GameOn LALIGA War Chest Sells Out in 24 Hours

Rhea-AI Summary

GameOn successfully sells out LALIGA War Chests despite Ethereum gas challenges, plans to launch $GAME on Arbitrum. The company extends loan maturity date with Proje Ventures Inc.

Positive

• GameOn sells out 3,500 LALIGA War Chests in 24 hours on OpenSea and Arbitrum.
• The company faces obstacles like high Ethereum gas fees and record BTC inflows.
• GameOn's quick response to challenges results in a successful sellout.
• Plans to further develop GameOn LALIGA with player avatar mints and fantasy game release.
• Collaboration with Sportsology for $GAME launch on Arbitrum in Q2.
• Extension of loan maturity date with Proje Ventures Inc. to July 8, 2024, with revised repayment terms.
• Late payment penalty of US$15,000 for each month of delayed installment payment.

Negative

• None.

VANCOUVER, BC, March 4, 2024 /PRNewswire/ -- GameOn (CSE: GET) (OTCQB: GMETF), a next generation fantasy sports company partnered with the world's best sports leagues to launch, operate, and monetize web3 games, today announces that its LALIGA War Chest has successfully sold out. GameOn sold 3,500 War Chests in 24 hours on OpenSea and Arbitrum. The sellout is despite obstacles like three-year-high Etherum gas amid record BTC inflows.

"The team's fast and nimble response to Ethereum gas challenges - by pausing, pivoting, and relaunching on Arbitrum just 24 hours later - kept the community engaged and momentum alive, resulting in an emphatic and hard-earned sellout," said Matt Bailey, CEO at GameOn. "The GameOn team is built for execution, even under immense and unexpected pressure, and is committed to delivering next-gen fantasy games with the best sports leagues in the world."

GameOn's attention now turns to fostering GameOn LALIGA further with player avatar mints and the fantasy game release, as well as launching $GAME in collaboration with Sportsology and announcing new major league partners.

GameOn LALIGA recently launched on social media, amassing more than 200,000 video views and a community of over 100,000 across X, Discord, email, and waitlist. GameOn also recently announced a grant from Arbitrum, the leading Layer 2 (L2) scaling solution for Ethereum, with a market cap of more than $2b. $GAME is planned to launch on Arbitrum in Q2, off the back of a string of successful game token launches like XAI.

For further news and updates, join GameOn's shareholder Telegram channel.

The Company also announces that it has entered into an amending agreement dated February 22, 2024 (the "Amendment") with respect to a loan agreement with Proje Ventures Inc. ("Proje") whereby the Company had borrowed an aggregate of US$550,000 (the "Loan") from Proje. The Loan is evidenced by a promissory note dated July 8, 2022 (the "Note") and secured against the monthly recurring revenue of the Company derived from its assets and contracts.

As per the original terms of the Note, the Loan bore interest at the simple non-compounding rate of 14% per annum payable monthly in arrears based on a 365-day year basis, and was due and had become mature on January 8, 2024, the 18-month anniversary of the closing date of the Loan (the "Maturity Date"). Pursuant to the Amendment, the Company and Proje have agreed to extend the Maturity Date, so that the Loan shall mature on July 8, 2024, and to provide for the repayment of the principal amount of the Loan in two installments, of which an amount of US$275,000 shall be due and payable by the Company to Proje on February 29, 2024, and the remaining amount of US$275,000 shall be due and payable by the Company to Proje on July 8, 2024. If the Company fails to pay an installment of the principal amount of the Loan within one month of the due date, the Company shall be required to pay a late payment penalty in an amount equal to US$15,000 for each period of one month following the due date during which such installment remains unpaid. In addition to the foregoing, as per the terms of the Amendment, the Loan shall bear interest at the simple non-compounding rate of 20% per annum payable monthly in arrears based on a 365-day basis, commencing on January 8, 2024.

On Behalf of the Board of Directors:
Matt Bailey, Director & Chief Executive Officer
GameOn Entertainment Technologies Inc.
matt@gameon.app

About GameOn
GameOn (CSE: GET) (OTCQB: GMETF) partners with the world's best sports, media, and entertainment IPs to launch brand-building, money-making next-gen games. We turn fans into superfans - engaging, retaining, and monetizing audiences. With a diverse team of gaming, sports, and web3 veterans with experience at Take-Two Interactive, Twitch, EA, Dapper Labs, and the Brooklyn Nets, our platform is executed at scale with millions of users, gameplays, and revenue. GameOn has partnered with NBCUniversal, Bravo, LALIGA, PFL, Karate Combat, the WNBA, Times Internet, DICK'S Sporting Goods, and Gaming Society.

Forward-Looking Information
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.

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

 

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SOURCE GameOn Entertainment Technologies Inc.

FAQ

How many LALIGA War Chests did GameOn sell in 24 hours?

GameOn sold out 3,500 War Chests in 24 hours on OpenSea and Arbitrum.

What challenges did GameOn face during the sellout?

GameOn faced obstacles like high Ethereum gas fees and record BTC inflows during the sellout.

What is GameOn's plan for GameOn LALIGA?

GameOn plans to further develop GameOn LALIGA with player avatar mints and fantasy game release.

When is $GAME planned to launch on Arbitrum?

$GAME is planned to launch on Arbitrum in Q2 in collaboration with Sportsology.

What amendment did GameOn make with Proje Ventures Inc. regarding the loan agreement?

GameOn extended the loan maturity date with Proje Ventures Inc. to July 8, 2024, with revised repayment terms.

What is the late payment penalty for GameOn if they fail to pay an installment of the principal amount of the Loan?

GameOn shall pay a late payment penalty of US$15,000 for each period of one month following the due date during which such installment remains unpaid.