Code Red Adding Key Employees to Support Strong Growth
TORONTO, June 22, 2021 (GLOBE NEWSWIRE) — GameSquare Esports Inc. (CSE: GSQ; FRA: 29Q1) (“GameSquare” or the “Company”), an international gaming and esports company, today shared that its subsidiary, Code Red Esports Ltd. (“Code Red”), The Authentic Esports Agency, continues to attract key employees to support and fuel impressive year-over-year revenue growth. Driven in part by GameSquare’s +97% revenue growth in Q1 FY2021, Code Red management has added outstanding talent to support the influencer segment, consulting functions and this week added the position of Commercial Director to accelerate profitable growth in existing segments and to assess and implement new lines of business.
“I am extremely bullish on the opportunities within esports and the outstanding results by Code Red in the first quarter support my view,” said Justin Kenna, CEO of GameSquare. “I’d like to personally welcome Dan Ellis in the position of Commercial Director, Tara Innes and Saavik Wilcox-Hamilton as Influencer Managers, and Jonas Lucena in the role of Senior Social Media Manager. I have full confidence that the talented people Luke and Jan have attracted to Code Red in Europe will continue to drive strong growth at Code Red as we build a leading, global esports organization, which has seen our market cap more than triple since the completion of our reverse takeover less than a year ago. And we’re just getting started!”
“Code Red made exceptional progress in Q1 FY2021 following the completion of GameSquare’s reverse takeover,” added Justin Kenna. “In late 2019, Code Red increased its focus on the influencer segment during the global pandemic which accelerated GameSquare’s revenue growth to +97% year-over-year. Adding talented new team members is expected to support ongoing organic growth with a continued focus on profitability across the growing portfolio of GameSquare companies. While management is not prepared to provide guidance, Reciprocity Corp.’s management remains confident that it will deliver against its US$7 million earn-out with a minimum of 20% EBITDA margins.”
About GameSquare Esports Inc.
GameSquare Esports Inc. is an international gaming and esports company headquartered in Toronto, Canada. The Company is seeking to acquire additional assets and entities serving the gaming and esports markets and, more broadly, in sports and entertainment. GameSquare’s acquisition of Code Red, an esports talent agency, provided an initial foothold in Europe through its UK operations. Code Red represents leading on-screen talent, players and influencers and works with leading global brands to develop influencer campaigns and esports marketing strategies. The Company’s second acquisition of Reciprocity Corp. provides access to Asia, Latin America and North America. Its gaming and esports assets include: a CrossFire franchise in China that it owns with its partner LGD Gaming, a 40% interest in a League of Legends team that competes in Latin America, and, its wholly owned subsidiary corporation, Gaming Community Network, a digital media company focusing on the gaming and esports audience based in Los Angeles, USA.
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This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements“) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the opportunities within esports, Code Red’s growth, the business, objectives and operations of the Company and the Company’s ability to execute its business plan. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, GameSquare assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
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