Enthusiast Gaming Holdings Inc. (NASDAQ:EGLX;
TSX:EGLX), (“Enthusiast Gaming” or the “Company”), an integrated
gaming entertainment company, today announced its director nominees
for election to its Board of Directors (the “Board”) at the
Company’s upcoming Annual General Meeting. Each nominee is
specifically selected to help facilitate the continued growth of
the Company and oversee the continued successful execution of its
business plan that is delivering significant results.
There are six incumbent director nominees and
three new director nominees. Incumbent director nominees include
John Albright, Michael Beckerman, Ben Colabrese, Alan Friedman,
Adrian Montgomery, and Richard Sherman. Having served as a director
of the Company for four years, Francesco Aquilini will not be
seeking re-election. Additionally, to fill the open director
positions and to further enhance the Board, the Company announces
the following new director nominees: Angela Ruggiero, Scott O’Neil,
and Seth Berger.
“Enthusiast Gaming is growing rapidly and has a
strong pipeline in place with a proven management team,
exceptionally positioned to make the Company a dominant force in
gaming and esports entertainment. We reported revenue of $47.2
million in Q1 2022, up 57% from Q1 2021, while gross profit grew
twice as fast as revenue to $13.5 million, and we are well
positioned to continue these trends,” said Adrian
Montgomery, CEO of Enthusiast Gaming. “To ensure
Enthusiast Gaming remains at the forefront of growth in our
industry, we have specifically selected individuals to serve on our
Board who will bring the knowledge, experience, and skill set
necessary to drive our strategy to grow higher yield and higher
margin revenue streams, while expanding our direct sales and
subscription growth.”
“I am thankful for my time on the Board and know
that the Company’s directors and management will continue to drive
growth,” said Francesco Aquilini. “Shareholders
should be excited for the future of Enthusiast Gaming – the right
team is in place to take the Company to the next level.”
Enthusiast Gaming’s exceptionally skilled
director nominees have a unique understanding of the business, the
industry, capital markets and public company leadership, and are
optimally equipped to oversee the strategic steps required to
continue the meaningful progress made to date.
WINNING TEAM TO CONTINUE TO DRIVE SUSTAINABLE
GROWTH
Angela Ruggiero: Former Olympian, Capital
Markets and Sports and Gaming Board Experience
- CEO and co-founder of Sports Innovation Lab, a
technology-powered market research firm empowering industry-leading
sports brands to identify the trends, products, and services that
will drive the future of sports
- Graduate of Harvard Business School, Harvard College, with a
master’s degree in Sports Management from the University of
Minnesota
- Capital market experience: Senior Management Associate with
Bridgewater Associates, the largest hedge fund in the world
- Keynote and motivational speaker who has spoken at over 200
schools, businesses, and organizations including the United
Nations, International Olympic Committee, KPMG, Nike, Coca-Cola,
Liberty Mutual, and Johnson & Johnson
- Former American ice hockey gold medalist and four-time
Olympian
- Member of the International Olympic Committee (IOC) from 2010
to 2018 and the Chairperson of the IOC Athletes' Commission
- Member of the Hockey Hall of Fame's Class of 2015
- Board experience: Score Media and
Gaming Inc.
Scott O’Neil: 20 Years of NBA, NHL, and NFL
Experience, Venture Capital, and Technology Board Experience
- Former CEO of Harris Blitzer Sports & Entertainment, owner
and operator of the Philadelphia 76ers, New Jersey Devils, esports
organization Dignitas, and venture capital fund Sixers Innovation
Lab
- Through its control over two Outplayed Inc. vendors, Harris
Blitzer Sports & Entertainment beneficially owns approximately
4.8 million shares, or approximately 3.2% of the issued and
outstanding shares of Enthusiast Gaming, which shares were acquired
in connection with Enthusiast Gaming’s acquisition of Outplayed
Inc.
- Through his interest in one such Outplayed Inc. vendor, Scott
O’Neil has indirect, beneficial interest in approximately 0.3
million shares, or approximately 0.2% of the issued and outstanding
shares of Enthusiast Gaming
- Graduate of Villanova University and Harvard Business
School
- Board experience: Outplayed Inc., owner of U.GG (acquired by
Enthusiast Gaming) and Zoomi.ai; board advisor for Myota
Seth Berger: Gaming and Sports Industry Leader,
Innovation and Venture Capital Experience, Key Vendor and Former
Significant Shareholder of Outplayed Inc.
- Managing Director of Sixers Innovation Lab, an early-stage
incubation and venture capital fund that invests in early-stage
companies in esports & gaming, sports, consumer packaged goods,
and media & entertainment, and the birthplace of Outplayed
Inc., owner of U.GG (acquired by Enthusiast Gaming)
- Seth Berger directly holds approximately 1.8 million shares and
beneficially owns an additional approximately 0.8 million shares,
or approximately 1.7% of the issued and outstanding shares of
Enthusiast Gaming in the aggregate
- Founder and CEO of AND 1, a basketball sneaker, apparel and
entertainment company
- Former CEO of HoopsTV.com, Lightning Poker and mobile gaming
company GravyTrain
- MBA from the Wharton School and graduate from University of
Pennsylvania
- Board experience: Outplayed Inc., owner of U.GG (acquired by
Enthusiast Gaming)
With a refreshed and industry leading Board, Enthusiast Gaming
is well positioned to continue delivering results and create
meaningful shareholder value.
Advisors
Norton Rose Fulbright Canada LLP is acting as
legal counsel to the Company. Canaccord Genuity Corp. is acting as
exclusive financial advisor to the Company. Kingsdale Advisors is
acting as strategic shareholder advisor and strategic
communications advisor to the Company.
About Enthusiast Gaming
Enthusiast Gaming is an integrated gaming
entertainment company, building the largest media and content
platform for video game and esports fans to connect and engage
worldwide. Combining the elements of its four core pillars:
Communities, Content, Creators, and Experiences, Enthusiast Gaming
provides a unique opportunity and integrated approach to reach and
connect with its coveted GenZ and Millennial audience. Through its
proprietary mix of digital media and entertainment assets,
Enthusiast Gaming has built a vast network of like-minded
communities to deliver the ultimate fan experience.
Contacts
Enthusiast Gaming Investor Relations:Eric Bernofsky, Chief
Corporate Officerinvestor@enthusiastgaming.com
Media Relations:Derek Holota, Provident
Communicationsderek@providentcomms.com343-422-5606
Forward Looking Information
Neither the TSX Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Exchange) accepts responsibility for the adequacy or accuracy
of this release.
This news release contains certain statements
that may constitute forward-looking information under applicable
securities laws. All statements, other than those of historical
fact, which address activities, events, outcomes, results,
developments, performance or achievements that Enthusiast Gaming
anticipates or expects may or will occur in the future (in whole or
in part) should be considered forward-looking information. Often,
but not always, forward-looking information can be identified by
the use of words such as “plans”, “expects”, “is expected”,
“budget”, “scheduled”, “estimates”, “forecasts”, “intends”,
“anticipates”, or “believes” or variations (including negative
variations) of such words and phrases, or statements formed in the
future tense or indicating that certain actions, events or results
“may”, “could”, “would”, “might” or “will” (or other variations of
the forgoing) be taken, occur, be achieved, or come to pass.
Forward-looking statements in this news release include, but are
not limited to, statements regarding: expectations regarding the
future growth of the Company and execution of its business plan;
and, the ability of the Company’s nominees to impact future
development and growth prospects.
Forward-looking statements are based on
assumptions, including expectations and assumptions concerning:
interest and foreign exchange rates; capital efficiencies, cost
saving and synergies; growth and growth rates; the success in the
esports and media industry; the success of the Company’s nominees
as directors and the positive impact they will have on the
Company’s growth and the Company’s growth plan. While Enthusiast
Gaming considers these assumptions to be reasonable, based on
information currently available, they may prove to be incorrect.
Readers are cautioned not to place undue reliance on
forward-looking statements. In addition, forward-looking statements
necessarily involve known and unknown risks, including, without
limitation, risks associated with general economic conditions;
adverse industry events; and future legislative, tax and regulatory
developments. Readers are cautioned that the foregoing list is not
exhaustive. For more information on the risk, uncertainties and
assumptions that could cause anticipated opportunities and actual
results to differ materially, please refer to the public filings of
Enthusiast Gaming which are available on SEDAR at www.sedar.com.
Readers are further cautioned not to place undue reliance on
forward-looking statements as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement and reflect our
expectations as of the date hereof, and thus are subject to change
thereafter. Enthusiast Gaming 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 applicable law.
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