VANCOUVER, BC, September 12, 2023 – TGS Esports Inc. (“TGS” or the “Company“) (TSXV: TGS) is pleased to provide a corporate update, including an update regarding the status of its Cease Trade Order issued on November 3, 2022 (the “CTO”) and coinciding fund raise, outstanding continuous disclosure filings, and change to its Board of Directors.
The Company has applied for a partial revocation order (the “PRO”) of the CTO from the British Columbia Securities Commission. The application for the PRO was made to permit TGS to complete financing to help fund, among other things, the preparation and filing of all outstanding continuous disclosure documents necessary to apply for a full revocation of the CTO. The funds will also be leveraged to capitalize on the revenue generating partnerships and business opportunities it has been exploring. Details of the proposed financing will be announced after the PRO has been issued.
In the meantime, TGS management continues to work with the Company’s auditors to progress the preparation of the financial statements, management discussion and analysis and related certifications for all outstanding periods. Once complete, it is expected TGS will hold a General Meeting of its shareholders.
TGS also announces that Spencer Smyl has resigned from the Company’s Board of Directors. The Company would like to thank Mr. Smyl for his service and dedication to the Company and its shareholders. We wish Mr. Smyl all the best in his future endeavors. TGS is evaluating new candidates to join its Board of Directors.
“First off, we want to thank our shareholders for their patience. The last year and a half has been a trying time as we have been unable to complete two transactions, both of which would have seen great benefit to our shareholders. Our focus is now solely on getting TGS compliant and raising the capital needed to move us forward”, said Spiro Khouri, CEO of TGS Esports Inc. “We have seen four consecutive years of revenue growth in a vastly evolving and changing landscape. We continue to drive the business forward and are confident that once we receive PRO approval and complete our financing, we will be better positioned than ever to grow TGS further.”
About TGS Esports Inc.
TGS Esports is a full-service marketing solutions provider that specializes in engaging video game and esports fans. TGS creates gaming strategies and marketing programs for brands that want to connect with diverse communities of gamers in any genre, anywhere they play. TGS works with an extensive network of influencers, creators, and gaming community organizations to create unique content for every digital and social media platform. TGS builds custom brand activations for live, in-person engagement, for long and short form video, and for live streaming events and tournaments. TGS Esports has unmatched expertise in cultivating relationships and driving viewership among highly coveted and elusive young audiences.
On behalf of the Board of Directors
Spiro Khouri, CEO
TGS Esports Inc.
Disclaimer Regarding Forward-Looking Information
This news release contains “forward-looking statements.” Statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things statements regarding the approval of the PRO application; the completion of the proposed financing and the terms and timing thereof; the proposed use of proceeds of the financing; the filing of the Company’s outstanding continuous disclosure filings and the timing thereof; the full revocation of the CTO; the timing of the proposed general meeting of shareholders of the Company; and the appointment of a new director. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The reader is cautioned that assumptions used in preparing forward-looking statements may prove incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including without limitation that the BCSC may reject the PRO application; that the Company may not be able to complete the proposed financing on favourable terms or at all; that the Company may not be able to raise sufficient funds under the financing; and that the cost of preparing the outstanding continuous disclosure filings will be greater than anticipated. The reader is cautioned not to place undue reliance on any forward-looking statement. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Risks and uncertainties about the Company’s business are more fully discussed in the Company’s disclosure materials which can be obtained from www.sedarplsu.ca. The forward-looking statements contained in this news release are made as of the date of this news release and the Company assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements except to the extent required by law.
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.
For Media Inquiries, please contact:
Spiro Khouri, CEO, TGS