Business
ESE Announces Acquisition of Global Esports and Gaming Infrastructure Company with $14M+ in Revenue
ESE Announces Acquisition of Global Esports and Gaming Infrastructure Company with $14M+ ...
About this update from Ese Entertainment Inc
[{"type":"text","content":"\n \n \n \n ESE Announces Acquisition of Global Esports and Gaming Infrastructure Company with $14M+ in Revenue\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n Positions ESE as One of the Largest Global Esports Infrastructure Companies\n \n \n \n Transaction anticipated to make ESE one of the largest esports infrastructure companies in the world, \"bridging\" esports companies with their fans and customers.\n \n \n In 2020, WPG generated revenue in excess of\n \n $14,000,000\n \n .\n \n \n The Transaction will add WPG's existing client base to ESE. Clients of WPG's subsidiary, WPG Racing Solutions, include one of the largest esports companies in the world, and one of the largest sports organizations.\n \n \n Acquisition will deliver on core strategic priorities of (1) increasing revenue, (2) expanding tier-1 client base, (3) strengthening technology stack, (4) expanding operational geography, (5) adding experienced executives to our Management, and (6) increasing platform scalability through WPG's nearly 100 staff.\n \n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Feb. 16, 2021\n \n /CNW/ -\n \n ESE Entertainment Inc.\n \n (TSXV: ESE) (OTCQB: ENTEF) (the \"\n \n Company\n \n \" or \"\n \n ESE\n \n \") is excited to announce that it has entered into a binding share purchase agreement (the \"\n \n Agreement\n \n \") to acquire 51% of the business of World Phoning Group Inc., Encore Telecom Inc., and their two European operating subsidiaries, WPG Racing Solutions and Foresight Resolutions (collectively, \"\n \n WPG\n \n \"), to further develop ESE's robust esports and entertainment infrastructure business.\n \n \n Under the terms of the Agreement, all of the assets of WPG will be rolled into a newly incorporated Canadian company, World Performance Group (the \"\n \n Corporation\n \n \"). Upon completion of the Agreement, ESE will acquire 51% of the issued and outstanding shares of the Corporation (the \"\n \n Transaction\n \n \"). The purchase price will consist of (i)\n \n $138,019\n \n in cash payable ...