Business
Simplicity Esports and Gaming Company Signs Non-binding Letters of Intent to Acquire Five Additional Esports Gaming Centers in All Stock Deals
Simplicity Esports and Gaming Company Signs Non-binding Letters of Intent to Acquire Five Additional Esports Gaming Centers in All Stock Deals.
About this update from Simplicity Esports And Gaming Company
[{"type":"text","content":"\n Boca Raton, Florida, Oct. 07, 2020 (GLOBE NEWSWIRE) -- Simplicity Esports and Gaming Company (OTCQB:WINR) (“Simplicity Esports”), announced today that it has signed non-binding letters of intent (“LOIs”) to acquire five franchisee owned esports gaming centers. These gaming centers, combined with other acquisition targets previously announced, generated over $2,000,000 in combined revenues in 2019. The closings of the acquisitions are expected to occur by October 30, 2020, and are subject to standard due diligence, execution of definitive agreements, and completion of leases with improved terms with the respective landlords. Roman Franklin, President of Simplicity Esports, stated, “I am thrilled to continue growing our corporate owned gaming center footprint and increasing our expected revenues through the acquisition of additional franchisee owned locations. We value all of our franchisee and landlord relationships. The fact that franchisees are receiving restricted shares of stock as payment for the acquisitions, and landlords are agreeing to percentage rent leases is a testament to their confidence in our business model and the future for Simplicity Esports. These transactions, if closed, would allow Simplicity Esports to report the full revenues generated by these gaming centers on a consolidated basis.” The new LOIs come on the heels of the announcement that Simplicity Esports has applied to uplist its common stock and warrants for trading on the NASDAQ Capital Market, and the award of a League of Legends franchise by Riot Games last week. There is no assurance that our listing application will be approved by the NASDAQ Capital Market. 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 an owner and franchisor of the largest footprint of Esports Gaming Centers in North America, that provide the public an opportunity to experience and enjoy gaming and esports i...