Simplicity Esports and Gaming Company Gives Update on Status of Gaming Centers

Rhea-AI Summary

Simplicity Esports and Gaming Company (OTCQB:WINR) announced the opening of new gaming centers in Fullerton, CA, and Vancouver, WA, expanding its total to 15 operational centers. Currently, 6 locations are at full capacity, with others operating at various levels. The company reported a record revenue quarter for the period ended February 28, 2021, despite some centers not being fully operational. Looking ahead, Simplicity plans further acquisitions and aims for profitability as restrictions ease. The company also intends to list on NASDAQ or NYSE American, though approval is not guaranteed.

Positive

• Opened new gaming centers in Fullerton, CA, and Vancouver, WA, bringing total to 15.
• Reported record revenue for the quarter ended February 28, 2021.
• 6 gaming centers operating at 100% capacity.

Negative

• Some corporate gaming centers were not operational for the entire quarter, impacting revenue.

In 2019, Fullerton and Vancouver combined with the other previously announced acquisitions generated over $3 million in revenue.

Boca Raton, Florida, April 23, 2021 (GLOBE NEWSWIRE) -- Simplicity Esports and Gaming Company (OTCQB:WINR) (“Simplicity Esports”), announced that it has opened the recently acquired gaming centers in Fullerton, CA and Vancouver, WA. Simplicity Esports now owns a total of 15 gaming centers, of which 14 are open and operational. The Redmond, WA gaming center is expected to reopen next week. As of April 22nd, six locations are operating at 100% capacity, one at 75% capacity, 7 at 50% capacity, and one at 25% capacity. 11 of 18 franchise gaming center locations have reopened and are operating at various capacities.

Roman Franklin, CEO of Simplicity Esports, stated, “We recently announced a record quarter for revenue for the period ended February 28, 2021. Six of our corporate owned gaming centers were not open the full quarter, and the rest were operating at some limited capacity. We plan to continue with strategic gaming center acquisitions, as well as construction of new locations, throughout 2021. Assuming no new material COVID-19 restrictions, I believe corporate-owned gaming center profitability is achievable in the near term, as all of our corporate locations have percentage rent lease agreements with the respective landlords.”

Simplicity Esports intends to list its common stock and warrants on The NASDAQ Capital Market or the NYSE American. There is no guarantee that the listing application will be approved by The Nasdaq Capital Market or the NYSE American.

About Simplicity Esports and Gaming Company:

Simplicity Esports and Gaming Company (WINR) is an established brand within the esports industry, competing and streaming in popular games across different genres, including Apex Legends^®, PUBG Mobile^®, Overwatch^®, League of Legends^®, and various EA Sports^® titles. Simplicity Esports is also in the process of designing, minting, and selling non-fungible tokens (NFTs) for the esports and gaming industries. Simplicity Esports also owns 15 esports gaming centers, 14 of which are open and operational, and is the franchisor for 18 esports gaming centers, 11 of which are open and operational, providing the public an opportunity to experience gaming and esports in a social setting, regardless of skill or experience. Simplicity Esports also organizes and hosts various in-person events and play from home, online tournaments. Simplicity Esports also owns a Riot Games League of Legends franchise and top Brazilian esports organization, Flamengo Esports.

Apex Legends^® PUBG Mobile^®, Overwatch^®, League of Legends^®, Fortnite^®, EA Sports^® and Free Fire^® are registered trademarks of their respective owners.

Forward-Looking Statements:

This press release contains statements that constitute “forward-looking statements.” Forward-looking statements are subject to numerous conditions, many of which are beyond Simplicity Esports’ control, including those set forth in the Risk Factors section of Simplicity Esports’ Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on August 31, 2020 and our subsequent SEC filings, as amended or updated from time to time. Copies of Simplicity Esports’ filings with the SEC are available on the SEC’s website at www.sec.gov. Simplicity Esports undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Simplicity Esports Contact:

Roman Franklin
Chief Executive Officer
Roman@SimplicityEsports.com
561-819-8586

FAQ

What is the current status of Simplicity Esports gaming centers?

As of now, Simplicity Esports operates 15 gaming centers, with 14 open and 6 at full capacity.

What revenue achievements did Simplicity Esports announce?

The company reported a record revenue quarter for the period ended February 28, 2021.

What are Simplicity Esports' plans for NASDAQ or NYSE listing?

Simplicity Esports intends to list its common stock and warrants on NASDAQ or NYSE American, though approval is uncertain.

How many gaming centers are currently operational for Simplicity Esports?

As of April 22, 2021, 14 of the 15 gaming centers are operational.

What capacity levels are Simplicity Esports gaming centers operating at?

Out of the operational centers, 6 are at 100% capacity, 1 at 75%, 7 at 50%, and 1 at 25% capacity.