TORONTO, IN / ACCESS CABLE / July 14, 2022 / GameSquare Esports Inc. (CSE:GSQ)(OTCQB:GMSQF)(FRA:29Q1) (“gamesquare“, or the “Company“), announced today that Justin Kenna, CEO of GameSquare, purchased 405,000 shares of GameSquare common stock on the open market between June 1 and June 29 at an average price of $0.10. Full details are available at SEDI.ca. Management purchases reflect confidence in GameSquare’s intrinsic value Values, short- and long-term growth prospects, and the excellent work being done by the people who work within the Company at Code Red, Complexity Gaming, Cut+Sew, GCN, Fourth Frame Studios. The company recently announced financial results for the first quarter of 2022, including revenue of US$5.0 million and gross margin of 32.6%. GameSquare also increased its 2022 revenue guidance range to US$23.5 to US$25.0 million from its previous guidance of US$21.5 million. As further evidence of continued progress and organic growth, on June 26, 2022, the Company announced the signing of a major contract with a new client expected to contribute more than US$2.5 million of revenue in the third and fourth quarters. quarter of 2022.
“We are seeing tremendous opportunities within esports, gaming, sports and entertainment as brands look to reach gaming and esports fans, resulting in increased sales activity across gaming companies. GameSquare Media and Esports,” said Justin Kenna. “Activity within the esports and gaming market remains high and we are successfully converting our growing pipeline of projects into recognizable revenue. Our portfolio of companies shows leadership within esports, and we are making great progress as we execute on our growth strategy with an eye to profitability.”
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Operational Highlights
The Company has continued to make significant progress throughout 2022. Integrating, optimizing and accelerating revenue growth with a focus on profitability is happening across all of our businesses as we invest in organic growth. The following is a sample of recent announcements, with all press releases available at investors.gamesquare.com and on SEDAR.com;
Announced that GCN, Gamesquare’s full-service media and marketing agency serving the sports and esports industry, has been awarded a major contract from a new client. The contract is expected to contribute more than 10% of the Company’s 2022 revenue guidance upper range of $23.5 to $25.0 million; Obtained a US$5.0 million line of credit financed by its main shareholders, Goff Capital and Jones Family, the owners of the Dallas Cowboys; TimTheTatman’s Tailgate, a two day game and music festival, announced musical performances that will be led by country music star Kane Brown; partnered with YouTube Gaming to expand content and community activations at TimTheTatman’s Tailgate;Complexity Stars hosted a Call of Duty: Warzone tournament live from HyperX Esports Arena in Las Vegas featuring TimTheTatman, DJ Duo, Lost Kings and talent from Complexity at UFC International Fight Week; GameSquare along with NFL superstar Leonard Fournette, a member of the founding team of Complexity Stars, presented at the Collision Technology Conference; Company directors were re-elected, including Travis Goff, Tom Walker, Justin Kenna, Paul LeBreux, Craig Armitage and Kevin Wright at their special annual meeting of shareholders; and Shareholders have approved, at the Company’s discretion, a 4-to-1 stock consolidation. The Company will provide a further update when and if the Company determines to proceed with the stock consolidation.
About GameSquare Esports Inc.
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GameSquare Esports Inc. is an international esports and gaming company headquartered in Toronto, Canada. The Company is seeking to acquire additional assets and entities serving the gaming and esports markets and, more broadly, sports and entertainment. GameSquare owns a portfolio of companies including Code Red Esports Ltd., an esports talent agency serving the United Kingdom, GCN, a digital media company targeting the gaming and esports audience based in Los Angeles, USA, NextGen Tech, LLC (dba as Complexity Gaming), a leading esports organization operating in the United States, and Swingman LLC (dba Cut+Sew and Zoned), a gaming marketing agency and lifestyle based in Los Angeles, USA.
Investor Relations
For more information, contact GameSquare Esports Inc. Investor Relations:
Kevin Wright, Chairman and President
Phone: (647) 459-0423
Email: [email protected]
forward-looking information
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements“) within the meaning of applicable Canadian securities legislation. All statements, except statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as of the date of this press release. Any statement that involves discussions regarding predictions, expectations, beliefs, plans, projections, goals, assumptions, future events, or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “expected ” , “anticipates” or “does not anticipate”, “plans”, “budgets”, “schedule”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions , events or results “may” or “could”, “should”, “could” or “will” occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this press release, forward-looking statements relate to, among other things: the Company’s future performance; continued growth and profitability; and the Company’s ability to execute its business plan. These forward-looking statements are provided only to provide information currently available to us and are not intended to serve as, and should not be relied upon by any investor as, a guarantee, assurance, or definitive statement of fact or probability. Forward-looking statements are necessarily based on a number of estimates and assumptions including, but not limited to: that the Company will be able to grow its business and can execute its business plan, that the Company will be able to successfully complete and integrate acquisitions, the Company being able to recognize and capitalize on opportunities and continue to attract qualified personnel to support its development requirements. These assumptions, while believed to be reasonable, are subject to known and unknown risks, uncertainties and other factors that may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the Company’s ability to achieve its objectives, the Company’s successful execution of the growth strategy, the Company’s ability to obtain future financing or complete offerings on acceptable terms, the lack of leverage of the Company’s portfolio in entertainment and media platforms, reliance on key Company personnel, and general business, economic, competitive, political and social uncertainties, including the impact of the COVID-19 pandemic and its variants. These risk factors are not intended to represent a complete list of factors that could affect the Company that are discussed in the Company’s most recent MD&A. There can be no guarantee that forward-looking statements will be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. GameSquare undertakes no obligation to update any forward-looking statements of beliefs, opinions, projections or other factors, should they change, except as required by law.
In addition, earnings estimates may be considered “forward-looking financial information” or “financial perspectives” (collectively, “FOFI”) within the meaning of applicable securities legislation. The FOFI has been prepared by the Company’s management to provide an overview of the Company’s activities and has been approved as of the date of this press release. The Company believes that the prospective financial information has been prepared on a reasonable basis, reflecting management’s best estimates and judgments, and represents, to the best of management’s knowledge and opinion, the Company’s course of action. The reader is cautioned that this information may not be appropriate for any other purpose and you should not place undue reliance on such financial information and forward-looking financial outlook. FOFI, like forward-looking statements in general, are based on, among other things, assumptions and are subject to the risks set forth above. The Company’s actual financial position and results of operations may differ materially from management’s current expectations and, as a result, the Company’s earnings may differ materially from the earnings provided in this news release. Except as required by law, GameSquare undertakes no obligation to update any forward-looking statements of beliefs, opinions, projections or other factors, should they change, except as required by law.
Neither the Canadian Stock Exchange (“CSE“) nor its Market Regulator (as such term is defined in the CSE’s policies) accepts responsibility for the adequacy or accuracy of this release.
FONT: GameSquare Esports Inc.
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https://www.accesswire.com/708511/GameSquare-Esports-Provides-Business-Update-and-Announces-Additional-Purchases-of-Shares-by-Management