ePlay Extends Industry Marketing for Big Shot Augmented Reality Game
CALGARY, Alberta, Nov. 13, 2018 (GLOBE NEWSWIRE) — ePlay Digital Inc. (CSE:EPY) (“ePlay” or the “Company”) today announced its ongoing marketing program for the upcoming launch of Big Shot Basketball continues with industry events this week in San Francisco and Hollywood. ePlay’s focus for the week is its flagship augmented reality mobile esports platform, Big Shot. Big Shot is seen as Pokemon Go meets sports, esports, and entertainment.
“Mobile esports is still growing and the industry is in its infancy,” says Trevor Doerksen, CEO of ePlay Digital. “Growth and innovation for esports, augmented reality, and ePlay’s Big Shot platform will go hand-in-hand where sports and entertainment converge.”
The events include the Immersive Technology in Sports & Entertainment Summit hosted by the Sports Innovation Network and the Verizon 5G Innovation Lab. This event is focused on emerging technologies, fan engagement, augmented reality, artificial intelligence, investment strategy, and commercial application and includes other industry leaders such as: Google, Microsoft, Seattle Seahawks, Fox Sports, Tennis Canada, Las Vegas Golden Knights, Ichi Go, and the Indiana Pacers.
In addition, the CEO of ePlay, will be moderating a session that starts off the VRTL Media Summit in Los Angeles at Paramount Studios this week. VRTL Media Summit is a 250 person one-day event whose attendees consist of a curated group of entrepreneurs, investors, content studio execs, and entertainment press. Other speakers include media, technology, and esports leaders from Overwatch, Warner Bros., Paramount Pictures, Google, Facebook, UTA, Mannat Digital and Digital Media Wire.
ePlay Announces Strategic Debt Settlements to Improve Balance Sheet Fundamentals
The Company also announced that it has reached an agreement to settle Mobovivo subsidiary balance sheet debt. The transaction cancels over $1.1 million in debt/royalty obligations on ePlay and its subsidiaries. The deal is expected to realize a potential net gain of approximately $266,000 on our Q4 income statement. The debt, with an approximate balance sheet carrying value of $570,000, is being settled for $200,000 of ePlay units of securities (each a “Unit”). 1,568,628 Units of securities priced at $0.1275 per Unit were issued with each Unit comprised of one restricted common share and one-half restricted share purchase warrant with each whole warrant exercisable at $0.15 per warrant share for a one year term from the date of issue. The shares and warrants have been issued with a four month and a day hold period and further voluntary restrictions from public or private resale with four equal quarterly releases of both shares and warrants starting on March 31, 2019 during the 2019 calendar year.
e-Play continues to create a platform for growth for the Company and its products. Trevor Doerksen, CEO of ePlay Digital remarked, “creating a technology platform for growth is important to ePlay. At the same time, setting the table for the Company structurally, and strategically strengthening our financial position for growth and expansion is equally important. I’m thrilled we were able to reach an agreement at such an important moment with the debt holder accepting equity at a deep discount to their carrying value – a testament to what they think of our future financial potential”.
The Company further settled debts of $117,410 with management and consultants for the issuance of an aggregate of 920,863 common shares at $0.1275 per share with 773,020 of these shares being issued to ePlay directors and officers. The Company also issued an aggregate of 1,211,823 share options at $0.1275 per share for a four year term to officers, directors, consultants, and employees of the Company. The options vest over a variety of dates over a three-year term; 466,399 of the share options have been issued to officers or directors of the Company.
ePlay Digital Inc. is a mobile game creator and publisher specializing in sports, esports and entertainment augmented reality titles, including their new flagship title Big Shot Basketball. ePlay is operated by an award-winning team of sports, gaming and esports leaders as well as broadcast and digital technology industry experts, software engineers and athletes who have brought dozens of game titles to market for companies including Time Warner Cable, ESPN, Sony Pictures, AXS TV, Intel, AXN, Fiat, CBS, and others.
ePlay’s wholly owned subsidiary, Mobovivo esports specializes in augmented reality, mobile game development and mobile esports streaming.
Further details are available under the Company’s profile on SEDAR at www.sedar.com, and the Company’s profile on the CSE’s website at www.thecse.com/
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Cautionary and Forward-Looking Statements
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward‐looking statements or information. More particularly and without limitation, this news release contains forward‐looking statements and information relating to third-party research and analysis, and the Company’s corporate strategy. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct, and management can neither agree or disagree on specific conclusions contained in the research report.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward‐looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the Company’s ability to identify and complete suitable acquisitions to further the Company’s growth as well as risks associated with the Company’s ability to commercialize the digital sports sectors in general such as operational risks in development, research and regulatory delays or changes in plans with respect to research projects or capital expenditures; the uncertainty of the market; the uncertainty of estimates and projections relating to costs and expenses; marketing and commercialization; loss of markets; competition; incorrect assessment of the value of any technologies acquired and failure to realize the anticipated benefits of such acquisitions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws, and government regulations. Accordingly, readers should not place undue reliance on the forward‐looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
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