VANCOUVER, BC, May 11, 2021 /CNW/ - TGS Esports Inc. ("TGS" or
the "Company") (TSXV: TGS) (OTC: TGSEF) (FRA: 5RH) is pleased to
announce the 2021 schedule for Get On My Line ("GOML"),
Canada's premier annual Super
Smash Brothers Tournament, proudly sponsored by Red Bull. GOML is going global in 2021 with
brackets for North American and European residents.
GOML 2020 attracted 3,000+ competitors and had five million+
minutes of content watched while GOML 2021 is tracking to surpass
those numbers with over 500 competitors registered in less than a
week.
The event trailer can be viewed here:
https://youtu.be/fo0ihlqESog.
"GOML is a staple of the fighting game community, and with each
passing year it shatters Canadian participation and viewership
records." Said Joe Cribari, CEO of
EMG. "We are looking forward to working closely with the TGS team
to deliver another world class event."
"As we work through our acquisition with EMG, we are excited to
work closely with Joe and his team to bring another record-breaking
year to the Super Smash scene." Said Spiro
Khouri, CEO of TGS. "This event is a big opportunity for us
to demonstrate the power of the combined EMG and TGS teams."
GOML Online Tournament Schedule
Super Smash Bros. Melee Singles (NA and EU) – June 19-20
Super Smash Bros. for Ultimate Singles (NA and EU) –
June 26-27
$1,000 prize pool for each main
event per region.
About TGS Esports Inc.
TGS partners with Fortune 500 brands, schools, and tournament
organizers to build out their esports community via tournaments,
broadcast production, and events. TGS has commercialized an esports
solution that allows brands and gamers to interact on its end to
end platform. The combination of TGS esports event expertise and
next generation software creates an unparalleled esports experience
that allows sponsors and brands to reach their desired gaming
demographic.
About EMG
Even Matchup Gaming (EMG) is Canada's premiere fighting game tournament
organizer & broadcaster. Founded in 2012, they have executed
300+ local, regional, and national events for the esports community
developing one of the strongest grassroots followings in the
world.
Summary of Acquisition
TGS will acquire all of the issued and outstanding shares of EMG
("EMG Shares") for the aggregate purchase price of CAD$1,100,000.00 (the "Purchase Price")(the
"Acquisition"); The Purchase Price will be paid via the issuance of
up to 5,500,000 common shares of TGS to EMG (the "Consideration
Shares") at a deemed price per share of CAD $0.20.
Joseph Cribari will enter into an
employment agreement with TGS providing that Mr. Cribari will be
employed with a title to be determined for a minimum period of two
years from the date of closing of the Acquisition with TGS.
The Consideration Shares will be subject to a contractual
lock-up, periods ranging between 24 and 36 months. The LOI
contains, and the definitive agreement will provide for, customary
representations, warranties and. Completion of the Acquisition
remains subject to a number of conditions, including: (i) the
negotiation of a definitive agreement, (ii) the completion of
satisfactory due diligence, (iii) the approval of the boards of
directors of the Company and EMG, (iv) obtaining all required
consents, waivers and approvals, including the approval of the TSX
Venture Exchange, and (vi) other customary closing conditions.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking
statements, which reflect the expectations of management regarding
the Company. Forward-looking statements consist of statements that
are not purely historical, including any statements regarding
beliefs, plans, expectations or intentions regarding the future,
including with respect to: expectations regarding whether the
Acquisition will be consummated including whether the conditions to
the consummation to the Acquisition will be satisfied; the timing
for completing the Acquisition, if at all, and the conditions to
such transaction; expectations
for other economic, business, and/or competitive factors;Such
statements are subject to risks and uncertainties that may cause
actual results, performance or developments to differ materially
from those contained in the statements, including risks related to
factors beyond the control of the Company. The risks include, but
are not limited to, the following:the unknown magnitude and
duration of the effects of the COVID-19 pandemic on the Company;
the ability to consummate the Acquisition; the ability to obtain
requisite regulatory or shareholder approvals and the satisfaction
of other conditions to the consummation of the Acquisition on
proposed terms and schedule; the potential impact of the
announcement or consummation of the Acquisition on relationships;
including with regulatory bodies, employees, suppliers, customers
and competitors; changes in general economic, business and
political conditions, including changes in the financial markets;
changes in applicable laws and regulations both locally and in
foreign jurisdictions; compliance with extensive government
regulation; the risks and uncertainties associated with foreign
markets; the diversion of management time on the Acquisition; the
risks associated with operating esports events such as GOML;
technological risks associated with operating an esports platform;
and other risks that are customary to companies operating
businesses such as the business of the Company. No assurance can be
given that any of the events anticipated by the forward-looking
statements will occur or, if they do occur, what benefits the
Company will obtain from them.
SOURCE TGS Esports Inc
