Business
Simplicity Esports Acquires the Assets of Its Franchisee Owned Gaming Center in Washington State and Agrees to a New Lease With Landlord
Simplicity Esports Acquires the Assets of Its Franchisee Owned Gaming Center in Washington State and Agrees to a New Lease With Landlord.
About this update from Simplicity Esports And Gaming Company
[{"type":"text","content":"\n Boca Raton, Florida, Sept. 30, 2020 (GLOBE NEWSWIRE) -- Simplicity Esports and Gaming Company (OTCQB:WINR) (“Simplicity Esports”) announced today it signed a definitive agreement with one of its former franchisees to acquire all of the assets of its esports gaming center including furniture, fixtures, equipment, inventory, and customer list. The franchisee owned gaming center in Kennewick, Washington was first opened under the PLAYlive Nation brand on November 1, 2015. The full consideration for the acquisition is 23,915 shares of restricted Simplicity Esports common stock. Roman Franklin, President of Simplicity Esports, commented, “We previously announced the signing of four non-binding letters of intent to acquire franchisee owned locations, and expect to continue executing our strategy of acquiring franchisee owned locations while simultaneously signing leases with significantly improved terms. Our renegotiated lease agreement with this landlord requires us to pay rent as a percentage of gross, sales along with a small fixed payment for taxes and maintenance.” “Our former franchisee at this location did a great job of engaging the Tri-Cities metro community of over 250,000 residence for nearly 5 years. The current staff will remain in their roles as we strive to grow Simplicity Esports’ customer base in the area.” Simplicity Esports’ acquisition of franchisee owned esports gaming centers allows Simplicity Esports to report the full revenues generated by the gaming centers on a conslidated basis. Previously, Simplicity Esports only reported the franchise royalty fee, calculated as 6% of gross sales, paid by franchisees. About Simplicity Esports and Gaming Company: Simplicity Esports and Gaming Company (WINR) is an established brand within the esports industry, competing and streaming in popular games across different genres, including Apex Legends®, PUBG Mobile®, Overwatch®, League of Legends®, and various EA Sports® titles. Simplicity Esports also organizes and hosts various online play from home tournaments in the U.S. and Brazil. Simplicity Esports also operates as a franchisor of Esports Gaming Centers that provide the public an opportunity to experience and enjoy gaming and esports in a social setting, regardless of skill or experience. Addi...