Business
Esports Entertainment Group to Acquire Bet Exchange Software Company
Esports Entertainment Group to Acquire Bet Exchange Software Company.
About this update from Esports Entertainment Group, Inc.
[{"type":"text","content":"\n \n \n Esports Entertainment Group to Acquire Bet Exchange Software Company\n \n \nEsports Entertainment Group to Acquire Bet Exchange Software Company\n \n ST. MARY'S, ANTIGUA--(Marketwired - Oct 5, 2017) - Esports Entertainment Group, Inc. (OTCQB: GMBL) (or the \"Company\"), a licensed online gambling company with a specific focus on eSports wagering and 18+ gaming, is pleased to announce the execution of a Letter of Intent to acquire all of the issued and outstanding securities of Ardmore Investments SP. Z O.O, (\"Ardmore\"), a subsidiary of Switzerland based gambling software developer Swiss Interactive Software GmbH (\"Swiss Interactive\"). \n ACQUISITION OF SOURCE CODE\n Swiss Interactive's Ardmore is the developer and owner of the source code of the Bet Exchange Software utilized to create the Company's Esports wagering platform, as well as, other gaming and gambling software. Given the imminent launch of the Esports wagering platform, as well as, the Company's online gaming expansion plans for the foreseeable future, Esports Entertainment Group made the strategic decision to acquire Ardmore in order to protect the source code from potential competitors and to acquire a proven development team. \n Grant Johnson, CEO of Esports Entertainment Group, stated, \"Owning our bet exchange technology and acquiring the development team behind it significantly strengthens our position within the Esports wagering space. As we are on the verge of launching the world's first, most secure and transparent Esports bet exchange, the time was right to acquire the core technologies supporting our disruptive business model.\"\n In connection with the acquisition, the Company will issue 1,750,000 common shares and pay USD $250,000. Ardmore is a Polish corporation with offices in Warsaw, Poland. The transaction is expected to close within four weeks.\n This press release is available on our Online Investor Relations Community for shareholders and potential shareholders to ask questions, receive answers and collaborate with management in a fully moderated forum at https://agoracom.com/ir/EsportsEntertainmentGroup \n About Esports Entertainment Group\n Esports Entertainment Group Inc. is a licensed online gambling company specifically focused on Esports wagering and 18+ gaming. Initially, Esports Entertainment intends to offer bet exchange styl...