Engine Media – AIS Arbitration Update

Rhea-AI Summary

Engine Media Holdings (NASDAQ: GAME) has received a ruling from an Ontario arbitrator confirming the completion of its acquisition of Allinsports, a motorsport simulator manufacturer. The decision mandates the issuance of 966,667 common shares to Allinsports shareholders as per the acquisition agreement. Engine Media is currently reviewing the ruling for further options and remedies. This development is crucial as it ensures the fulfillment of obligations to Allinsports shareholders, potentially affecting the company’s stock performance moving forward.

Positive

• Arbitrator ruled that the acquisition of Allinsports was completed successfully.
• Allinsports shareholders are entitled to receive 966,667 common shares, fulfilling a key obligation.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / October 1, 2021 / Engine Media Holdings, Inc. ("Engine" or the "Company")(NASDAQ:GAME)(TSXV:GAME), an esports/sports gaming and next-generation media solutions company, is providing an update to the Company's press release of November 20, 2020, with regard to the arbitration in Ontario commenced by the shareholders of Allinsports seeking, among other things, a ruling that the Company's pending acquisition of Allinsports, a manufacturer of motorsports racing simulators, had been completed and that the selling shareholders were entitled to receive the outstanding payment of 966,667 Company common shares due under the acquisition agreement. The arbitrator has determined that the transaction was completed and that the Allinsports shareholders are entitled to receive the outstanding share consideration under the acquisition agreement.

The Company is reviewing the decision to determine its options, including other relief and remedies it may pursue. The Company will provide further updates as they become available.

About Engine Media Holdings, Inc.

Engine Media Holdings Inc. is traded publicly under the ticker symbol (NASDAQ:GAME)(TSXV:GAME). Engine provides premium social sports and esports gaming experiences, as well as unparalleled data analytics, marketing, advertising, and intellectual property to support its owned and operated direct-to-consumer properties while also providing these services to enable its clients and partners. The company's subsidiaries include Stream Hatchet, the global leader in gaming video distribution analytics; Sideqik, a social influencer marketing discovery, analytics, and activation platform; Eden Games, a premium motorsport video game developer and publisher across console and mobile gaming; WinView Games, a social predictive play-along gaming platform for viewers to play while watching live events; UMG, an end-to-end competitive esports platform powering and broadcasting major esports events, as well as daily community tournaments, matches, and ladders; and Frankly Media, a digital publishing platform used to create, distribute and monetize content across all digital channels. Engine Media generates revenue through a combination of direct-to-consumer and subscription fees, streaming technology and data SaaS-based offerings, programmatic advertising, and sponsorships.

Cautionary Statement on Forward-Looking Information

This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Engine to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. In respect of the forward-looking information contained herein, including any further actions taken by the Company with regard to the Allinsports arbitration and the potential outcomes and benefits to be derived therefrom, Engine has provided such statements and information in reliance on certain assumptions that management believed to be reasonable at the time. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements stated herein to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on forward-looking information contained in this news release.

The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. Engine does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For Further Information:

Investors
Ryan Lawrence, ICR
Ryan.Lawrence@icrinc.com
332-242-4321

Media
James Goldfarb, Sloane & Company
jgoldfarb@sloanepr.com
212-446-1869

SOURCE: Engine Media Holdings, Inc.

View source version on accesswire.com:
https://www.accesswire.com/666533/Engine-Media-AIS-Arbitration-Update

FAQ

What was the recent ruling regarding Engine Media's acquisition of Allinsports?

An Ontario arbitrator confirmed that Engine Media's acquisition of Allinsports was completed and that shareholders are entitled to receive 966,667 common shares.

What are the implications of the arbitration ruling for Engine Media (GAME)?

The arbitration ruling ensures that Engine Media fulfills its obligations to Allinsports shareholders, which may influence the company's stock performance.

How many common shares are due to Allinsports shareholders as per the arbitrator's decision?

Allinsports shareholders are entitled to receive 966,667 common shares due under the acquisition agreement.

When did Engine Media announce the arbitration update?

Engine Media announced the arbitration update on October 1, 2021.