Business
OverActive Media Provides Further Details on the Proposed Transactions to Acquire KOI and Movistar Riders
OverActive Media Provides Further Details on the Proposed Transactions to Acquire KOI and Movista...
About this update from Overactive Media Corp
[{"type":"text","content":"\n \n \n \n OverActive Media Provides Further Details on the Proposed Transactions to Acquire KOI and Movistar Riders\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Jan. 8, 2024\n \n \n /CNW/ - OverActive Media Corp. (TSXV: OAM) (\"\n \n OverActive\n \n \" or the \"\n \n Company\n \n \") is issuing this press release at the request of the TSX Venture Exchange to provide additional details with respect to the Acquisitions.\n \n \n On\n \n January 4, 2024\n \n OverActive announced that it had entered into a non-binding letter of intent on that day (the \"\n \n LOI\n \n \")  with Goatch Global, S.L. (operating as \"\n \n KOI\n \n \") and Team Randomk Esports S.L., (operating as \"\n \n Movistar Riders\n \n \") setting out the terms of the Company's proposed acquisition of (i) certain assets used in connection with KOI's esports operations from KOI (the \"\n \n KOI Assets Acquisition\n \n \") and (ii) all of the issued and outstanding shares of Movistar Riders (the \"\n \n Movistar Riders Shares Acquisition\n \n \", and collectively with the KOI Assets Acquisition, the \"\n \n Acquisitions\n \n \"). The LOI sets out the terms upon which OverActive, Goatch and Movistar Riders have agreed to proceed with the Acquisitions. The Acquisitions remain subject to OverActive board approval and the execution of the definitive agreements.\n \n \n \n Certain Historical Financial Information\n \n \n \n As indicated in the Company's\n \n January 4, 2024\n \n press release, the Company expects the Acquisitions to be accretive to adjusted EBITDA and add\n \n $10\n \n to\n \n $12 million\n \n in revenues in 2024. For the year ended\n \n December 31, 2022\n \n per their audited financial results, Movistar Riders generated operating income of\n \n CAD$237,641.28\n \n , with revenues of\n \n CAD$8,127,521.64\n \n and expenses of\n \n CAD$7,889,880.36\n \n , in each case based on the 2022 annual exchange rate for the Canadian Dollar to European Euro of 1.37. As of\n \n December 31, 2022\n \n per their audited financia...