TGS Esports Announces Filing of Annual Financials and Provides Corporate Update
TGS Esports Inc. (“TGS” or the “Company“) (TSXV: TGS) (OTCQB: TGSEF) (FRA: 5RH) wishes to announce, further to its news release dated November 4, 2021, that the Company has filed its annual financial statements for the year ended June 30, 2021 and the related management discussion and analysis and certifications (collectively, the “Annual Filings”). The Company has commenced the process for revocation of the cease trade order (the “CTO”) issued by the British Columbia Securities Commission for the Company’s failure to file the Annual Filings by the October 28, 2021 filing deadline. The revocation of the CTO is expected to occur shortly, at which time TGS’ common shares shall resume trading on the TSX Venture Exchange.
The Company is also working on preparing its interim financial statements, management discussion and analysis and related certifications for the three month period ended September 30, 2021 (the “Interim Filings”).
“From the day we went public we had an aggressive corporate growth strategy, mostly focused on acquisitions and investments. The goal was to build a unique esports offering that would drive significant revenue. We have succeeded in our strategy which has ultimately led to larger partnerships and increased revenue in the current fiscal year.” said Spiro Khouri, CEO of TGS Esports Inc. “Unfortunately due to the aggressiveness of our strategy it made the audit process much more complex and detailed than in previous years causing the delay. We are excited to have the audit complete and to get back to focusing on driving revenue.”
The acquisitions and investments have provided tremendous success thus far and TGS is pleased to share some highlights of each company:
- Pepper Esports launched the initial alpha release of its gaming platform in September and is hosting tournaments regularly. The user base has grown to 3000+ users
- Even Matchup Gaming announced Let’s Make Big Moves, taking place in New York in January, which sold out in a matter of days and will have 900+ players in attendance
- Even Matchup Gaming also relaunched its in person events, Revenge of the 6ix and Weekly Wave, in Toronto
- Volcanic launched the Collegiate Champions Series, a six month series of events and workshops open to any post-secondary student in Canada. So far the series has interacted with 400+ students and 25+ schools
- Mountain Side Games (“MSG”) is hosting in person events focused on gaming as well as health and wellness initiatives in and around Vancouver. MSG has interacted with 1500+ participants through these events
TGS is able to reach thousands of gamers through events, tournaments, and broadcasts. This broad offering is already being recognized by major brands through partnerships with TGS. To support the ongoing demand TGS is scaling up its Sales & Marketing teams including hiring two senior roles currently open for application.
TGS also announces that Ravinder Mlait has resigned from the Board. The Company would like to thank Mr. Mlait for his service and dedication to the Company and its shareholders. We wish Mr. Mlait all the best in his future endeavors.
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