Business
ESE Announces the Sale of a 70% Interest in GameAddik in an All-Cash Transaction, Retaining a Strategic 30% Interest
VANCOUVER, BC / ACCESSWIRE / August 9, 2023 / ESE Entertainment Inc. (TSXV:ESE)(OTCQX:ENTEF) ("E...
About this update from Ese Entertainment Inc
[{"type":"text","content":"ESE Announces the Sale of a 70% Interest in GameAddik in an All-Cash Transaction, Retaining a Strategic 30% InterestVANCOUVER, BC / ACCESSWIRE / August 9, 2023 / ESE Entertainment Inc. (TSXV:ESE)(OTCQX:ENTEF) (\"ESE\" or the \"Company\"), a gaming and esports company that provides a range of services to leading video game developers and publishers, is pleased to announce that it has entered into a definitive share purchase agreement dated August 5, 2023 (the \"SPA\") with an affiliate of BlackPines Capital Partners Ltd., (\"BlackPines\" or the \"Purchaser\") for the sale of 70% of the issued and outstanding shares (the \"Transaction\") of the Company's wholly-owned subsidiary, 9327-7358 Quebec Inc. dba GameAddik (\"GameAddik\"). The remaining 30% of the issued and outstanding shares of GameAddik will be retained by the Company.\"We couldn't be more excited about our investment in GameAddik and partnership with ESE Entertainment,\" said Darren Huston, CEO & Founder of BlackPines. \"We have an ambitious plan to invest in and grow the business, and to help an already outstanding team deliver industry-best marketing ROIs to a growing roster of PC game industry customers.\"Konrad Wasiela, CEO of ESE expressed, \"This transaction and partnership with BlackPines marks a significant milestone in ESE's growth trajectory. We're aligning our growth path with a proven technology executive and entrepreneur with world-class exits. We're confident that this partnership will propel GameAddik, and ESE as a whole, into a period of growth. The synergy will empower GameAddik to harness its full potential, further enabling ESE to deliver premier services to the gaming community. As we retain a strategic stake in GameAddik, we'll continue to be a part of its journey, ensuring this partnership fuels mutual growth and success in our industry.\"Eric Jodoin, CEO of GameAddik commented, \"With BlackPines on board, our growth is set to accelerate, granting our clients access to an expanded array of tools within our comprehensive turnkey gamer acquisition solution. Together, we are poised to reach new heights and revolutionize the gaming industry.\"Under the terms of the SPA, the Purchaser has agreed to pay to the Company an aggregate purchase price of $9,100,000 in cash, subject to customary adjustments (the \"Purchase Price\"), and subject to a 15% ho...