Allied Esports Entertainment, Inc. Clarifies Certain Reported Information
September 14 2020 - 9:00AM
Business Wire
Allied Esports Entertainment, Inc. (NASDAQ: AESE) (the
“Company”), a global esports entertainment company, is providing
information to its investors to clarify certain information about
the Company, its finances and operations that was publicly
disseminated based on an interview on September 11, 2020 with the
Company’s CEO, Frank Ng. For the benefit of our investors, the
Company provides the following clarifications:
- As has previously been disclosed publicly, the Company is in
partnership with Simon Equity Development, LLC and its affiliates
(“Simon”) to develop esports venues in Simon-owned and operated
malls around the U.S. The Company continues to have regular
dialogue with Simon regarding the impact of the COVID-19 crisis and
the subsequent rollout of planned retail locations.
- Although the Company’s World Poker Tour (“WPT”) business has
partnered with DraftKings Inc. (“DraftKings”) in the past for
sponsorship opportunities, and the Company and DraftKings have
discussed potential business opportunities from time to time as the
Company does with many similarly situated potential business
partners, there is no current agreement in place between the
Company and DraftKings for future poker or esports
partnerships.
- The Company continues to assess potential financing
transactions with third parties, whether dilutive or not, to ensure
the Company has sufficient capital to operate its business and
increase shareholder value.
- The Company cannot speculate about why shareholders elect to
sell shares of the Company; however significant recent insider
sales, but not all sales, were “sell to cover” transactions to
satisfy the withholding taxes assessed against our insiders as a
result of the issuance of shares as bonuses in lieu of cash, and
the lapse of restrictions on their shares previously issued. All of
these share issuances have been previously disclosed to the public,
and the Company believes that all sales have been properly reported
by its insiders.
About Allied Esports Entertainment
Allied Esports Entertainment, Inc. (NASDAQ: AESE) is a global
esports entertainment venture dedicated to providing transformative
live experiences, multiplatform content and interactive services to
audiences worldwide through its strategic fusion of two powerful
entertainment brands: Allied Esports International, Inc. (Allied
Esports) and the World Poker Tour (WPT).
Allied Esports is an award-winning, innovative esports company
comprised of a global network of dedicated esports properties and
content production facilities. Its mission is to connect players,
streamers and fans around the world through integrated arenas,
including its flagship venue, HyperX Esports Arena Las Vegas, its
fleet of mobile esports trucks, the HyperX Esports Trucks, the
HyperX Esports Studio, and affiliate members of the Allied Esports
Property Network, which serve as both competition battlegrounds and
everyday content generation hubs.
World Poker Tour is the premier name in internationally
televised gaming and entertainment with brand presence in
land-based tournaments, television, online, and mobile. WPT ignited
the global poker boom in 2002 with the creation of its iconic
television show, now in its 18th season, based on a series of
high-stakes poker tournaments. ClubWPT.com is a unique online
membership platform that offers inside access to the WPT.
For more information about Allied Esports Entertainment, Inc.
and its subsidiaries, please visit AlliedEsportsEnt.com.
Forward Looking Statements
This press release includes “forward looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. When used in this
press release, the words “estimates,” “projected,” “expects,”
“anticipates,” “forecasts,” “plans,” “intends,” “believes,”
“seeks,” “may,” “will,” “should,” “future,” “propose” and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. These forward-looking statements are
not guarantees of future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
the control of the parties, that could cause actual results or
outcomes to differ materially from those discussed in the
forward-looking statements. Important factors, among others, that
may affect actual results or outcomes include: the ability to meet
Nasdaq’s continued listing standards; the Company’s ability to
execute on its business plan; the ability to retain key personnel;
potential litigation; the ongoing effects of the COVID-19 pandemic;
and general economic and market conditions, impacting demand for
the Company’s services. These and other risk factors are discussed
in Company reports filed with the Securities and Exchange
Commission. The Company does not undertake any 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200914005306/en/
Investor Contact: Lasse Glassen Addo Investor Relations
lglassen@addoir.com 424-238-6249
Media Contact: Brian Fisher Allied Esports Entertainment
brian@alliedesports.com
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