TORONTO, ON / ACCESSWIRE / December 16, 2021 / GameSquare Esports Inc. (CSE:GSQ)(FSE:29Q1) ("GameSquare", or the "Company"), an international gaming and esports company, today announced that management and directors acquired 632,100 common shares of GameSquare in the open market between November 3 and December 1. This includes the acquisition of 132,100 shares by Justin Kenna, CEO of GameSquare Esports, and Kevin Wright, President and Chairman, at prices ranging from $0.315 to $0.41 per share; complete details are available at SEDI.ca. Management and the Board's purchases reflect confidence in the intrinsic value of the stock, near-term and long-term growth prospects, and the outstanding people that work within the Company at Code Red, Complexity Gaming, Cut+Sew, and GCN. The Company's Q3 2021 financial results included $2.5M of revenue and more than $13 million of cash on hand. With these results, management indicated that the Company had generated more than $3.5 million of revenue in Q4 2021, as of October 28, 2021, and reiterated 2022 revenue guidance of $28 million.
"The opportunities within esports, gaming, sports and entertainment are as strong as ever, and I believe GameSquare is extremely well positioned to benefit from industry trends of large audiences with great engagement," said Mr. Kenna. "We are seeing increased sales activity within the GameSquare companies and a growing pipeline that includes global brands that are entering gaming and esports. Our portfolio of companies is showing leadership within esports, and we are making tremendous progress as we execute on our growth strategy across our teams, our streaming org, our newly announced athlete and celebrity division, and our digital agencies that are working with global brands."
Operational Highlights
The Company has made significant progress since going public in October 2020. Following a period of active M&A, having acquired Code Red, Reciprocity, Complexity Gaming, and Cut+Sew, management has turned its attention to integration and accelerating revenue growth with a focus on profitability. The following is a sample of recent progress, with all press releases available at SEDAR.com;
Strategic Priorities
About GameSquare Esports Inc.
GameSquare Esports Inc. is an international gaming and esports company headquartered in Toronto, Canada. The Company is seeking to acquire additional assets and entities serving the gaming and esports markets and, more broadly, in sports and entertainment. GameSquare owns a portfolio of companies including Code Red Esports Ltd., an esports talent agency serving the UK, Reciprocity Corp. ("Reciprocity"), which provides the Company access to Asia, Latin America and North America, NextGen Tech, LLC (dba as Complexity Gaming), a leading esports organization operating in the United States, and, most recently, Swingman LLC (dba Cut+Sew and Zoned), a gaming and lifestyle marketing agency based in Los Angeles, USA. Reciprocity's gaming and esports assets include: a CrossFire franchise in China that it owns with its partner LGD Gaming, a 40% interest in a League of Legends team that competes in Latin America, and its wholly owned subsidiary corporation, GCN, a digital media company focusing on the gaming and esports audience based in Los Angeles, USA.
Investor Relations
For further information, please contact Nikhil Thadani, Investor Relations for GameSquare Esports Inc.:
Kevin Wright, President and Chairman
Phone: (647) 670-2500
Nikhil Thadani
Email: [email protected]
Phone: (647) 670-2500
Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to the business and operations of the Company and its subsidiaries, the expected growth of the esports industry, statements regarding the operations, business, financial condition, expected financial results, prospects, opportunities, targets, goals, ongoing objectives, strategies and outlook of the Company. Forward-looking statements are necessarily based upon a number of estimates and assumptions which include, but are not limited to: the Company being able to grow its business and being able to execute on its business plan, the Company being able to complete and successfully integrate acquisitions, the Company being able to recognize and capitalize on opportunities and the Company continuing to attract qualified personnel to supports its development requirements. These assumptions, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the Company's ability to achieve its objectives, the Company successfully executing its growth strategy, the ability of the Company to obtain future financings or complete offerings on acceptable terms, failure to leverage the Company's portfolio across entertainment and media platforms, dependence on the Company's key personnel and general business, economic, competitive, political and social uncertainties including impact of the COVID-19 pandemic and any variants. These risk factors are not intended to represent a complete list of the factors that could affect the Company which are discussed in the Company's most recent MD&A. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. GameSquare assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Neither the Canadian Securities Exchange ("CSE") nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: GameSquare Esports Inc.