| By: | /s/ Alex Macdonald | |
| Alex Macdonald | ||
| Date: May 13, 2021 | Chief Financial Officer |
Exhibit 99.1
Enthusiast Gaming AcceleratesLaunch of Gaming Social Network and Premium Subscription Offering with Acquisition of Tabwire
Acquisition provides Enthusiast Gaming with advanced proprietary technology and database of over 13 million gamer profiles
TORONTO, May 12, 2021 (GLOBE NEWSWIRE) -- Enthusiast GamingHoldings Inc. (“Enthusiast Gaming” or the “Company”) (NASDAQ:EGLX) (TSX:EGLX), a media and content platform for video game and esports fans to connect and engage, today announced its plans to develop a subscription-based social network for gamers, codenamed Project GG. To facilitate the development of Project GG, Enthusiast Gaming has entered into a definitive agreement to acquire Tabwire LLC (“Tabwire”), which owns TabStats (https://tabstats.com), for US$11 million in cash and stock (the “Acquisition”). The Acquisition will provide Enthusiast with a technology and data platform which provides gamers the ability to directly view their game data in real-time.
“The announcement of a unifyingpan-Enthusiast social network with a premium subscription opportunity for gamers is a defining moment for us as our core GenZ and Millennialaudiences have been moving away from traditional social networks and turning to gaming as an alternative,” commented AdrianMontgomery, CEO of Enthusiast Gaming. “Project GG addresses these trends and will allow gamers to register their unique gamingprofiles, compare stats, develop meaningful connections, and share content and ideas.” He continued, “Tabwiremarks an important milestone for Enthusiast Gaming to be able to bring Project GG to market later this year. It will provide us with essentialdata capabilities to deliver our customers a complete social offering with a more targeted, integrated and personalized experience fortoday’s gamer. This is a meaningful next step towards becoming a technology-powered, media, esports and entertainment company.”
Tabwire is a technology and data platform that enables gamers, by way of a registered user profile, to track their player and game stats. Tabwire has already built game play companion tools for Riot’s Valorant and Ubisoft’s Rainbow Six Siege with more than 13 million gamers interacting with the platform, collectively generating more than half a billion views in the last year. It has an aggressive roadmap to launch real-time stats for additional game titles in the coming months.
“We are in a unique positionto successfully execute our mission to build a true platform for a game agnostic social network. Our unique vantage point and distributionplatform that reaches over 300 million gamers monthly gives us unparalleled exposure to the full breadth of the gaming industry, frompublishers to gaming media to influencers and esports teams,” commented Menashe Kestenbaum, Founder and President of EnthusiastGaming.
The Acquisition is subject to customary closing conditions, including regulatory approvals. Closing is expected to occur by the end of the second quarter of 2021.
About Enthusiast Gaming
Enthusiast Gaming is building the largest media and content platform for video game and esports fans to connect and engage worldwide. Combining the elements of its four core pillars; Media, Talent, Esports and Experiences, Enthusiast Gaming provides a unique opportunity and integrated approach to reach and connect with its coveted GenZ and Millennial audience. Through its proprietary mix of digital media and entertainment assets, Enthusiast Gaming has built a vast network of like- minded communities to deliver the ultimate fan experience.
Contacts
Enthusiast Gaming Investor Relations:
Eric Bernofsky, Chief Corporate Officer
Media Relations:
Carmela Antolino, Provident Communications
647-287-2286
Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that Enthusiast Gaming anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. 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 negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results "may", "could", "would", "might" or "will" (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking statements in this news release include, but are
not limited to, statements regarding: new product initiatives of the Company, the timing and completion of the acquisition of Tabwire under the terms contained herein, and synergies between the acquisition of Tabwire and the Company’s development and strategic plans.
Forward-looking statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, including, but not limited to, expectations and assumptions concerning: interest and foreign exchange rates; capital efficiencies, cost saving and synergies; growth and growth rates; the success in the esports and media industry; and the Company’s growth plan. While Enthusiast Gaming considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; the timing and filing of the final base shelf prospectus and corresponding Registration Statement; the potential offering of any Securities by the Company; uncertainty with respect to the completion of any future offering; the ability to obtain applicable regulatory approvals for any contemplated offerings; the ability of the Company to negotiate and complete future funding transactions; adverse industry events; and future legislative, tax and regulatory developments. Readers are cautioned that the foregoing list is not exhaustive. For more information on the risk, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of Enthusiast Gaming which are available on SEDAR at www.sedar.com. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. Enthusiast Gaming disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Exhibit 99.2
Enthusiast Gaming Reports First Quarter 2021Financial Results
Revenue growth of 321% vs the same period last year
Gross Profit up 80% vs same period last year
Direct sales of $2.2 million vs $60 thousandin the same period last year Subscription revenue growth of 50% vs same period last year
TORONTO, May 12, 2021 (GLOBE NEWSWIRE) -- EnthusiastGaming Holdings Inc. (NASDAQ:EGLX) (TSX:EGLX), (“Enthusiast Gaming” or the “Company”), today announced financial results for the first quarter ended March 31, 2021. All amounts are stated in Canadian dollars unless otherwise indicated.
“Our first quarter results were fueledby our focused acquisition strategy as well as organic growth gains coming from direct sales and premium subscriptions,” commented Adrian Montgomery, CEO of Enthusiast Gaming. “We have leveraged this momentum in our growth strategy,announcing earlier today our accelerated plans to launch a gaming social network and premium subscription offering with the acquisitionof Tabwire, enabling us to evolve further into a technology-driven media, esports and entertainment company.”
First Quarter 2021 Highlights:
| • | Revenue was $30.0 million, a 321% increase vs Q1 2020 revenue of $7.1 million. |
|---|---|
| • | Gross profit was $5.9 million, an increase of 80% vs Q1 2020 gross profit of $3.3 million. |
| --- | --- |
| • | Net loss and comprehensive loss was $13.6 million, resulting in a net loss and comprehensive loss<br>per share, basic and diluted, of $0.12. |
| --- | --- |
| • | Direct advertising sales of $2.2 million, compared to $60 thousand in the same period last year. |
| --- | --- |
| • | Paid subscribers grew 49% over the past 12 months to 137,000 paid subscribers as of March 31, 2021. |
| --- | --- |
| • | 9.9 billion total views across written and video content. |
| --- | --- |
| • | Strengthened balance sheet by approximately $50 million with the combination of a bought deal financing<br>for gross proceeds of $42.5 million and the reduction of indebtedness through the conversion of outstanding debentures of approximately<br>$9 million. |
| --- | --- |
| • | Announced key partnership deals with Samsung and TikTok. |
| --- | --- |
| • | Was ranked as a Top 100 Internet Properties in the United States by Comscore, one of only two gaming<br>properties to make the list alongside Amazon’s TWITCH.TV, and ranked #1 Gaming Information property for unique visitor traffic<br>from mobile devices. |
| --- | --- |
| • | Announced and closed subsequent to Q1, the acquisition of Vedatis SAS, owners of Icy Veins,<br>one of the largest Activision Blizzard fan communities. |
| --- | --- |
“We continue to see the benefits ofour investments in key areas that drive long-term revenue and margin growth. For any media company, Q1 is seasonally the lowestquarter, but our results are off to a strong start and point to a promising year ahead. As a result, we will continue to executeour strategy of combining accretive acquisitions with organic growth through our proprietary flywheel.”
Significant events subsequent to First Quarter 2021:
| • | Signed an integrated and strategic partnership deal with ESPAT TV, a strong producer of gaming<br>and entertainment content across multiple distribution channels, and including ESPAT TV’s Creative Collective, which consists<br>of Ridley Scott Creative Group, Petrol, PRG, and Movers & Shakers, has produced work across the globe partnering with publishers,<br>brands, live events, and advertising agencies alike. |
|---|---|
| • | Luminosity Gaming, the Company’s esports organization, was ranked by Streams Charts as the<br>most popular esports community on Twitch in March 2021, with 40 million hours watched, outpacing the runner up by more than 15<br>million hours. |
| --- | --- |
| • | Filed a Registration Statement on Form 40-F with the United States Securities and Exchange<br>Commission (“SEC”) becoming a reporting issuer in the United States. |
| --- | --- |
| • | Announced that the Company’s common shares were approved for listing on the Nasdaq Global<br>Select Market (“Nasdaq”) under the trading ticker symbol “EGLX” and commenced trading on April 21, 2021. |
| --- | --- |
| • | Appointed NFL superstar, Silicon Valley advisor and community leader, Richard Sherman to its Board<br>of Directors. |
| --- | --- |
| • | Announced a partnership deal with ExitLag, a Latin American software developer with proprietary<br>technology to improve routing connections for gamers. |
| --- | --- |
| • | Filed a short form base shelf prospectus in Canada and the US up to an aggregate total of $250<br>million. |
| --- | --- |
| • | Announced plans to create a subscription-based gaming social network, Project GG, facilitated<br>by entering into a definitive agreement to acquire Tabwire LLC, a technology and data platform that gives gamers the ability to<br>login directly to view their game data in real time with 13 billion gamer profiles, for US$11 million in cash and stock. |
| --- | --- |
Certain information provided in this news release is extracted from the unaudited condensed consolidated interim financial statements (the “Financial Statements”) and Management’s Discussion & Analysis (“MD&A”) of the Company for the three months ended March 31, 2021 and should be read in conjunction with them. It is only in the context of the fulsome information and disclosures contained in the Financial Statements and MD&A that an investor can properly analyze this information. The Financial Statements and MD&A can be found under the Company’s profile on SEDAR and EDGAR.
Earnings Announcement and Supplemental Information
Management will host a conference call and webcast on May 12, 2021, at 5:00 p.m. EDT to review and discuss the first quarter 2021 results.
Conference call dial-in details:
North America (toll-free): +1 877-407-9039
International: +1 201-689-8470
Conference ID: 13718919
A live webcast can be accessed at https://www.enthusiastgaming.com/investors/.
If you are unable to join live, an archived recording of the webcast will be available on the investor relations section of the Enthusiast Gaming website.
About Enthusiast Gaming
Enthusiast Gaming is building the largest media platform for video game and esports fans to connect and engage worldwide. Combining the elements of its four core pillars; Media, Talent, Esports and Experiences, Enthusiast Gaming provides a unique opportunity and integrated approach to reach and connect with its coveted GenZ and Millennial audience. Through its proprietary mix of digital media and entertainment assets, Enthusiast Gaming has built a vast network of like-minded communities to deliver the ultimate fan experience.
Contacts
Enthusiast Gaming Investor Relations:
Eric Bernofsky, Chief Corporate Officer
Media Relations:
Carmela Antolino, Provident Communications
647-287-2286
Forward Looking Statements
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that Enthusiast anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Such information may involve, but is not limited to, comments with respect to strategies, expectations, planned operations and future actions of the Company. 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 negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results "may", "could", "would", "might" or "will" (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of Enthusiast to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to Enthusiast, 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 funding thereof) and expenditures. Any and all forward-looking information contained in this press release is expressly qualified by this cautionary statement. Trading in the securities of the Company should be considered highly speculative.
Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.
Enthusiast Gaming Holdings Inc.Consolidated Statements of Financial PositionAs at March 31, 2021 and December 31, 2020
(Unaudited - Expressed in Canadian Dollars)
| March 31,<br> 2021 | December 31,<br> 2020 | |||||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Current | ||||||
| Cash | $ | 24,400,296 | $ | 4,323,823 | ||
| Investments | 124,997 | 124,998 | ||||
| Trade and other receivables | 18,123,771 | 22,424,596 | ||||
| Loans receivable | 179,391 | 194,389 | ||||
| Income tax receivable | 290,077 | 290,077 | ||||
| Prepaid expenses | 539,770 | 576,802 | ||||
| Total current assets | 43,658,302 | 27,934,685 | ||||
| Non-current | ||||||
| Property and equipment | 325,885 | 354,850 | ||||
| Right-of-use asset - lease contracts | 2,648,341 | 2,848,400 | ||||
| Long-term investment | 2,577,922 | 2,606,100 | ||||
| Investment in associates | 948,492 | 1,026,910 | ||||
| Long-term portion of prepaid expenses | 259,794 | 263,196 | ||||
| Intangible assets | 79,672,394 | 81,106,007 | ||||
| Goodwill | 106,181,086 | 106,181,086 | ||||
| Total Assets | $ | 236,272,216 | $ | 222,321,234 | ||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
| Current | ||||||
| Accounts payable and accrued liabilities | $ | 17,610,564 | $ | 23,602,547 | ||
| Contract liabilities | 1,865,475 | 1,625,594 | ||||
| Current portion of long-term debt | 2,000,000 | 1,250,000 | ||||
| Current portion of deferred payment liability | - | 636,600 | ||||
| Current portion of convertible debentures | - | 7,546,453 | ||||
| Current portion of lease contract liabilities | 540,020 | 578,330 | ||||
| Total current liabilities | 22,016,059 | 35,239,524 | ||||
| Non-current | ||||||
| Long-term debt | 8,026,237 | 21,651,956 | ||||
| Long-term lease contract liabilities | 2,113,162 | 2,308,336 | ||||
| Vendor-take-back loan | 5,711,756 | 5,559,250 | ||||
| Long-term portion of deferred payment liability | 539,730 | 529,124 | ||||
| Deferred tax liability | 15,082,200 | 15,161,987 | ||||
| Total liabilities | $ | 53,489,144 | $ | 80,450,177 | ||
| Shareholders' Equity | ||||||
| Share capital | 281,716,168 | 232,616,997 | ||||
| Contributed surplus | 12,872,136 | 7,494,164 | ||||
| Accumulated other comprehensive income (loss) | (2,274 | ) | 45,428 | |||
| Deficit | (111,802,958 | ) | (98,285,532 | ) | ||
| Total shareholders' equity | 182,783,072 | 141,871,057 | ||||
| Total liabilities and shareholders' equity | $ | 236,272,216 | $ | 222,321,234 |
Enthusiast Gaming Holdings Inc.Consolidated Statements of Loss and Comprehensive LossFor the three months ended March 31, 2021 and 2020
(Unaudited - Expressed in Canadian Dollars)
| Three months ended March 31,<br> <br>2021 | Three months <br>ended <br><br>March 31, <br>2020 | |||||
|---|---|---|---|---|---|---|
| Revenue | ||||||
| Revenue | $ | 30,022,335 | 6,929,572 | |||
| Gain on player buyout | - | 204,764 | ||||
| Total revenue | 30,022,335 | 7,134,336 | ||||
| Cost of sales | 24,091,327 | 3,841,107 | ||||
| Gross margin | 5,931,008 | 3,293,229 | ||||
| Operating expenses | ||||||
| Professional fees | 737,496 | 286,242 | ||||
| Consulting fees | 1,310,627 | 1,207,650 | ||||
| Advertising and promotion | 1,042,354 | 273,886 | ||||
| Office and general | 706,945 | 986,468 | ||||
| Salaries and wages | 4,628,275 | 1,240,484 | ||||
| Technology support, web development and content | 1,394,883 | 934,894 | ||||
| Esports player, team and game expenses | 1,528,605 | 865,109 | ||||
| Foreign exchange gain | (10,133 | ) | (156,517 | ) | ||
| Share-based compensation | 5,760,036 | 390,373 | ||||
| Amortization and depreciation | 1,635,854 | 1,297,140 | ||||
| Total operating expenses | 18,734,942 | 7,325,729 | ||||
| Other expenses (income) | ||||||
| Share of loss from investment in associates | 78,418 | 95,829 | ||||
| Interest and accretion | 791,314 | 1,325,261 | ||||
| Change in fair value of investment | (3,984 | ) | 174,616 | |||
| Gain on repayment of long-term debt | (39,502 | ) | - | |||
| Interest income | (18,320 | ) | (61,523 | ) | ||
| Net loss before income taxes | (13,611,860 | ) | (5,566,683 | ) | ||
| Income taxes | ||||||
| Current tax recovery | (14,655 | ) | - | |||
| Deferred tax recovery | (79,779 | ) | - | |||
| Net loss for the period | (13,517,426 | ) | (5,566,683 | ) | ||
| Other comprehensive income (loss) | ||||||
| Items that may be reclassified to profit or loss <br><br>Foreign currency translation adjustment | (47,702 | ) | 202,371 | |||
| Net loss and comprehensive loss for the period | $ | (13,565,128 | ) | $ | (5,364,312 | ) |
| Net loss and comprehensive loss per share, basic and diluted | $ | (0.12 | ) | $ | (0.07 | ) |
| Weighted average number of common shares outstanding, basic and diluted | 111,462,147 | 72,524,137 |
Enthusiast Gaming Holdings Inc.
Consolidated Statements of Cash Flows
For the three months ended March 31, 2021 and 2020
(Unaudited - Expressed in Canadian Dollars)
| Three months ended March 31,<br> <br>2021 | Three months <br>ended <br><br>March 31, <br>2020 | |||||
|---|---|---|---|---|---|---|
| Cash flows from operating activities | **** | |||||
| Net loss for the period | $ | (13,517,426 | ) | $ | (5,566,683 | ) |
| Items not affecting cash: | **** | **** | **** | |||
| Amortization and depreciation | **** | 1,635,854 | **** | 1,297,140 | ||
| Share-based compensation | **** | 5,760,036 | **** | 390,373 | ||
| Interest and accretion | **** | 274,083 | **** | 438,989 | ||
| Deferred tax recovery | **** | (79,779 | ) | - | ||
| Gain on player buyout | **** | - | **** | (204,764 | ) | |
| Foreign exchange gain | **** | (696 | ) | (69,000 | ) | |
| Gain on repayment of long-term debt | **** | (39,502 | ) | - | ||
| Capitalized interest and success fee | **** | - | **** | 683,595 | ||
| Shares for services | **** | 93,553 | **** | 46,058 | ||
| Change in fair value of investment | **** | (3,984 | ) | 174,616 | ||
| Share of loss from investment in associates | **** | 78,418 | **** | 95,829 | ||
| Changes in working capital | **** | **** | **** | |||
| Changes in trade and other receivables | **** | 4,300,825 | **** | (717,375 | ) | |
| Changes in prepaid expenses | **** | (5,623 | ) | (2,012 | ) | |
| Changes in loans receivable | **** | 12,500 | **** | - | ||
| Changes in accounts payable and accrued liabilities | **** | (6,035,820 | ) | (1,021,719 | ) | |
| Changes in contract liabilities | **** | 239,881 | **** | (480,454 | ) | |
| Changes in income tax receivable | **** | - | **** | 4,762 | ||
| Net cash used in operating activities | **** | (7,287,680 | ) | (4,930,645 | ) | |
| Cash flows from investing activities | **** | **** | **** | |||
| Proceeds from disposal of investment | **** | - | **** | 680,000 | ||
| Proceeds from disposal of intangible assets | **** | - | **** | 204,764 | ||
| Acquisition of property and equipment | **** | (3,398 | ) | (4,871 | ) | |
| Net cash (used in) provided by investing activities | **** | (3,398 | ) | 879,893 | ||
| Cash flows from financing activities | **** | **** | **** | |||
| Proceeds from the issuance of shares for the Offering, net of transaction costs | **** | 39,862,514 | **** | - | ||
| Proceeds from long-term debt | **** | 944,787 | **** | - | ||
| Repayment of long-term debt | **** | (13,773,470 | ) | - | ||
| Proceeds from exercise of warrants | **** | - | **** | 2,160,342 | ||
| Proceeds from exercise of options | **** | 594,836 | **** | 49,367 | ||
| Lease payments | **** | (236,614 | ) | (60,252 | ) | |
| Net cash provided by financing activities | **** | 27,392,053 | **** | 2,149,457 | ||
| Foreign exchange effect on cash | **** | (24,502 | ) | 177,776 | ||
| Net change in cash | **** | 20,076,473 | **** | (1,723,519 | ) | |
| Cash, beginning of period | **** | 4,323,823 | **** | 13,211,722 | ||
| Cash, end of period | $ | 24,400,296 | **** | $ | 11,488,203 |
Exhibit 99.3
CORRECTION From Source -Enthusiast Gaming Provides Correction to Press Release Regarding Number of Gamer Profiles of Tabwire LLC
TORONTO, May 12, 2021 (GLOBE NEWSWIRE) -- Enthusiast Gaming Holdings Inc. (NASDAQ:EGLX) (TSX:EGLX), (“Enthusiast Gaming” or the “Company”), announces a correction to its press release entitled “Enthusiast Gaming Reports First Quarter 2021 Financial Results” issued today (the “Initial Press Release”).
In the Initial Press Release, the Company incorrectly stated Tabwire LLC has 13 billion gamer profiles when the correct number is 13 million gamer profiles. The Company announced today in the press release entitled “Enthusiast Gaming Accelerates Launch of Gaming Social Network and Premium Subscription Offering with Acquisition of Tabwire” that it has entered into a definitive agreement to acquire Tabwire LLC.
The correction does not change any other information nor have a material effect on any other information in the Initial Press Release.
About Enthusiast Gaming
Enthusiast Gaming is building the largest media platform for video game and esports fans to connect and engage worldwide. Combining the elements of its four core pillars; Media, Talent, Esports and Experiences, Enthusiast Gaming provides a unique opportunity and integrated approach to reach and connect with its coveted GenZ and Millennial audience. Through its proprietary mix of digital media and entertainment assets, Enthusiast Gaming has built a vast network of like-minded communities to deliver the ultimate fan experience.
Contacts
Enthusiast Gaming Investor Relations:
Eric Bernofsky, Chief Corporate Officer
Media Relations:
Carmela Antolino, Provident Communications
647-287-2286
Forward Looking Statements
Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that Enthusiast anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Such information may involve, but is not limited to, comments with respect to strategies, expectations, planned operations and future actions of the Company. 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 negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results "may", "could", "would", "might" or "will" (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of Enthusiast to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to Enthusiast, 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 funding thereof) and expenditures. Any and all forward-looking information contained in this press release is expressly qualified by this cautionary statement. Trading in the securities of the Company should be considered highly speculative.