GameOn Breaks Even in October, Closes Five Deals in Two Months
GameOn Entertainment Technologies Inc. (OTCQB: GMETF) achieved a significant milestone by breaking even in October 2022, fueled by a series of new partnership deals. These arrangements, including collaborations with Karate Combat, RDB Car Club, and Crypto Jets Club, are projected to generate over $1.4M in first-year revenue with an 80% gross margin. CEO Matt Bailey emphasized the company's focus on optimizing resources and pursuing high-value opportunities amid market volatility, positioning GameOn to potentially achieve profitability in 2023.
- Broke even for the first time in October 2022.
- New partnerships projected to generate over $1.4M in year one revenue.
- Expected gross margin of 80% from new deals.
- Accelerated growth with multiple new contracts closed.
- None.
VANCOUVER, BC, Nov. 15, 2022 /PRNewswire/ -- GameOn Entertainment Technologies Inc. (CSE: GET) (OTCQB: GMETF), a leading game technology company partnered with the world's biggest IPs to launch, operate, and monetize web3 games, today announces it broke even for the first time in October. The milestone month comes off the back of a flurry of new deals, including Karate Combat, RDB Car Club and Crypto Jets Club.
CEO Matt Bailey said: "Recent volatility in the broader public market has emboldened us to remain patient, optimize resources, and focus diligently on revenue. In light of this, a number of high-value opportunities have emerged, allowing us to grow our addressable market, revenue, and profitability. Our patience and diligence has paid off, with a number of exciting partnerships being executed and a break even month in October."
The company has accelerated growth in the back half of 2022. Milestones include:
- Closing a flurry of new deals in the past two months, with another in-contract, including Karate Combat, RDB Car Club and Crypto Jets Club. These deals alone are projected to generate more than
$1.4M in year one revenue with an expected gross margin of80% . - Partnering with Karate Combat to launch an NFT mint and fantasy game. GameOn will keep
80% of the revenue generated. KC35 saw 6.6M livestreams and August saw 143m video views. The league has global distribution in 100+ countries and is partnered with CBS, Globo, Eurosport, BeIN, & ESPN. - Breaking even in October, remaining on track to be profitable in 2023.
This is in addition to prior highlights since going public (just 17 months ago):
- Closed an oversubscribed financing of
$5.8M at a$15M pre-money valuation, announced on March 11, 2021. - Generated and booked more than
$2.8M in sales with an expected gross margin of80% . - Launched products for (or soon to launch products for) Chibi Dinos, Gaming Society (in partnership with the WNBA), YOOM (formerly Tetavi), RDB Car Club, Crypto Jets Club, and Karate Combat.
- Closed strategic investments from Times Internet and Polygon (non-dilutive).
- Pioneered web3 gamification and a whole new sales vertical leveraging our existing, versatile technology platform
Bailey added: "We continue to work efficiently on identifying opportunities that will drive revenue, profitability, and shareholder value. We remain confident on fulfilling profitability in 2023 as management continues to focus aggressively on new sales."
The company also announced an upcoming webinar on November 16 at 10 AM PST / 1 PM EST. To be added to the webinar calendar invite, please email matt@gameon.app.
On Behalf of the Board of Directors:
Matt Bailey, Director & Chief Executive Officer
GameOn Entertainment Technologies Inc.
matt@gameon.app
GameOn (CSE: GET) (OTCQB: GMETF) partners with the world's biggest sports, media, and entertainment IPs to launch brand-building, money-making web3 games. We turn fans into superfans - engaging, retaining, and monetizing audiences, and getting upside in the entire economic cycle of web3 games. With a diverse team of web3, gaming, sports, and media veterans with experience at Take-Two Interactive, Twitch, EA, Dapper Labs, and the Brooklyn Nets, GameOn works with broadcasters, TV networks, streaming platforms, leagues, tournaments, and web3 companies to launch best-in-class web3 games. Customers include NBCUniversal, Bravo, MX Player, Karate Combat, and Gaming Society.
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could," "estimates," "expects," "forecasts," "projects" and similar expressions, and the negative of such expressions. All statements other than statements of historical facts contained in this news release are forward looking statements. Forward-looking information in this news release includes, without limitation, statements regarding the future plans and objectives of the Company, execution of business strategy, future performance and future growth, business prospects, synergies and opportunities of the Company and its related subsidiaries, and other factors beyond the Company's control.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made, including, but not limited to the Company being able to capitalize on the acquired assets, the ability of acquired assets to maintain its value as presently contemplated, the synergies of the acquired assets with the Company's operations, and such other assumptions presented in the Company's disclosure record. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information herein is qualified in its entirety by this cautionary statement, and GameOn disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
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SOURCE GameOn Entertainment Technologies Inc.
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