Business
Strategic Review
Strategic Review.
About this update from Gfinity Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6337B\n Gfinity PLC\n 09 October 2020\n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION.\n \n \n THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO CERTAINTY THAT ANY OFFER WILL BE MADE OR THE TERMS ON WHICH SUCH AN OFFER MIGHT BE MADE.\n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n \n \n \n Gfinity plc\n \n \n (\"Gfinity\" or the \"Group\")\n \n \n \n \n \n Review of Strategic Partnership Options\n \n \n &\n \n \n Launch of Formal Sales Process\n \n \n Gfinity plc (AIM: \n GFIN\n ), a world-leading esports solutions provider, is pleased to provide an update on its progress in the year ended 30 June 2020.\n \n \n The last 12 months has been one of considerable corporate and strategic development which has left the Group exceptionally well positioned as its partners and customers sought to recalibrate their offerings during the Covid-19 pandemic. The Group appointed a new senior leadership team which has sharpened the strategic focus in three areas where the Group has competitive strength and momentum: JV's and partnerships with an initial focus on virtual motorsports; expanding the Company's own community franchise; and building communities for others, utilising its proprietary tech platforms and world class production expertise. The emphasis has shifted to virtual online capabilities utilising the strength of its technology and e-sports know how rather than just the delivery of physical events. In conjunction with this, the Group has rapidly created an unrivalled esports community network. \n \n \n The implementation of this strategy was aided by a successful fundraising that left the Group, together with a comprehensive cost reduction programme and a disciplined approach to investment, on a firm financial footing. The Company is targeting profitability by the end of Q1 2021 calendar year. \n \n \n In that light, Gfinity believes that it is now well positioned to drive significant future revenue growth across its three core areas:\n \n \n Gfinity's...