Tova Venture's Target Company Enthusiast Gaming Acquires The Escapist
Toronto, Ontario--(Newsfile Corp. - July 31, 2018) - Tova Ventures II Inc. (TSXV: TOV.P) ("Tova" or the "Company") and Enthusiast Gaming Media Inc., a wholly-owned subsidiary of Enthusiast Gaming Inc. ("Enthusiast Gaming") are pleased to announce the acquisition of the Escapist Magazine ("Escapist"). Founded in 2005, Escapist is a leading online magazine focused on in-depth coverage of the video game industry in addition to movies, comics, TV, and more. Averaging over 6 million monthly visits since 2008,1 the acquisition significantly grows Enthusiast Gaming's network and follows the successful acquisition of Destructoid.com in 2017, enhancing the Enthusiast Gaming's growth strategy as the fastest growing community of online gamers.
One of Escapist's cornerstone's is its YouTube channel, host of the popular video game review series, Zero Punctuation, starring Ben "Yahtzee" Croshaw and a social media following of close to 2 million users.
The acquisition also adds to the website monetization potential that powers Enthusiast Gaming's platforms and partners. Currently, Enthusiast Gaming is generating over one billion ad requests per week though Enthusiast Gaming Media and affiliated partners.
"The acquisition of the Escapist is instrumental as we continue to grow our network of gamers. The Escapist represents long form and intellectual content generation and will be another flagship platform in our network," commented, Menashe Kestenbaum, Founder & CEO of Enthusiast Gaming. "We continue to pursue constructive conversations with potential acquisitions, which will enable us to execute on our growth strategy."
Tova was incorporated in 2017 under the name Tova Ventures II Inc. pursuant to the laws of Ontario. Tova is a capital pool company pursuant to the policies of the Exchange and its principal business has been to identify and evaluate businesses and assets with a view to completing a Qualifying Transaction.
About Enthusiast Gaming
Enthusiast was incorporated in 2014 under the laws of the Province of Ontario. Enthusiast owns and operates an online network of websites devoted to video gaming and Canada's largest video-gaming expo. Between its online digital media properties, its network of partner websites, and video-gaming gaming expo, Enthusiast engages millions of video gaming enthusiasts worldwide. Enthusiast also owns and operates Canada's largest gaming expo, Enthusiast Gaming Live Expo (EGLX), which recently hosted over 20,000 gamers in Toronto in March 2018. For more information, visit www.enthusiastgaming.com.
About Escapist Magazine
The Escapist is an internet media publication focused on video games and entertainment. Anchored by the weekly The Escapist Magazine publication, the site's offerings are rounded out by a host of thoughtful editorial content contributed by some of the most notable writers and thinkers in interactive entertainment, engaging social media elements such as the annual game developer showdown "March Mayhem". The site features timely and relevant news and reviews, a vibrant and dedicated community, and a variety of innovative webTV video series including the critically-acclaimed Zero Punctuation.
For more information please contact:
Chief Executive Officer
Tova Ventures II Inc.
Chief Financial Officer
Enthusiast Gaming Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the Exchange) has in any way passed upon the merits of the transaction and associated transactions and neither of the foregoing entities has in any way approved or disapproved the contents of this press release.
Forward-Looking Information Advisory
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed transaction; and the business and operations of Enthusiast or Tova. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the 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: general business, economic, competitive, political and social uncertainties; and delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to 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 forward-looking statements. Tova disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Tova's views regarding possible events, conditions or financial performance may change. However, Tova does not intend to update the forward-looking information in this press release, except as required by applicable securities legislation.
1 According to Google Analytics