X1 Esports and Entertainment Ltd. (CSE:XONE) said it has completed the purchase of Octane.GG, an online stats and news outlet which focuses on the popular video game, Rocket League.
Vancouver-based X1 Esports said this includes consulting agreements with two key personnel from Octane, who will be responsible for the continued operation of the platform.
In addition, X1 Esports said it will pay a cash purchase price of $35,000. Out of that, it said $17,500 was paid in connection with the closing of the acquisition, and that $17,500 will be payable within 45 days after the closing date.
READ: X1 Esports moves one step closer to becoming ultimate Rocket League fan hub with Octane.GG acquisition
X1 CEO Mark Elfenbein said he’s enthusiastic about the Octane acquisition, which is the third one after his company purchased talent service Tyrus LLC and digital news source ShiftRLE this past August.
“As Rocket League continues to grow in global popularity, owning multiple assets within this Esport allows the opportunity to launch an all-encompassing Rocket League destination site containing breaking news, statistics, video highlights, and fantasy sports,” Elfenbein said in a statement.
X1 said that Octane is the leading Rocket League Esports statistics platform, which provides in-depth match stats across the top events in the league.
Changes to directors and officers
X1 also announced that Jan Hoffmann has resigned from its board of directors and as CEO of the company’s wholly-owned subsidiary, RixGG Europe Ltd, which operates the RixGG e-sports teams. Latika Prasad, a current director of the company, will be appointed CEO of RixGG Europe Ltd and will oversee operations alongside Elfenbein.
Samantha Shorter has been appointed to fill the vacancy on the board. In connection with her appointment, Shorter has resigned as X1 CFO, and Bobby Dhaliwal has been appointed as the new CFO.
Shorter has over a decade of experience in providing reporting, assurance and accounting services to publicly traded companies, including technology companies.
Dhaliwal works as a financial consultant with several TSX-V and CSE listed companies in the resources and technology sector, including in the roles of CFO and controller. His professional experience includes assistance on initial public offerings, continuous disclosure and financial reporting, implementation of accounting software, various equity financings and implementation of internal control policies, according to X1.
X1 Esports and Entertainment Ltd. (CSE:XONE)is a gaming and entertainment company that helps connect brands with Gen-Z and millennial audiences via an Esports team, a talent management agency, and other media assets.
Contact the author at susie@proactiveinvestors.com
