(TheNewswire)
Melbourne, Victoria, Australia - TheNewswire - 10 August 2023 - Further to the announcement 3August 2023, SQID TechnologiesLimited ( CSE:SQID ) now confirms thatit has completed a share sale agreement (at arm’s length) with BLSSHoldings Pty Ltd. (“BLSS”) whereby BLSS has acquired 100% of ICONEsports Pty Ltd share capital. SQID is be entitled to a share ofEBITDA generated by ICON for three calendar years and has receivedgross proceeds of A$1. The EBITDA share is 10% in the first and secondcalendar years and 8% in the third calendar year.
The ICON divestment will unencumber SQID’s balancesheet and ability to pursue strategic initiatives. SQID will post aprofit on divestment.
ICON Esports (ICON) is a leading Australia & NewZealand esports and gaming organisation, focussed on the commerciallandscape of the Oceanic market through brand driven marketingcampaigns, partnerships, and merchandise to their esports and gamingaudience.
BLSS, located in Queensland, Australia is a prominentesports organisation and gaming facility company and will continue tooperate the ICON brands, led by its Chief Operating Officer BrendanHarms.
For more information, please contact:
Athan Lekkas
Director
E: athan@dalext.com
Telephone: +61 3 9820 6400
About SQID Technologies
SQID Technologies Limited [CSE: SQID] is an Australianbased Company engaged in payment processing and investing. It providesmerchant services and transaction processing to business merchants andecommerce customers across both Business to Business (B2B) andBusiness to Consumer (B2C) segments through its leading partnerplatform (Merchant Warrior). www.sqidtechnologies.com
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FORWARD LOOKING INFORMATION
Any forward-looking statements in this news release arenot guarantees of future performance and involve known and unknownrisks, uncertainties, assumptions and other important factors, many ofwhich are beyond the control of the Company, its directors andmanagement.
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