Champion Gaming Announces Delay in Filing Annual Financial Statements and Change of Directors

Rhea-AI Summary

Champion Gaming Group Inc. (TSXV: WAGR) has announced a delay in filing its annual financial statements for the fiscal year ended December 31, 2023, leading to the expectation of a 'failure to file' cease trade order by the Ontario Securities Commission. The company also disclosed the appointment of Gerard Maynard as a new director after the resignations of Ken Hershman and Sean O'Leary.

Positive

• None.

Negative

• The delay in filing the annual financial statements might lead to a negative impact on the company's stock performance, as it can result in a 'failure to file' cease trade order being issued by the Ontario Securities Commission. This could potentially affect investor confidence and the company's reputation in the market.

Toronto, Ontario--(Newsfile Corp. - April 30, 2024) - Champion Gaming Group Inc. (TSXV: WAGR) ("Champion Gaming" or the "Company") announced today that the Company is unable to file its audited financial statements, management's discussion and analysis and related certifications for the fiscal year ended December 31, 2023 (collectively, the "Annual Filings") before the April 29, 2024 filing deadline.

As a result, the Company expects that the Ontario Securities Commission will be issuing a "failure to file" cease trade order in respect of the Company's securities under Multilateral Instrument 11-103 Failure-to-File Cease Trade Orders in Multiple Jurisdictions (the "FFCTO").

A copy of the FFCTO will be posted to the website of the Canadian Securities Administrators. The Company expects the FFCTO to remain in place until such time as the Annual Filings have been made and the FFCTO has been revoked.

Furthermore, the Company announced the appointment of Gerard Maynard as a director of the Company following the resignations of Ken Hershman and Sean O'Leary as directors of the Company.

The Company would like to thank Ken Hershman and Sean O'Leary for their service and wish them well in their future endeavors.

Mr. Maynard has over twenty-five years of experience in the tech sector, having begun his early career on the team that developed the 407ETR in Ontario, Canada, to most recently as a principal of Relai Neuro, a testing and data management business for the rehab and mental health treatment industry. As a distinguished technology executive, he has extensive experience in sales, operations, technology oversight and fundraising.

Following these changes, the Company's board consists of four directors, two of which are independent. The appointment of Mr. Maynard remains subject to review and approval of the TSX Venture Exchange.

About Champion Gaming

Champion Gaming is a sports content, data and analytics company that provides predictive and prescriptive analytical models and win probability applications and statistics in the sports industry for teams, media, fans, and bettors. The sports analytical and data solutions currently offered by Champion to its customers include: a fully customized probability engine; interactive sports matchup models; spread and over/under distributions; and sports statistics and historical data statistics.

Further information on Champion Gaming can be found on SEDAR+ at www.sedarplus.ca.

Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance of the Company. The use of any of the words "could", "intend", "expect", "believe", "will", "may", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the ability of the Company to successfully manage the risks inherent in pursuing business opportunities in the online gaming industry, and the ability of the Company to obtain qualified staff, equipment and services in a timely and cost-efficient manner to develop its business, and the state of the capital markets. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. Forward-looking information necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Such risks and factors include, but are not limited to, the risk that the Company's management is unable to obtain qualified staff, equipment and services in a timely and cost-efficient manner to develop its business. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

For further information, please contact:

Champion Gaming Group Inc.

Graham Simmonds
Chief Executive Officer
T: 416.843.2881
E: jgrahamsimmonds@gmail.com

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207394

FAQ

What is the stock symbol of Champion Gaming Group Inc. mentioned in the press release?

The stock symbol of Champion Gaming Group Inc. is WAGR.

Who has been appointed as a new director of the company in the press release?

Gerard Maynard has been appointed as a new director of Champion Gaming Group Inc.

What is the reason for the delay in filing the annual financial statements mentioned in the press release?

The delay in filing the annual financial statements is due to the company being unable to meet the filing deadline.

What action does the company expect the Ontario Securities Commission to take due to the delay in filing the annual financial statements?

The company expects the Ontario Securities Commission to issue a 'failure to file' cease trade order.

How many directors currently serve on the board of Champion Gaming Group Inc. after the recent changes mentioned in the press release?

The Company's board consists of four directors, two of which are independent, following the recent changes.

What is the background of the newly appointed director, Gerard Maynard, as mentioned in the press release?

Gerard Maynard has over twenty-five years of experience in the tech sector, with extensive experience in sales, operations, technology oversight, and fundraising.