SMAAASH Entertainment, Inc. Enters Esports; Announces Definitive Agreement to Combine with NBA Memphis Grizzlies Minority Own...
22 December 2018 - 4:40AM
SMAAASH Entertainment Inc. (NASDAQ: SMSH) (the “Company”), today
announced it has entered into a definitive agreement to combine
with Simplicity Esports, LLC (“Simplicity”) via an all stock
acquisition. Simplicity is an established brand in the esports
industry with an engaged fan base competing in popular games across
different genres, including PUBG, Gears of War, Injustice 2 and NHL
19. Notably, the Simplicity stream team
encompasses a unique group of
casters, influencers and personalities all of
whom connect to a dedicated fan base which has
viewed and consumed millions of minutes monthly of Simplicity
content cumulatively on various social media platforms.
Jed Kaplan, Managing Partner of Simplicity
Esports, has been involved in professional sports for over 15
years. Currently, Mr. Kaplan is a minority owner of both the
Memphis Grizzlies of the NBA, and Swansea City of the English
Championship League. Mr. Kaplan is a member of the NBA’s “G-League”
Leadership Committee and has held stakes in several G-League teams,
including the Erie Bayhawks, and the Iowa Energy as Managing
Partner and Majority owner, which was recently sold to the
Minnesota Timberwolves.
In addition to his deep relationships and
insights within the world of professional sports, Mr. Kaplan has
significant financial expertise, as evidenced by his accomplished
career spanning over 30 years on Wall Street, having held various
roles with leading financial institutions including JP Morgan,
Lehman Brothers and Prudential Securities.
“I am pleased to announce the signing of the
definitive agreement with Simplicity Esports,” said F. Jacob
Cherian, CEO of the Company. “Our acquisition of Simplicity, in an
all-stock deal, creates the first pure play esports team and
entertainment platform opportunity on NASDAQ, which we believe will
increase shareholder value and boost our growth strategy as we
endeavor the build out of our brick and mortar esports centers. I
am also pleased to welcome Jed Kaplan as Co-CEO. Jed brings
tremendous experience representing professional sports team
ownership with a track record of success, and a clear vision to
uniquely position the Company as a leading esports entertainment
business.”
Jed Kaplan noted, “I am pleased to further
develop, enhance and build the esports business together with the
public platform of Smaaash. As technology evolves, gaming is one of
the fastest growing verticals within the media and entertainment
sector, and specifically esports is experiencing explosive growth,
having attracted prime time audiences over 3 times larger than that
which tuned into Super Bowl LI in 2017. I truly believe that
esports is relevant now and represents a significant opportunity
for investors as an integral part of professional sports for future
generations. With current projections for esports predicting over
$1.7 billion in annual revenues by 2021, I feel esports provides an
attractive growth opportunity for shareholders.”
The closing of the acquisition is anticipated to
occur prior to the end of the year and remains subject to standard
closing conditions.
About SMAAASH Entertainment
Inc.:
SMAAASH Entertainment Inc. (NASDAQ:SMSH), (f/k/a
I-AM Capital Acquisition Company Co-Founded and led by CEO F. Jacob
Cherian and CFO Suhel Kanuga), completed its transaction with
SMAAASH Entertainment Pvt. Ltd (“SMAAASH Private”) on November 20,
2018. SMAAASH Private is a global entertainment company offering
interactive sports experiences and virtual reality gaming
technology. SMAAASH Private was founded by Shripal Morakhia, a
visionary Indian entrepreneur. SMAAASH’s core concept is to offer
an interactive, immersive and fun experience to customers at its
centers, blending Augmented Reality and Virtual Reality and other
games, indoor sports simulation entertainment, and attractive food
and beverage options, customized to the tastes and preferences of a
diverse set of customers across age groups, genders and
backgrounds, including corporate customers, families, friends and
children.
FORWARD-LOOKING STATEMENTS
This press release contains statements that
constitute “forward-looking statements,” including the closing of
the acquisition of Simplicity, and the development and launch of
esports centers. Forward-looking statements are subject to numerous
conditions, many of which are beyond the control of the Company,
including those set forth in the Risk Factors section of the
Company’s definitive proxy statement filed with the SEC on
September 19, 2018, as amended. Copies are available on the SEC’s
website, www.sec.gov. The Company undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.
INVESTOR RELATIONS CONTACT:
SMAAASH Entertainment, Inc.
Roman Franklin
roman@SMAAASHinc.com
561-819-8586
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