TGS Esports Releases Q2 Financials & Provides Corporate Update Demonstrating Growth Acceleration
VANCOUVER, BC, March 2, 2021 /CNW/ - TGS Esports Inc. ("TGS" or the "Company") (TSXV: TGS) (FRA: 5RH) a company that partners with Fortune 500 brands, schools, and tournament organizers to build out their esports community via tournaments, broadcast production and events, is pleased to provide the following corporate update alongside the release of its Q2 financials:
- The company generated $150,876 in revenue between October and December 2020 with a gross margin of 81%.
- TGS completed a strategic $2,000,000 financing, which was upsized due to strong investor demand. The funds will be used to accelerate growth in 2021.
- TGS has hired Gopal Patel, who previously worked with Canucks Sports and Entertainment, to develop the companies' sales strategies in the traditional sports and sponsorship market.
- TGS has significantly grown its white-label and sponsorship business and is working with companies including Shaw, Telcel, Norquest College, Monstercat, Ubisoft, HyperX, and Redbull, interacting with over 25,000 players in over 40 events in the last three months.
- TGS completed the acquisition of Pepper Esports, a next generation esports platform that makes it possible to create and manage player communities, spectators, sponsors, and brands—all in one place.
- TGS completed the acquisition of Volcanic Media, a company at the forefront of scholastic esports in Canada which has created an inter-district high school esports league and scholarship program for players within the league—both firsts of their kind in Canada.
- TGS completed a strategic investment in Mountainside Games, a BC based organization that focuses on tournaments and content within the Super Smash Bros community. MSG creates unique Super Smash Bros content including Smash Talk, an online show available via YouTube.
TGS continues to build a business leadership role in esports with the strategic acquisitions of Pepper Esports and Volcanic Media. With the completion of TGS's $2,000,000 financing and the growth of the sales team, the company is aggressively executing on its sales strategy to help Fortune 500 brands expand their reach into the 18-34 year old esports audience by providing them with world class esports experiences.
"COVID has forced many large brands to rethink their digital strategies, and esports events are fast becoming one of the most desirable ways for Fortune 500 brands to engage with new audiences." said Spiro Khouri, CEO of TGS. "We are seeing an incredible growth in demand for custom tailored esports experiences from these brands, and we are uniquely positioned to service this multibillion-dollar market."
TGS is also pleased to announce a new investor focused website, http://investtgs.com, which will provide investors with the latest news and information about the company.
The company has hired Gopal Patel as VP of Business Development and Strategy. Gopal has over a decade of experience developing strategic partnerships for some of Canada's top organizations, including MLSE (Toronto Maple Leafs, Toronto Raptors, Toronto FC) and most recently Canucks Sports and Entertainment, where he lead partnerships for the Vancouver Canucks and then Esports and Gaming, specifically the Vancouver Titans and the Seattle Surge. He has built partnerships with over 150 of North America's top brands, for 12 properties, across 10 sports and gaming leagues.
About TGS Esports Inc.
TGS partners with Fortune 500 brands, schools, and tournament organizers to build out their esports community via tournaments, broadcast production, and events. TGS has commercialized an esports solution that allows brands and gamers to interact on its end to end platform. The combination of TGS esports event expertise and next generation software creates an unparalleled esports experience that allows sponsors and brands to reach their desired gaming demographic.
On behalf of the Board of Directors
"Spiro Khouri"
Spiro Khouri, CEO
TGS Esports Inc.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future, including with respect to: the use of the proceeds of the Offering and resale restrictions on securities issued pursuant to the Offering. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including risks related to factors beyond the control of the Company. The risks include the following: that the proceeds of the Offering may be used for purposes other than those stated herein and the unknown magnitude and duration of the effects of the COVID-19 pandemic on the Company and other risks that are customary to transactions of this nature. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE TGS Esports Inc
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