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.
Forward-Looking Information
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.