TORONTO, April 01, 2019 (GLOBE NEWSWIRE) -- Enthusiast Gaming Holdings Inc. (EGLX.V) (EGHIF), (“Enthusiast” or the “Company”), a gaming company building the largest community of authentic gamers, announces today that it has granted 955,000 options to purchase common shares of the Company (the “Options”) to employees, management, officers and consultants of the Company. As Enthusiast continues to grow, the Company intends on rewarding its long term contributors for their hard work and dedication to Enthusiast.
Eric Bernofsky, COO of Enthusiast Gaming commented, “Our team is our most valuable asset and Enthusiast has always emphasized its investment in the talent we are fortunate to have attracted through acquisitions and organic growth.” He continued, “We have surrounded ourselves with the brightest minds and some of the top talent in the industry and through our continued growth, we want to incentivize those new employees joining the Enthusiast team.”
Each of the Options issued will be exercisable at $1.25 and has a term of five years. All Options granted are pursuant to the Company’s Stock Option Plan (the “Plan”) and shall vest and become fully exercisable as follows: 1/3 will vest on the date of grant, (subject to a longer vesting period for certain new employees in the discretion of the Chief Executive Officer of the Corporation);1/3 will vest on the date being 12 months from the date of such grant such and 1/3 will vest on the date being 24 months from the date of such grant. As of the date hereof, the Company has 45,939,623 common shares issued and outstanding and has 1,003,689 options available for issuance under the Plan.
Retains PI Financial for Capital Market Support
Enthusiast has retained PI Financial Corp. (“PI”) to provide capital market-making services in accordance with TSX Venture Exchange (“TSXV”) policies. Under the terms of the agreement (the “Agreement“), PI will receive cash compensation of $5,000 per month but will not receive any Common Shares or Options of Company as compensation. PI does not currently own any securities of Company; however, PI and its clients may acquire a direct interest in the securities of Company. Enthusiast and PI are unrelated and unaffiliated entities. PI is a member of the Investment Industry Regulatory Organization of Canada (IIROC), a participating organization of TSX and a member of TSXV. The capital and securities required for any trade undertaken by PI as principal will be provided by PI.
Founded in 2014, Enthusiast is the fastest-growing online community of video gamers. Through the Company’s unique acquisition strategy, it has a platform of over 80 owned and affiliated websites and currently reaches over 75 million monthly visitors with its unique and curated content and over 50 million YouTube visitors. Enthusiast also owns and operates Canada’s largest gaming expo, Enthusiast Gaming Live Expo, EGLX, (eglx.ca) with over 55,000 people attending in 2018. For more information on the Company, visit www.enthusiastgaming.com.
Head of Investor Relations & Marketing
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that Enthusiast anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Such information may involve, but is not limited to, comments with respect to strategies, expectations, planned operations and future actions of the Company. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results "may", "could", "would", "might" or "will" (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of Enthusiast to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to Enthusiast, including information obtained from third-party industry analysts and other third-party sources, and are based on management's current expectations or beliefs regarding future growth, results of operations, future capital (including the amount, nature and sources of funding thereof) and expenditures. Any and all forward-looking information contained in this press release is expressly qualified by this cautionary statement. Trading in the securities of the Company should be considered highly speculative.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The securities of the Corporation have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.