Leadership change aimed at improving React Gaming’s operational performance and optimizing growth opportunities
Near-term focus on expanding React Gaming’s leading edge LOOT.BET online esports betting platform into new markets
Montreal, Quebec, Canada, June 28, 2022 — React Gaming Group Inc. (“React Gaming” or the “Corporation”) (TSXV: RGG, OTCMKTS: ITMZF) is pleased to announce the appointment of Leigh Hughes as its Interim Chief Executive Officer, effective immediately. Mr. Hughes replaces Laurent Benezra who is stepping down from his current role as President and CEO as well as director of the Corporation, but will remain in a consultancy role.
Leigh Hughes is an entrepreneur and venture capitalist with over 20 years of experience working with private and public companies across the globe, particularly in North America, Australia and the Asia-Pacific region. He is also the founder of COMVERJ Ventures, which helps clients identify opportunities for change in the fields of mergers and acquisitions, capital markets, business strategy and innovation. COMVERJ Ventures has worked with numerous public companies in the United States, Canada, Australia and Europe. Mr. Hughes completed a Bachelor of Commerce degree at Curtin University, Western Australia and has been a corporate advisor to companies listed on the CSE and the TSX Venture Exchange. He has been nominated twice for the Young Australian of the Year award and was named a winner of Western Australia's 40 under 40 awards in 2012, reflecting recognition by the industry and his peers.
“Over the last year, React Gaming has emerged as a leading esports and iGaming company, mainly through its acquisition of LOOT.BET,” said Philip Nolan, member of the Board of React Gaming. “Given the Corporation’s current development stage and market environment, we considered that a change of leadership was needed to unlock React Gaming’s full potential. We are thrilled that Leigh has agreed to take on this challenge and lead the company with the goal of creating sustainable value for our shareholders. Over the years, Leigh has built an impressive international financial network and advised numerous public companies on how to attain their operational and financial objectives, which is the type of expertise we were looking for to bring React Gaming to the next level.”
“I am excited to have the opportunity to leverage the assets that React Gaming has acquired over the past year, including LOOT.BET, Compete.gg and Parabellum, all of which are top-tier assets with significant growth potential,” said Leigh Hughes, Interim CEO of React Gaming. “My role as CEO and a major shareholder will be to build on this solid foundation, with the help of our outstanding and driven team, to continue to grow React Gaming and make it a leader in the esports space.”
The Corporation has granted stock options to officers and directors to purchase up to 1,600,000 common shares in the capital of the Corporation. The options are exercisable for a period of five years from the date of the grant at a price of $0.14 and will vest quarterly over 12 months.
Private placement finders’ fees correction
Further to the numbers contained in the February 18 and April 4, 2022 press releases, React Gaming has provided an update for the correct aggregate amount of $322,695.28 cash fee, 314,800 common shares of the Corporation at a deemed price of $0.50 and 1,276,987 finders warrants issued to finders in connection with the closing of the private placement. The terms of the finders warrants remain the same.
About React Gaming Group
React Gaming Group (formerly known as Intema Solutions Inc.) (TSXV: RGG) is a publicly traded holding company that stands at the forefront of the esports and iGaming industry. By investing in innovative technologies that enhance tournaments, teams, and wagering, we provide our users with gaming platforms that produce non-stop action, exciting outcomes, and unparalleled enjoyment. Through the use of intelligent data, we also connect our sponsors to robust communities within the rapidly evolving industry, ensuring maximum engagement and substantial reward. For more information, please visit us at reactgaming.ca and follow us on LinkedIn, Twitter, Instagram and YouTube.
This news release may contain “forward-looking statements” within the meaning of applicable Canadian securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. The Corporation's statements expressed or implied by these forward-looking statements are subject to a number of risks, uncertainties, and conditions, many of which are outside of the Corporation's control, and undue reliance should not be placed on such statements. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding the Corporation’s activities, including: that the Corporation's assumptions in making forward-looking statements may prove to be incorrect; general adverse market conditions and competition; the inability to finance operations and/or obtain any future strategic investment necessary to implement new technologies; the inability to build a sustainable, conscientious company with a stronger presence online through new products in esports and gaming; the inability to obtain, or maintain, gaming license(s); and that market conditions related to the COVID-19 pandemic may negatively affect the outcome of the business or operations of the Corporation, including its results and financial condition. Except as required by securities law, the Corporation does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
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