Enthusiast Gaming to Sell Assets

Enthusiast Gaming to Sell Assets

Business

01 April 2024 14:55

Enthusiast Gaming (TSX: EGLX) has finalized a definitive agreement for the sale of certain non-core and unprofitable casual gaming assets, as announced today. The transaction, valued at approximately C$4.1 million, marks a strategic move aimed at streamlining operations and bolstering the company's focus on high-margin revenue growth and sustainable profitability. The divested assets represent a subset of Enthusiast Gaming's casual gaming business, aligning with the company's ongoing efforts to enhance operational efficiency.

Adrian Montgomery, Board Chair and Interim CEO of Enthusiast Gaming stated “This sale of a subset of non-core and non-profitable assets for C$4.1 million underscores our dedication to strengthening our balance sheet while simultaneously reducing operating costs. Further, this allows us to focus our efforts on core business opportunities, including TheSimsResource, U.GG, PocketGamer, Icy-Veins, Luminosity Gaming, NFL TNG, and our many other assets and properties that boast substantial audiences, drive direct sales, and present significant subscription opportunities.”

Tags: Enthusiast Gaming

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Enthusiast Gaming to Sell Assets

Business

01 April 2024 14:55

Tags: Enthusiast Gaming

Enthusiast Gaming (TSX: EGLX) has finalized a definitive agreement for the sale of certain non-core and unprofitable casual gaming assets, as announced today. The transaction, valued at approximately C$4.1 million, marks a strategic move aimed at streamlining operations and bolstering the company's focus on high-margin revenue growth and sustainable profitability. The divested assets represent a subset of Enthusiast Gaming's casual gaming business, aligning with the company's ongoing efforts to enhance operational efficiency.

Adrian Montgomery, Board Chair and Interim CEO of Enthusiast Gaming stated “This sale of a subset of non-core and non-profitable assets for C$4.1 million underscores our dedication to strengthening our balance sheet while simultaneously reducing operating costs. Further, this allows us to focus our efforts on core business opportunities, including TheSimsResource, U.GG, PocketGamer, Icy-Veins, Luminosity Gaming, NFL TNG, and our many other assets and properties that boast substantial audiences, drive direct sales, and present significant subscription opportunities.”

Share:

Sources:

Report mistake   

Submit news   

Related news

View All

Enthusiast Gaming Reveals Q3 2024 Financial Results

Enthusiast Gaming Holdings (TSX: EGLX), , announced its financial results for the third quarter of 2024.The company reported revenue...

Business

Nov 18, 2024

Enthusiast Gaming Takes $20m Loan

Enthusiast Gaming announced today securing a $20m non-revolving term loan for a four-year period. This financing was secured through...

Business

Jul 17, 2024

Enthusiast Gaming Partners with Netflix

Enthusiast Gaming partnered with Netflix to launch ONE PIECE Fortnite Experience.Parties will promote the release of the new live-action adaption...

Business

Sep 07, 2023

Valnet Acquires Polygon

Polygon, one of the most prominent video game and pop culture websites of the last decade, has been acquired by...

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May 02, 2025

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