(TheNewswire)
3 August 2023 – TheNewswire - Melbourne,Victoria, Australia - SQIDTechnologies Limited ( CSE:SQID ) announces that ithas entered a share sale agreement (at arm’s length) with BLSSHoldings Pty Ltd. (“BLSS”) whereby subject to Completion BLSS willacquire 100% of ICON Esports Pty Ltd share capital. SQID will beentitled to a share of EBITDA generated by ICON for three calendaryears following Completion Date. The EBITDA share is 10% in the firstand second calendar years and 8% in the third calendar year.
The ICON divestment will unencumber SQID’s balancesheet and ability to pursue strategic initiatives.
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.
As part of the transfer, esports industry veteran ChrisSmith will be joining BLSS as an advisor on a 24-month contract tohelp ensure a smooth management transition process whilst focussing onopportunities to continue growing ICON revenues.
Nick Bobir has stepped down as ICON CEO whilst theremainder of the ICON team will report through to BLSS leadershipteam.
For more information, please contact:
Athan Lekkas
Executive 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 and growingesports gaming. It provides merchant services and transactionprocessing to business merchants and ecommerce customers across bothBusiness to Business (B2B) and Business to Consumer (B2C) segmentsthrough its leading partner platform (Merchant Warrior). www.sqidtechnologies.com
THE CANADIAN SECURITIES EXCHANGE HASNOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY ORADEQUACY OF THIS RELEASE.
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.
Copyright (c) 2023 TheNewswire - All rights reserved.