VANCOUVER, BC, Dec. 16, 2021 /CNW/ - TGS Esports Inc.
("TGS" or the "Company") (TSXV: TGS) (OTCQB:
TGSEF) (FRA: 5RH) wishes to announce, further to its news
release dated November 4, 2021, that
the Company has filed its annual financial statements for the year
ended June 30, 2021 and the related
management discussion and analysis and certifications
(collectively, the "Annual Filings"). The Company has
commenced the process for revocation of the cease trade order (the
"CTO") issued by the British Columbia Securities Commission for the
Company's failure to file the Annual Filings by the October 28, 2021 filing deadline. The revocation
of the CTO is expected to occur shortly, at which time TGS' common
shares shall resume trading on the TSX Venture Exchange.
The Company is also working on preparing its interim financial
statements, management discussion and analysis and related
certifications for the three month period ended September 30, 2021 (the "Interim Filings").
"From the day we went public we had an aggressive corporate
growth strategy, mostly focused on acquisitions and investments.
The goal was to build a unique esports offering that would drive
significant revenue. We have succeeded in our strategy which has
ultimately led to larger partnerships and increased revenue in the
current fiscal year." said Spiro
Khouri, CEO of TGS Esports Inc. "Unfortunately due to the
aggressiveness of our strategy it made the audit process much more
complex and detailed than in previous years causing the delay. We
are excited to have the audit complete and to get back to focusing
on driving revenue."
The acquisitions and investments have provided tremendous
success thus far and TGS is pleased to share some highlights of
each company:
- Pepper Esports launched the initial alpha release of its gaming
platform in September and is hosting tournaments regularly. The
user base has grown to 3000+ users
- Even Matchup Gaming announced Let's Make Big Moves, taking
place in New York in January,
which sold out in a matter of days and will have 900+ players in
attendance
- Even Matchup Gaming also relaunched its in person events,
Revenge of the 6ix and Weekly Wave, in Toronto
- Volcanic launched the Collegiate Champions Series, a six month
series of events and workshops open to any post-secondary student
in Canada. So far the series has
interacted with 400+ students and 25+ schools
- Mountain Side Games ("MSG") is hosting in person events focused
on gaming as well as health and wellness initiatives in and around
Vancouver. MSG has interacted with
1500+ participants through these events
TGS is able to reach thousands of gamers through events,
tournaments, and broadcasts. This broad offering is already being
recognized by major brands through partnerships with TGS. To
support the ongoing demand TGS is scaling up its Sales &
Marketing teams including hiring two senior roles currently open
for application.
TGS also announces that Ravinder
Mlait has resigned from the Board. The Company would like to
thank Mr. Mlait for his service and dedication to the Company and
its shareholders. We wish Mr. Mlait all the best in his future
endeavors.
About TGS Esports Inc.
TGS partners with Fortune 500 brands, schools, and tournament
organizers to build out their esports community via tournaments,
broadcast production, and events. TGS has commercialized an esports
solution that allows brands and gamers to interact on its end to
end platform. The combination of TGS esports event expertise and
next generation software creates an unparalleled esports experience
that allows sponsors and brands to reach their desired gaming
demographic.
On behalf of the Board of Directors
Spiro Khouri, CEO
TGS Esports Inc.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking
statements, which reflect the expectations of management regarding
the Company. Forward-looking statements consist of statements that
are not purely historical, including any statements regarding
beliefs, plans, expectations or intentions regarding the future,
including without limitation statements regarding the business
plans of the Company, the revocation of the CTO, filing of the
Interim Filings and the timing thereof. Such statements are subject
to risks and uncertainties that may cause actual results,
performance or developments to differ materially from those
contained in the statements, including risks related to factors
beyond the control of the Company. The risks include the following:
the risks that the CTO may not revoked, or may take longer than
expected to be revoked; the risk that the Interim Filings may not
be filed by the requisite filing deadline; the unknown magnitude
and duration of the effects of the COVID-19 pandemic on the Company
and other risks that are customary to transactions of this nature.
No assurance can be given that any of the events anticipated by the
forward-looking statements will occur or, if they do occur, what
benefits the Company will obtain from them.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE TGS Esports Inc