Revenue Grows to More Than USD$5.0 Million (C$6.5 Million)
TORONTO, ON / ACCESSWIRE / May 30, 2022 / GameSquare Esports Inc. (CSE:GSQ)(FRA:29Q1)(OTCQB:GMSQF) ("GameSquare", "GameSquare Esports" or the "Company"), a gaming and esports company, today announced its results for the first quarter ended March 31, 2022 (all amounts in USD dollars, unless otherwise indicated). The Company has scheduled a conference call to discuss its Q1 FY2022 financial results and provide a business update on May 31, 2022, at 8:00 am ET. The Company has changed its presentation currency to USD to reflect its focus on pursuing business opportunities in the large and rapidly growing US gaming and esports market and that the majority of our revenue is expected to be in USD.
Q1 2022 Highlights
"We continue to make excellent progress building a leading esports and gaming company. We exceeded our internal sales target for Q1 2022, and we are progressing well on our path to profitability," said Justin Kenna, CEO of GameSquare. "Our sales pipeline is robust, and we continue to see significant growth in the number and size of RFPs for our agency businesses and sales activity within Complexity Gaming. We believe that the effect of operating leverage will become increasingly evident throughout 2022 as we have invested in the foundation necessary to support our rapid growth and become a profitable esports and gaming business."
"We are adding new revenue generating opportunities throughout the business including TimTheTatman's Tailgate 2-day gaming festival and the launch of Fourth Frame Studios, led by Oluwafemi "Femi" Okusanya. These are differentiating Gamesquare and attracting some of the most talented and recognizable professionals in gaming. We are focused on increasing our scale, while pursuing opportunities that require low capital investments and enhance margins. At the same time, we continue to optimize our expense structure. The Company has access to capital that will enable us to meet our business objectives without having to rely on additional equity financing in the near term. We believe that we have built a great platform, with great people doing great things and our audience of more than 220 million is leading to more brand opportunities as evidenced by Lenovo, Jack-in-the-Box, and Arterra Labs. The trends in esports point to growing engagement by global brands, and we believe the GameSquare family of companies are at the intersection of culture, commerce, and investment."
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Conference Call Details
CEO Justin Kenna and President and Chairman Kevin Wright are scheduled to host a conference call for the investment community to discussthe financial results for the three months ended March 31, 2022. Analysts and interested investors can join the call via the details below:
Date: Tuesday, May 31, 2022
Time: 8:00am ET
About GameSquare Esports Inc.
GameSquare Esports Inc. is an international gaming and esports company headquartered in Toronto, Canada. GameSquare owns a portfolio of companies including Code Red Esports Ltd. ("Code Red"), an esports talent agency serving the UK, Reciprocity Corp. ("Reciprocity"), which provides the Company access to Asia, Latin America and North America, NextGen Tech, LLC (dba as Complexity Gaming), a leading esports organization operating in the United States, and, most recently, Swingman LLC (dba Cut+Sew and Zoned), a gaming and lifestyle marketing agency based in Los Angeles, USA. Reciprocity's gaming and esports assets include: a CrossFire franchise in China that it owns with its partner LGD Gaming and its wholly owned subsidiary corporation, GCN, Inc. ("GCN"), a digital media company focusing on the gaming and esports audience based in Los Angeles, USA. The Company continues to seek to acquire additional strategic assets and entities serving the gaming and esports markets, and more broadly, in sports and entertainment.
For further information, please contact investor relations:
Kevin Wright, President and Chairman
Phone: (647) 459-0423
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 Company's future financial performance, the Company's ability to integrate and monetize its core asset portfolio, to accelerate its business objectives of revenue growth and profitability, to capitalize on the accelerating growth of esports audiences, to be a leader in bridging the gap between global brands and esports audiences, and to continue to build a pipeline of strategic acquisition targets in esports and sports and entertainment more broadly; the business and operations of the Company; and the Company's ability to execute its business plan. These forward-looking statements are provided only to provide information currently available to us and are not intended to serve as and must not be relied on by any investor as, a guarantee, assurance or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ materially from those contained in or implied by such forward-looking statements. 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 as well as factors discussed in the Company's Management's Discussion and Analysis for the period ended March 31, 2022, and annual report filed on Form 20-F for the fiscal year ended December 31, 2021, which are available on SEDAR at www.sedar.com. 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. 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.
In addition, the estimates of revenues may be considered "future oriented financial information" or "financial outlooks" (collectively, "FOFI") within meaning of applicable securities legislation. FOFI has been prepared by the Company's management to provide an outlook of the Company's activities and has been approved as of the date of this news release. The Company believes that the prospective financial information has been prepared on a reasonable basis, reflecting management's best estimates and judgments, and represents, to the management's knowledge and opinion, the Company's course of action. The reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information and financial outlooks. FOFI, as with forward-looking statements generally, are, without limitation, based on assumptions and subject to the risks set out above. The Company's actual financial position and results of operations may differ materially from management's current expectations and, as a result, the Company's revenue may differ materially from the revenue provided 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.
Neither the Canadian Securities Exchange ("CSE") nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: GameSquare Esports Inc.