Business
Motorsport Games Announces Expansion Into Karting
Motorsport Games signs binding term sheet with KartKraft to add leading karting simulator IP, assets and key development talent to diversify gaming portfolio;
About this update from Motorsport Games Inc.
[{"type":"text","content":"Motorsport Games signs binding term sheet with KartKraft to add leading karting simulator IP, assets and key development talent to diversify gaming portfolio; Announces anticipated launch of Motorsport Games Australia studio\nMIAMI, Feb. 19, 2021 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games”), a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, today announced that the company has entered into a binding term sheet to acquire the assets and the business of KartKraft, the highly acclaimed PC kart racing simulator, from developer Black Delta. Under the terms of the binding term sheet, Motorsport Games expects to take ownership of the KartKraft IP as well as all the game assets and code. Additionally, key members of the original development team, including Founder Zach Griffin, are expected to join Motorsport Games to form a new studio called Motorsport Games Australia, under which development of KartKraft will continue. “This upcoming acquisition further demonstrates Motorsport Games’ commitment to the racing game genre and our belief in the future of virtual racing. We are delighted to have the opportunity to add KartKraft and form a new development team within the Motorsport Games family. The level of simulation that the team has created is highly impressive and the best recreation of karting available on the market today. We believe that, by adding our expertise to KartKraft, we will bring the game to the next level, amplifying its success as we help steer the product to full release,” said Stephen Hood, President of Motorsport Games. “Additionally, the new Motorsport Games Australia team will bring additional knowledge and expertise to Motorsport Games, specifically in Epic Games’ trademark game Unreal Engine, as well as vehicle physics and driving simulation. They will play an integral role in the development of our future products and we’re incredibly excited about their future contribution to our talented team.” The planned acquisition of KartKraft is the latest in a line of exciting announcements from Motorsport Games. KartKraft will further expand Motorsport Games’ product portfolio, content development, digital product sales capabilities, and provide an opportunity to expand the company’s esports ecosystem. In a...