Allied Esports Entertainment Board of Directors Appoints Yinghua Chen Chief Executive Officer
September 08 2022 - 4:05PM
Business Wire
Allied Esports Entertainment, Inc. (NASDAQ: AESE) (the
“Company”), a global esports entertainment company, today announced
that the Company’s Board of Directors (the “Board”) has appointed
Yinghua Chen as Chief Executive Officer. Ms. Chen had previously
served as the Company’s President, Chief Investment Officer and
Board Secretary. Given Ms. Chen’s additional responsibilities, Ms.
Chen will no longer serve the Company as Chief Investment Officer
or Board Secretary, and will continue to serve as President. She
has served as a director of the Company since 2020.
Ms. Chen assumes the position of Chief Executive Officer from
Lyle Berman, who has served as Co-Chairman of the Board and Interim
Chief Executive Officer since February 2022. Mr. Berman retains his
position as Co-Chairman of the Board, and has been appointed as
Vice President, Mergers & Acquisition, where he will be more
focused on the Company’s M&A activities. Mr. Berman has served
as a director of the Company since May 2017.
Commenting on today’s announcement, Mr. Berman said, “I am
pleased to pass the torch to Yinghua. As Interim CEO and as Company
director, I have had the opportunity to work closely with her and I
believe she is the ideal person to lead Allied Esports
Entertainment’s executive operations as we move forward.”
Mr. Berman continued, “In addition, we remain focused on
investing the substantial cash on our balance sheet to acquire or
merge with an existing business. Looking ahead, the Board has asked
me to focus my activities on sourcing and executing a transaction
that drives the most possible value for AESE stockholders. We
continue to explore a number of potential acquisition
opportunities; however, given the current macroeconomic conditions,
we are evaluating these opportunities very carefully and
cautiously.”
Ms. Chen commented, “I am honored to serve as Allied Esports
Entertainment’s Chief Executive Officer and I am grateful to the
Board for this opportunity. Along with our very capable team, I
look forward to helping guide our future success and maximize
stockholder value.”
As previously announced, the Company has engaged The Benchmark
Company, LLC to serve as its exclusive financial advisor in
connection with a potential business combination transaction. The
Company has reviewed a number of potential target investment
opportunities over the past several months, and due diligence, as
well as the continued sourcing of other opportunities, remains
ongoing. The Company also remains in the process of exploring
strategic options for the Esports business. AESE intends to provide
further updates in due course when appropriate.
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. For more information, visit
alliedesports.gg.
Forward-Looking Statements
This communication contains certain forward-looking statements
under federal securities laws. Forward-looking statements may
include our statements regarding our goals, beliefs, strategies,
objectives, plans, including product and service developments,
future financial conditions, results or projections or current
expectations. In some cases, you can identify forward-looking
statements by terminology such as “may,” “will,” “should,”
“expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,”
“potential,” “intend” or “continue,” the negative of such terms, or
other comparable terminology. These statements are subject to known
and unknown risks, uncertainties, assumptions and other factors
that may cause actual results to be materially different from those
contemplated by the 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 our control, that could cause
actual results or outcomes to differ materially from those
discussed in these forward-looking statements. Important factors,
among others, that may affect actual results or outcomes include:
the ability to meet Nasdaq’s continued listing standards; our
ability to execute on our business plan; the ability to retain key
personnel; potential litigation; general economic and market
conditions impacting demand for our services; a change in our plans
to enter into one or more future acquisition or strategic
transactions using the net proceeds from the sale of our World
Poker Tour business in 2021; and our ability to, or a decision not
to pursue, strategic options for the esports business. You should
consider the areas of risk described in connection with any
forward-looking statements that may be made herein. The business
and operations of AESE are subject to substantial risks, which
increase the uncertainty inherent in the forward-looking statements
contained in this communication. Except as required by law, we
undertake no obligation to release publicly the result of any
revision to these forward-looking statements that may be made to
reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events. Further information on
potential factors that could affect our business and results is
described under “Item 1A. Risk Factors” in our Annual Report on
Form 10-K for the year ended December 31, 2021, as filed with the
SEC on May 26, 2022, as well as subsequent reports we file with the
SEC. Readers are also urged to carefully review and consider the
various disclosures we made in such Annual Report on Form 10-K and
in subsequent reports with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20220908005951/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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