REACT GAMING GROUP INC - ITMZF STOCK NEWS

React Gaming Group Inc. (OTCQB: ITMZF) announced its 2023 initiative to enhance its esports tournament and betting platforms, Compete.gg and LOOT.BET, using artificial intelligence (AI) and machine learning (ML). The esports market is expected to generate $1.87 billion by 2025, making it a lucrative area for AI integration. The improvements aim to optimize tournament organization, player engagement, and betting processes. CEO Leigh Hughes emphasized that this initiative aims to create a user-friendly and competitive environment while preventing cheating. React Gaming is set to explore AI's potential to transform its platforms, enhancing overall user experience.

React Gaming Group (OTCQB: ITMZF) announced a partnership with HHR Philippines to launch the LOOT.BET wagering platform in the Philippines, targeting a market of over 130 million. HHRPh holds one of four online gaming licenses in the country, and the goal is to operationalize the LOOT.BET skin by April 1, 2023. This partnership marks React Gaming's entry into the low-capital B2B sector, allowing them to reach established customer bases while minimizing customer acquisition costs. The deal reflects a strategic move to expand LOOT.BET across various markets efficiently.

React Gaming Group announces a strategic partnership between its subsidiary Parabellum Esports and Viral Nation to enhance global branding and sponsorship opportunities in the esports sector. This collaboration aims to leverage Viral Nation's expertise to increase Parabellum's revenue and brand visibility. Leaders from both organizations express optimism about the partnership's potential to elevate Parabellum's competitive teams and expand their reach within the esports ecosystem.

React Gaming Group has appointed Leigh Hughes as its permanent CEO, reinforcing leadership stability as it pursues expansion plans. Hughes brings over 20 years of entrepreneurial and venture capital experience. Since his interim role began in June, he has strengthened partnerships and laid foundations for growth in the esports sector. Additionally, a proposed 4:1 share consolidation will reduce outstanding shares, potentially enhancing capital structure and market appeal. If approved on November 17, this move aims to better position the company for future financing and attract institutional investors.

React Gaming Group has successfully closed the first tranche of a non-brokered private placement, generating gross proceeds of $635,000 from the sale of 6,350,000 units at $0.10 each. Each unit comprises one share and one warrant, allowing the purchase of additional shares at $0.12. The corporation aims to raise up to $5 million and will utilize the funds for administrative and operational purposes. Additionally, a share consolidation at a 4:1 ratio is proposed for shareholder approval on November 17, 2022, aimed at enhancing capital structure for future growth.

React Gaming Group announced the TSX Venture Exchange's approval to extend 31,232,000 common share purchase warrants. This includes 21,225,000 warrants from a March 2021 private placement and 10,007,000 from a February 2022 subscription receipt offering. The exercise prices are $0.265 and $0.53, with new expiry dates set for September 5, 2023, and February 18, 2024, respectively. The move aims to provide investors more opportunities to benefit as the company focuses on its esports and iGaming growth strategy through LOOT.BET and its subsidiaries.

React Gaming Group reported a strong Q2 2022 with revenue soaring to $845,543, up from $39,902 in Q2 2021, marking a 25% increase from Q1. This growth followed the acquisition of LOOT.BET in February 2022. Gross profit reached $322,922 (38.2% of revenue), while the net loss increased to $(1,532,382) or $(0.009) per share. The company aims to expand market share with new partnerships and services, focusing on profitability in the esports and iGaming sectors.

React Gaming Group announces that its subsidiary LOOT.BET has received GLI-19 certification from Gaming Laboratories International. This certification allows LOOT.BET to offer white-label solutions in numerous countries with fewer regulatory constraints. It aligns with a revenue-sharing agreement with HHRP Inc. for the Philippines, enhancing LOOT.BET's market potential without requiring significant investment. The certification is crucial for expanding LOOT.BET's reach in the B2B market and is a key component of the company's growth strategy.

React Gaming Group has announced that its subsidiary, LOOT.BET, launched an Isle of Man-licensed online esports betting platform on July 31, 2022. This license significantly enhances LOOT.BET's global reach, enabling increased white-label opportunities and financial advantages. The Isle of Man's stringent licensing requirements guarantee high ethical standards, which will contribute to a safer gaming environment for users. LOOT.BET aims to transition its existing player base to this new license in the coming days, positioning itself for expanded operations in both B2C and B2B markets.