VANCOUVER, British Columbia, March 06, 2019 (GLOBE NEWSWIRE) -- GLOBAL GAMING TECHNOLOGIES CORP. (CSE:BLOC.U) (BWSP.F) (BLKCF) ("BLOC", or the "Company") is pleased to announce that it has appointed Mr. Nolan Bushnell to its board of directors and as the Chief Executive Officer and Chairman of the Company effective immediately.
Mr. Bushnell is the CEO of the Company’s wholly owned subsidiary X2 Games Corp., the founder of Atari Inc. and the founder of Chuck E. Cheese’s Pizza Time Theatre chain, which was sold for $1.3 billion USD in 2014 to Apollo Global Management. Mr. Bushnell has been awarded an Academy Fellowship by The British Academy of Film and Television, was named one of Newsweek’s “50 People Who Changed America” and was one of the first inductees into the Video Game Hall of Fame.
Mr. Shidan Gouran, President of BLOC commented, “The appointment of Nolan to the board of directors will enable BLOC to build a stronger footing in the ever-growing interactive gaming space and we look forward to his many years of leadership and experience within the gaming industry that he brings.”
The Company is also pleased to announce that it has entered into an arm’s length definitive agreement to acquire all of the issued and outstanding common shares in the capital of Videre eSports Corp. (“Videre”), a private British Columbia company holding certain intellectual property assets, including a proprietary eSports betting platform that is expected to launch in Q2 2019, by way of a three-cornered amalgamation (the “Transaction”).
Pursuant to the terms of the Transaction, BLOC will issue 428,865,080 common shares in the capital of the Company, at a deemed price of $0.02 USD per share, in exchange for all of the issued and outstanding common shares in the capital of Videre, representing an aggregate purchase price of $8,577,302 USD. In connection with the Transaction, Videre will amalgamate with a wholly-owned subsidiary of BLOC, 1195991 B.C. Ltd., and it will subsequently assume the name, Videre eSports Corp. Videre has developed a unique eSports betting platform that will become part of BLOC and Videre will continue operate as a wholly-owned subsidiary of BLOC. A finder’s fee will be payable on this Transaction.
Following the acquisition by BLOC, the former shareholders of Videre on a collective basis will own 37.19% of the issued and outstanding share capital of BLOC. None of the former individual shareholders of Videre will hold more than 10% of the issued and outstanding share capital of BLOC.
Nolan Bushnell, Chairman and CEO of the Company, commented, “eSports is the future. Young audiences, large prize pools and thousands of entertaining games attract crowds to stream and attend these events. The growth of the eSports sector has been fuelled by the rapid adoption of technology among millennials, the general rise in all types of online gaming and games’ winning combination of competitive sport and Hollywood-style entertainment. Using the Videre platform through the games we are currently developing will be an exciting prospect and provide for synergies in the years of our company to come.”
About Videre eSports Corp.
Videre is a unique eSports betting platform focused on the rapidly growing eSports betting sector. Videre powers a complete betting and content platform for eSports with unique proprietary IP and cutting-edge technology. The Videre eSports team has significant experience with gaming, sports content and betting platforms.
Over $3M has been spent on developing this proprietary eSports betting platform over the last two years. Up to this point the Company has been in the development stage. Commercialization of the platform is anticipated in Q2. With the growth in esports and gaming sectors the Company feels it is well positioned to take advantage of the global revenues in eSports which have increased from US$655M to US$906M between 2017 and 2018.
Videre believes that there is a new opportunity developing to address the betting market in eSports and the legalization of sports betting in many jurisdictions has paved the way for this new sector. Sports betting is now legal federally in the US and in 6 states, in addition to UK, New Zealand, Australia, Spain, Singapore, Taiwan, Macau, Korea and Japan. Videre has been looking for an opportunity to enter this market with a proprietary platform since inception, which led to the acquisition and further development of this software.
Videre provides streaming content, statistics, odds and betting all in one place, its platform enables users to access all the relevant information and content and to complete their bets, driving high user engagement levels. Videre’s high-technology focused unique proprietary software platform and odds and betting algorithms, which enable a more advanced integration with statistics, enabling more informed trades and putting it in a unique position vis-a-vis its competitors. The platform also has an integrated loyalty program and user bonuses where the customers can earn more with more engagement. This is expected to allow for a high user retention in the platform.
The betting platform has been developed in a way to allow for seamless transition between mobile and desktop interfaces and allow for both betting and viewing content such as statistics and live-streaming. The platform provides pre-game betting for the eSports market along with pre-game and live odds, constantly updated throughout gameplay. The experience offered by the Videre eSports team will bring the seamless betting experience to life.
These features that Videre has developed give the company and its platform a strong competitive edge, as the competition lacks these key features that drive user engagement and retention.
Videre is planning for aggressive growth fuelled by digital marketing focused on customer acquisition and by partnerships with top tournaments and teams, with an expected user acquisition cost of $33 per user. Videre eSports will initially roll out in Eastern Europe and CIS region (Q2 2019), followed by India (Q3 2019), China and USA (Q1 2020) and LatAm and Africa (Q2/Q3 2020).
Additional information about Videre and its projects can be found at www.videreesports.com.
A Rapidly Growing Market
- The global eSports industry is expected to amount to $906 Million USD in 2018 following a 38.2% growth from 2017.1
- The global eSports industry is projected to reach $1.4 Billion USD by 2020.2
- The global eSports audience is also rapidly increasing having already reached over 380 million people as of January 2019.3
- One in every three eSports fans are aged between 20-25, which represents an industry orientated towards the new generation of millennials, who act as the driving force behind this growth.4
- Gaming (including eSports) is second only to Music in Youtube followers, ahead of Sports, Movies and News.
Large Industry Giants Taking the Sector By Storm
Industry giants are taking the opportunity to invest and involve themselves in the rapidly growing sector of eSports. They have provided team sponsorships, prize money offerings and full-blown event sponsorships where thousands of people attend to watch their favourite players in action.
- In September 2014, Amazon purchased Twitch TV – an online games streaming platform for over $970 million USD.5
- To date, Twitch sees over 15 million daily active users who stream and watch video games and are involved with eSports created content.6
- Coca-Cola sponsored the global EA Sports FIFA tournament of 2018; FIFA is the world’s most popular videogame.7
- Coca-Cola sponsors Riot Games, and has sponsored the League of Legends Championships of 2015 and 2016 and continues to support large eSports events. To date, League of Legends has awarded over $56 million USD of prize.8 The world championship in 2018 had nearly 100 million unique viewers.9
- Red Bull sponsors an eSports team Optic Gaming, in Dota 2. To date, Dota 2 has awarded over $170 million USD of prize money making it the largest eSports related video game by prize money in the world.10
- Mercedes Benz sponsors the largest and oldest eSports company in the world: ESL (formerly known as the Electronic Sports League). ESL is responsible for prize pools of over 100 million Euros annually with over 500 million streaming hours watched per month.11
On behalf of the Company:
Nolan Bushnell, Chairman and CEO of the Company
For more information, please contact:
Global Gaming Technologies Corp.
About Global Gaming Technologies Corp.
Global Gaming Technologies Corp. is a gaming industry holding company that provides investment exposure to digital interactive entertainment in emerging technologies, such as Augmented Reality, Virtual Reality, and Artificial Intelligence, in addition to eSports and traditional game platforms, such as mobile and console. It is focused on gamifying content using visual cinematics across all platforms. The Company's strategy is to publish games and content that are immersive in storytelling, bold in design, and technologically innovative.
The Company is managed by game and film industry pioneers. It is headquartered in Toronto, Canada with its primary game studio in Los Angeles, California.
BLOC is listed on the Canadian Securities Exchange (“CSE”) and its common shares trade under the ticker symbol "BLOC." Additional information relating to BLOC is available on SEDAR at www.sedar.com, the CSE at www.theCSE.com, as well as on the Company's website at www.globalblockchain.io.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or indicates that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, “occur” or “be achieved”. Forward-looking information includes, but is not limited to the Company’s goal of streamlining the current arduous, lengthy and complicated process that interested investors need to undergo in order to gain exposure to the digital interactive entertainment space. The Company’s business plan is conceptual in nature and there is no assurance that it will be implemented as set out herein, or at all. Forward-looking information is based on certain factors and assumptions the Company believes to be reasonable at the time such statements are made, including but not limited to: statements and expectations regarding the ability of the Company to (i) successfully engage senior management with appropriate industry experience and expertise, (ii) gain access to and acquire a basket of digital interactive entertainment assets and to participate in relevant financings on favourable terms or at all, (iii) successfully publish its own games and content, and (iv) execute on future M&A opportunities in the digital interactive entertainment space; receipt of required regulatory approvals; the availability of necessary financing; permitting and such other assumptions and factors as set out herein. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to fluctuating popularity of eSports titles; the estimation of personnel and operating costs; general global markets and economic conditions; risks associated with uninsurable risks; risks associated with currency fluctuations; competition faced in securing experienced personnel with appropriate industry experience and expertise; risks associated with changes in the financial auditing and corporate governance standards applicable to gaming companies; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalization and liquidity risks including the risk that the financing necessary to fund continued development of the Company’s business plan may not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of the Company; the risk of litigation. Although the Company has attempted to identify important factors that could cause actual results to differ materially from the forward-looking information set out in this presentation, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.