Good
Gaming, Inc. Restructures Debt into Equity, Eliminating Outstanding
Debt and Potential Derivative Liability Losses
ViaOne
Services Board of Directors Approve Debt Conversion And Take A
Larger Equity Stake In Good Gaming Inc.
Kennett Square, PA --
December 16, 2021 -- InvestorsHub NewsWire -- Good Gaming,
Inc. (OTCQB:
GMER) (the "Company") is pleased to announce the
restructuring of all current debt held by its parent company ViaOne
Services, into equity in the form of preferred shares of Good
Gaming Inc.
Good Gaming Inc.'s Board
of Directors voted to significantly reduce most of the Company's
current and outstanding debt held by ViaOne Services by converting
$2,682,337 worth of debt into convertible preferred shares. By
converting its debt into preferred shares, the Company will
eliminate any immediate dilution to the float and outstanding
shares. In addition to removing most debt off its balance sheet,
while also satisfying the outstanding convertible notes held by
ViaOne Services, the Company expects over $16,508,750 of derivative
liabilities, which were shown as a loss on its financial statements
as of the end of the third quarter, to be removed off its balance
sheet in the fourth quarter of 2021, or as soon as applicable.
Combined with the recently closed PIPE (Private Investment in
Public Entity) transaction, this strategic move by the Company will
give it a much more robust and healthier balance sheet going into
2022.
"With the mainnet launch
of our first-to-market NFT game MicroBuddies™ this Friday, ViaOne
Services felt this was the perfect time to show GMER shareholders
their commitment to the future of Good Gaming Inc. by increasing
their equity position in the Company," stated David B. Dorwart,
Good Gaming Inc. CEO. "While we recently completed a $3.1 million
private placement and could have easily negotiated terms that would
have allowed us the ability to use those proceeds to pay back debt,
we collectively decided on a prudent and more strategic approach
with ViaOne Services taking a larger long-term equity position in
the Company. We believe these actions demonstrate their belief and
commitment in Good Gaming Inc. going into 2022 and
beyond."
About
MicroBuddies™
Good Gaming, Inc. is in
the final stages of preparation for the mainnet launch of its
first-to-market collectible NFT game, MicroBuddies™, where players
will be able to collect lovable, self-replicating microbes that
passively produce their own in-game currency GOO™.
GOO™ can be used to
replicate new MicroBuddies™ from existing ones and customize their
genome using a strategic artificial selection process. Well-bred
MicroBuddies™ will have a high rate of GOO™ production, so players
who develop their skills will be able to create greater
opportunities for themselves.
At the Polygon Mainnet
launch of MicroBuddies™, a player will use their special Nano
Factory Tokens to synthesize Generation 0 MicroBuddies™ and begin
the game. The first 2,500 MicroBuddies™, collectively known as
Generation 0, are expected to be the rarest and most scarce set of
MicroBuddies™ and what the rest of the game will propagate
from. If the Nano
Factory Tokens sell out, or a player fails to purchase a Nano
Factory Token prior to the launch of the game, the only way to
acquire a MicroBuddy and play will be to first purchase one from
another player on the secondary market at the fair market
value.
To purchase MicroBuddies™
limited edition Nano Factory Tokens, go to:
https://microbuddies.io
We invite everyone to
join our corporate-supported social media platforms to engage with
one another, receive reliable, up-to-date, accurate information,
and communicate in our Good Gaming, Inc. and MicroBuddies™
communities.
Official Game
Documentation is available at:
https://docs.microbuddies.io.
Visit us on our
social media platforms:
Visit us
on our social media platforms:
Discord:
https://discord.gg/MicroBuddies
Telegram
Group: https://t.me/microbuddiesio
Twitter:
https://twitter.com/microbuddies, https://twitter.com/GOODGMER
Reddit:
https://www.reddit.com/r/MicroBuddies/
Instagram:
https://www.instagram.com/goodgmer/
Facebook:
https://www.facebook.com/microbuddiesofficial/,
https://www.facebook.com/GoodGMER, https://www.facebook.com/GoodGamingMC
Twitch:
https://www.twitch.tv/goodgaminginc
YouTube
Channel: https://www.youtube.com/channel/UC3YyoK_Xdo7sfPmse898Nog/
About
Good Gaming:
Good
Gaming is an innovative brand leading the gaming industry across
multiple segments in the space since 2008. Beginning with our roots
as a collaborative space for gamers to share their knowledge, we
went on to establish ourselves as one of the leaders in hosting
Hearthstone tournaments. In 2016, we expanded our reach to include
establishing multiple Minecraft servers with some of the most
popular versions of Prison and SkyBlock, then developing our
completely custom-developed NFT blockchain game, MicroBuddies™, in
2021. The Good Gaming advantage comes from our development team's
close relationship with the player communities of all of our games.
The constant communication and resulting feedback further expand
our proprietary content, and we continue to be influencers in the
realm. Good Gaming continues to find exciting and innovative ways
to branch across the gaming industry. As a staff and community, our
goal is to cement our place as a fun and collaborative place for
ALL gamers to enjoy.
For more
information about Good Gaming, please visit our website:
https://www.good-gaming.com
Safe
Harbor: This release contains statements that constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements
appear in a number of places in this release and include all
statements that are not statements of historical fact regarding the
intent, belief or current expectations of Good Gaming Inc., its
directors or its officers with respect to, among other things: (i)
financing plans; (ii) trends affecting its financial condition or
results of operations; (iii) growth strategy and operating
strategy. The words "may," "would," "will," "expect," "estimate,"
"can," "believe," "potential," and similar expressions and
variations thereof are intended to identify forward-looking
statements. Investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties, many of which are beyond Good Gaming
Inc.'s ability to control, and that actual results may differ
materially from those projected in the forward-looking statements
as a result of various factors. More information about the
potential factors that could affect the business and financial
results is and will be included in Good Gaming, Inc.'s filings with
the Securities and Exchange Commission , including those set forth
as "Risk Factors" in such filings.
MEDIA
CONTACT:
Public
Relations and Shareholder Information:
Joseph M.
Vazquez III
Phone:
(888) 245-3005
Email:
infinityglobalconsulting@gmail.com