Millenial Esports Corp. (“Millennial Esports” or the “Company”) is pleased to announce its investment in Alt Tab Productions, a Paris, France-based eSports company and the owner of OGaming.TV (“Alt Tab”).
Millennial Esports will invest EUR 2,500,000 in ordinary shares of Alt Tab (“Alt Tab Shares”) at a pre-money valuation of EUR 4,000,000 (the “Investment”), to be completed in two closings. The first closing, with respect to EUR 1,125,000 of the Investment, has been completed and the second closing, with respect to the remaining EUR 1,375,000 of the Investment, will occur within 90 days. Upon completion of the Investment, Millennial Esports will own 38.46% of the Alt Tab Shares on a non-diluted basis.
Millennial Esports has entered into a call option agreement to purchase the remaining Alt Tab Shares (the “Call Option”). The purchase price under the Call Option is either: (i) three and a half times Alt Tab’s trailing twelve months of revenue, subject to adjustments contemplated in the agreement, and exercisable between January 12, 2019 and July 12, 2020, payable, at the election of the Company, in cash or a combination of cash and common shares of the Company; or (ii) five times Alt Tab’s trailing twelve months of revenue, subject to adjustments contemplated in the agreement, and exercisable between July 12, 2018 and January 12, 2019, payable, at the election of the Company, in cash or a combination of cash and common shares of the Company. Under either Call Option (i) or (ii), if Millennial Esports chooses to issue common shares of the Company as part of the consideration, it can only be for up to 30% of the purchase price.
“Millennial continues to expand its global footprint in the eSports ecosystem and our investment in Alt Tab validates our commitment to build a world class multi-faceted eSports organization. Alt Tab Productions and their brands, including Ogaming.TV, are one of the most recognized, authentic and professional eSports organizations on the planet. As the global leading French-language eSports group, tournament organizer, content creator and broadcaster, Alt Tab is at the cutting edge of all things eSports and is extremely well positioned in the eSports ecosystem in continental Europe and elsewhere,” said Alex Igelman, CEO of Millennial. “Our initial strategic investment in Alt Tab will allow us to collaborate with their Parisian studio, their intellectual property and vast network of relationships and resources, including deep business ties with Twitch, Blizzard, Riot Games, Psyonix, and other major eSports brands. By plugging into this network, we will have access to opportunities outside of North America through Alt Tab. Conversely, Alt Tab will be able to leverage our access to capital, our competitive gaming platform, our Las Vegas studio and arena, StreamHatchet data analytics, and our strategic relationships and know-how for their benefit. We are extremely excited for what the future holds for both companies and look forward to immediately working closely together with Alt Tab who will be maintaining their authenticity and operational autonomy.”
“Millennial Esports Corp. brings a global ambition to the table, providing complementary, talented and disruptive energies to build a major player in the field of competitive gaming and digital entertainment. Alt Tab Productions is proud to take part of that enterprise and join forces with Millennials Esports. We believe we found great partners in Millennial’s team, sharing vision on both the central role of grassroot community empowerment as well as Esport market understanding.” said Alexandre Noci, President of Alt Tab productions. “Millennial’s investment will foster our media expansion, adding production value to our digital shows, enabling Alt Tab Productions to address more games and communities and to give voice to many more online talents, streamers, casters and pro players; it will also help build and produce cool Esport events and circuits in France and on the global scale, bringing live gaming thrills and momentum to the Esport crowds, which is awesome and exciting!”
About Alt Tab Productions
Alt Tab productions has been the leading online French TV network since 2010, dedicated to the broadcasting and creation of Esport programs & events. Alt Tab partners up with publishers and tournament organizers (Blizzard, Riot Games, OGN, Dreamhack), Online Talents (the best casters, youtubers and streamers) and broadcasting platforms (Youtube and Twitch) to provide top Esport content on dominant Esport titles, to a monthly average audience of 2.2 million unique and engaged viewers in 2017. Alt Tab Productions provides marketing activations through native advertising and sponsoring to brands that look for leads and reach in the Y generation, through the gaming and Esport discipline. Alt Tab Production is known for producing massive Esport tournaments in cultural venues in France since 2011, associating Esport storytelling to artistic performance, widening the access and bringing Esport thrills to it’s booming audience.
About Millennial Esports Corp.
Millennial Esports owns and operates “thE Arena”, Las Vegas’ first permanent eSports Arena and studio. “thE Arena” is a state of the art 15,000 square foot facility located on world famous Fremont Street, at the Neonopolis, in the heart of Downtown Las Vegas. Millennial Esports also owns and operates streamhatchet.com, a data analytics company that provides meaningful analytics and business intelligence for those persons and entities involved in video game streaming. Millennial Esports also recently announced it is acquiring Ideas+Cars, a global Esports and racing company based in the United Kingdom, which is expected to close in the next few weeks. The Company operates millennialesports.gg, an eSports platform and online community, which provides gamers with a variety of online competitions, leagues and ladders, giving them an opportunity to win prizes and garner recognition within the global eSports community. In addition, the Company provides turnkey solutions to give game publishers, consumer brands and other partners exposure and influence on a targeted audience, thereby enabling them to generate new revenue streams by leveraging this unique and highly sought after global demographic.
Source: Press release