ST. MARY’S, ANTIGUA–(Marketwired – Oct 5, 2017) – Esports Entertainment Group, Inc. (OTCQB: GMBL) (or the “Company”), a licensed online gambling company with a specific focus on eSports wagering and 18+ gaming, is pleased to announce the execution of a Letter of Intent to acquire all of the issued and outstanding securities of Ardmore Investments SP. Z O.O, (“Ardmore”), a subsidiary of Switzerland based gambling software developer Swiss Interactive Software GmbH (“Swiss Interactive”).
ACQUISITION OF SOURCE CODE
Swiss Interactive’s Ardmore is the developer and owner of the source code of the Bet Exchange Software utilized to create the Company’s Esports wagering platform, as well as, other gaming and gambling software. Given the imminent launch of the Esports wagering platform, as well as, the Company’s online gaming expansion plans for the foreseeable future, Esports Entertainment Group made the strategic decision to acquire Ardmore in order to protect the source code from potential competitors and to acquire a proven development team.
Grant Johnson, CEO of Esports Entertainment Group, stated, “Owning our bet exchange technology and acquiring the development team behind it significantly strengthens our position within the Esports wagering space. As we are on the verge of launching the world’s first, most secure and transparent Esports bet exchange, the time was right to acquire the core technologies supporting our disruptive business model.”
In connection with the acquisition, the Company will issue 1,750,000 common shares and pay USD $250,000. Ardmore is a Polish corporation with offices in Warsaw, Poland. The transaction is expected to close within four weeks.
This press release is available on our Online Investor Relations Community for shareholders and potential shareholders to ask questions, receive answers and collaborate with management in a fully moderated forum at https://agoracom.com/ir/EsportsEntertainmentGroup
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
Corporate Finance Inquiries
Vice President, Corporate Development