Announces Shift to Esports and Rebranding to OverActive Media Group
TORONTO, April 24, 2018 /CNW/ - The Ledger Group Inc. ("The Ledger Group" of the "Company") is pleased to announce that that it has closed the first tranche of a planned US$1,500,000 investment into Splyce Inc., a world class professional esports team with a global presence in eight games and one of the fastest growth rates in the industry. This investment strategically complements The Ledger Group's existing investments in Askott Entertainment Inc., a leading esports gaming company, and Enthusiast Gaming Inc., a rapidly growing esports media company.
The Ledger Group was founded with a platform-based strategy of funding blockchain deployment and enablement with a focus on digital media and entertainment. With the addition of Splyce to the Company's portfolio, management has elected to concentrate on capturing value directly through the ownership of esports platforms.
With over $655 million spent by consumers on esports in 2017 and an anticipated $1.5B by 2022, esports is the fastest growing segment of the global sports market. As at the end of 2017, sponsorships, advertising and media rights and events exceeded $500 million annually, representing a year over year increase of 48%. Esports viewership is increasing and delivering the key demographic of millennial and post-millennial viewers, while in many cases traditional sports viewership is declining. To pursue this opportunity, The Ledger Group is implementing the following changes:
- The Ledger Group will be rebranding to OverActive Media Group to reflect its focus on the ownership of esports platforms;
- OverActive Media will seek opportunities to build, acquire or invest in esports franchises and related businesses; and
- Overactive Media will shift from an investment platform to an ownership platform as it develops and expands its esports platforms and properties.
"Our core thesis and enthusiasm for blockchain continues, however after extensive due diligence on the esports industry we are optimistic that it represents a significant opportunity for our shareholders," said Adam Adamou, Chief Executive Officer of The Ledger Group. "We continue to encourage our portfolio companies to deploy blockchain technologies where it makes sense, however it will no longer be a component of our investment criteria. We believe that technology is a means to an end, but that compelling ideas should be unshackled from the technologies that delivers them."
Continued Mr. Adamou, "Our initial investments in Enthusiast Gaming and Askott Entertainment, and now Splyce, firmly position us to capitalize on a portfolio of some of the industry's leading companies. We are adjusting our focus to better provide Canadian investors broad ownership exposure to this exciting and growing opportunity."
The Company and OV2 Investment 1 Inc. ("OVO") (TSXV: OVO.P), a capital pool company formed under the policies of The Toronto Venture Exchange ("TSXV") previously announced in November 2017 a definitive agreement and planned non-arm's length amalgamation as the qualifying transaction of OVO. The parties are currently evaluating available options for completing the qualifying transaction taking into account the Company's esports business focus. Any such transaction would be subject to receipt of all required shareholder, regulatory and stock exchange consents and approvals.
About Splyce Inc.
Splyce, founded in 2015, is home to top level teams across multiple esports titles around the globe. Since its inception, the organization has grown to include teams in League Of Legends, Call Of Duty, Rocket League, Counter-Strike, StarCraft II, Halo, Smite and Paladins. With championships across five titles this year, Splyce has firmly planted itself as one of the most winning organizations in the industry. Based in Rochester, NY, the organization has global reach, with players and staff based out of Europe, North America and Asia. For more information visit www.splyce.gg.
About Askott Entertainment Inc.
Askott, based on Vancouver, Canada, has been building award winning gaming products since 2013. With over 200,000+ registered users in 162 countries, Askott is the leader in the regulated esports gaming and fantasy sports markets. For more information visit www.askottentertainment.com.
About Enthusiast Gaming Inc.
Enthusiast, based in Toronto, Canada, is a media and technology company bringing together gamers from around the world, both online and offline. With a platform of 75 websites and 100M active monthly users plus ownership of the largest gaming expo in Canada, it is one of the largest gaming platforms in the world. For more information visit www.enthusiastgaming.com.
ABOUT THE LEDGER GROUP INC.
The Ledger Group Inc. was incorporated under the laws of Canada in November, 2017 by the founders of OV2 Investment 1 Inc. The Ledger Group is an esports ownership group.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Neither the TSXV nor its Regulation Services Provider has in any way passed upon the merits of the proposed Transaction and associated transactions and neither of the foregoing entities has in any way approved or disapproved of the contents of this press release.
This news release contains "forward-looking information" within the meaning of applicable securities laws including statements regarding the terms and conditions of the proposed Transaction and the Offering, as well as information relating to The Ledger Group. The information about The Ledger Group contained in the press release has not been independently verified by OV2. Although OV2 believes that considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because OV2 can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the parties will not proceed with the proposed Transaction and the Offering; that the ultimate terms of the proposed Transaction and the Offering will differ from those that currently are contemplated; and that the proposed Transaction and the Offering will not be successfully completed for any reason (including the failure to obtain the required approvals or clearances from regulatory authorities). The terms and conditions of the proposed Transaction may change based on OV2's due diligence and the receipt of tax, corporate and securities law advice for both OV2 and The Ledger Group. The statements in this press release are made as of the date of this release. OV2 undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of OV2, The Ledger Group, their securities, or their respective financial or operating results (as applicable).
SOURCE The Ledger Group Inc.
For further information: Adam Adamou, CEO: firstname.lastname@example.org