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Sale marks completion of ESE’s $13M sale of GameAddik following sale of initial 70% interest last year
VANCOUVER, British Columbia, July 19, 2024 (GLOBE NEWSWIRE) -- ESE Entertainment Inc. (TSXV: ESE) (OTCQX: ENTEF) (“ESE” or the “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% interest (the “Minority Interest”) in 9327-7358 Quebec Inc. dba GameAddik (“GameAddik”) to BPV Games Limited Partnership, an affiliate of BlackPines Capital Partners Ltd. (the “Purchaser”).
Pursuant to the terms of a share purchase agreement dated July 14, 2024 (the “SPA”), the Company sold its Minority Interest to the Purchaser for consideration of $4,030,925, which was paid in cash on closing. The sale of the Minority Interest, which follows the Company’s sale of its 70% interest in GameAddik on August 14, 2023, concludes the Company’s disposition of GameAddik for an enterprise value of $13M.
Konrad Wasiela, ESE’s CEO, commented, “It has been a pleasure to collaborate with Darren Huston and BlackPines Capital Partners. This exit has generated substantial 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 extend my gratitude to Eric Jodoin and the entire GameAddik team for their dedication and hard work. We are excited about the future and confident that the steps we've taken will drive further success and create even greater opportunities for ESE. Wishing the GameAddik team continued success in all their future endeavors.”
The Transaction was an arm’s length transaction within the meaning of the policies of the TSX Venture Exchange (the “Exchange”) and constituted a "Reviewable Disposition" in accordance with Exchange Policy 5.3 - Acquisitions and Dispositions of Non-Cash Assets, which required ESE to obtain disinterested shareholder approval for the Transaction. The Company satisfied this requirement by obtaining written consent of disinterested shareholders holding more than 50% of the issued and outstanding shares of the Company, excluding shares held by the Purchaser, its Associates, Affiliates, and any Non-Arm’s Length parties to the Purchaser.
The Transaction remains subject to final acceptance by the Exchange.
ESE Entertainment Inc.
Konrad Wasiela
Chief Executive Officer and 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 internationally. ESE also operates its own ecommerce channels, esports teams, and gaming leagues. | www.esegaming.com