UMG Enters into an Agreement to Acquire Victor's Gold LAN and Casino esports Platform Provider
Calgary, Alberta--(Newsfile Corp. - August 27, 2019) - UMG Media Ltd. (TSXV: ESPT) ("UMG" or the "Corporation") is pleased to announce that it has entered into an agreement to acquire Victor's Gold. Victor's Gold is a game mode development company, which provides operators with a platform to run unique events in managed esports titles.
Victor's Gold provides P2P tournaments and game modes to monetize in-game events that can occur on a consistent basis. Victor's Gold introduced a distinct game mode, 'Mercs' for Counter-Strike which is compatible with most popular shooter games that allows for every in-game engagement to be a point of cash contest. Victor's Gold's established base in CS:GO, League of Legends, DOTA2 and PUBG, expands UMG's influence in the online competitive gaming world and opens new doors for future sponsorship and broadcast activations. Victor's Gold has operated its Merc Tournament Series at numerous LAN centers in the US and has plans to expand into the casino setting as well as additional LAN centers.
UMG CEO, Dave Antony, had this to say about the acquisition: "The introduction of Victor's Gold to UMG will allow for many exciting new opportunities for our brand. We're ecstatic to be able to expand our reach into CS:GO, League of Legends and more with Victor's Gold and have plans to integrate it into UMG's platform."
Victor's Gold CEO, Ben Abramowitz, commented: "Victor's Gold is really excited at the prospect of taking our original game content to the next level. An acquisition by UMG would provide Victor's Gold with a massive boost to capabilities and access to media distribution channels vital to exponential growth."
In consideration for the acquisition of Victors Gold (the "Transaction"), UMG will issue 1,000,000 Common Shares at a price of $0.30 per share. The Transaction is subject to due diligence and regulatory approval, including the acceptance of the TSX Venture Exchange. The Transaction is an arm's length transaction.
Closing is expected in the next 30 days.
As well, UMG is pleased to announce that it has retained the services of Independent Trading Group ("ITG") to conduct market making services. ITG will trade shares of UMG on the TSX Venture Exchange ("Exchange") with the objective of maintaining a reasonable market and improving the liquidity and stability of UMG common shares in compliance with the policies and guidelines of the Exchange. Under the terms of UMG's agreement with ITG, ITG will receive $5,000 per month for their services. The agreement will continue in effect on a month to month basis and will automatically renew for subsequent monthly terms unless terminated by either party. There are no performance factors contained in the agreement between ITG and UMG and ITG will not receive any shares or options from UMG as compensation for their services. The arrangement with ITG is subject to Exchange acceptance.
For more information about UMG visit www.umggaming.com or contact:
Chief Executive Officer
UMG Media Ltd. ("UMG") is a premier esports company in North America, offering live gaming entertainment events and online play. UMG provides online and live tournaments as well as the creation and distribution of original esports content.
For more information about UMG visit www.umggaming.com.
About Victors Gold
Victor's Gold LLC, is a managed games and tournament services company, providing partners a platform to run safe, fair and legal esports events online and in-person for points and money.
For more information about Victor's Gold visit https://victorsgold.com/
Chief Executive Officer
Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"), including details about the Corporation's future operations and events. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Corporation's control, including the impact of general economic conditions, industry conditions, currency fluctuations, operational risks, competition from other industry participants and stock market volatility. Although the Corporation believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our public disclosure documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Corporation does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
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