Business
CORRECTION - One Horizon Group Announces Expansion into Billion Dollar Esports Market with Planned Acquisition of Midnight Gaming; Announces Name Change to Touchpoint Group Reflecting Expanded Focus on Digital Marketing
CORRECTION - One Horizon Group Announces Expansion into Billion Dollar Esports Market with Planned Acquisition of Midnight Gaming; Announces Name Change to Touchpoint Group Reflecting Expanded Focus on Digital Marketing.
About this update from Touchpoint Group Holdings, Inc.
[{"type":"text","content":"\n MIAMI, Sept. 26, 2019 (GLOBE NEWSWIRE) -- One Horizon Group, Inc. (OTCQB: OHGID) (Company or One Horizon) announced today that it has signed a binding agreement to acquire Midnight Gaming, a premier brand in the Esports entertainment space, subject to closing conditions. The Company also announced a name change to Touchpoint Group Holdings, Inc., effective immediately, which reflects the Company’s expanded focus within digital marketing and entertainment. Effective immediately, the Company also executed a 1-for-25 reverse stock split of its common stock, as previously approved by shareholders. Any fractional shares of common stock were rounded up to the next full share. As a result of the reverse stock split, the Company will trade under the symbol OHGID for the next 20 days. The \"D\" will be removed in 20 business days, and the symbol will then change to TGHI. As a leader in the Esports market, Midnight Gaming hosts local Esports tournaments across the US, and is constructing a state of the art Esports venue.  The Company has also developed a proprietary mobile application for use by Pro Gamers, streamers, content creators, and social media professionals. Mark White, Chief Executive Officer of Touchpoint, stated, “We believe that the Company’s name change more closely aligns with our strategic plan of becoming a leading media and digital technology holding company. Over the past 12 months we have expanded our business operations by acquiring digital media assets, which were synergistic and accretive additions. We are pleased to follow these transactions with the acquisition of Midnight Gaming, a premier Esports brand, which further enhances our offering.”   “This acquisition represents our first foray into the Esports market, which aligns perfectly with our overall strategy. According to the Newzoo 2019 Global Esports Market Report, the Esports market is projected to reach $1.1 billion in 2019 and $1.8 billion by 2022.  Overall, we see this rapidly emerging market as a massive growth opportunity.” “Besides having a very strong social media  footprint, Midnight Gaming is constructing a state of the art Esports venue in Chicago. This multi-purpose events space will be used for hosting Esports tournaments, production studios, live stream facilities, team training fa...