Millennial Esports Provides Update on Milestones and Strategic Initiatives

• Millennial raises CDN$2.3 million in non-brokered offering
• Formula 1 mobile racing game to be released in Fall
• Synchronous mobile racing game platform nearing completion

Millennial Esports (TSXV:GAME), a mobile video game publisher focused on Esports and Racing, announced today that it continues to make significant progress in implementing its mobile racing game development and Esports racing strategy. As part of that process the Company is pleased to provide shareholders with the following update on the Company’s recent milestones and upcoming initiatives.

“The outlook for Esports is extremely positive, especially when it comes to mobile gaming, which is the fastest growing segment of the video game industry, with more than 2.1 billion players participating in a market valued at more than $50 billion,” said Millennial Esports CEO, Alex Igelman. “We maintain our leadership position as a mobile racing game publisher and intend to continue to create new and exciting games for leading brands, as well as for ourselves, with the intention of generating multiple revenue streams for the Company through Eden Games.”

Corporate Update
The Company recently closed a non-brokered offering of equity units of Millennial at a price of $0.12 per Equity Unit for gross proceeds of approximately CDN$2.3 million. The Company has repaid the initial drawn down on the revolving multi-draw credit facility with Eastmore Global announced on April 23, 2018 (the “Facility”).  The Company currently has no intentions to draw down further amounts from the Facility.

Eden Games
Through Eden Games, Millennial is currently pursuing growth strategies on several fronts:

• Eden, in association with publishers Codemasters, is in the final stages of completing development of the first Formula 1 mobile racing game. Scheduled for release in the fall, a trailer for the game was released to the public on Wednesday.
• Eden’s ground breaking synchronous multiplayer platform is nearing completion. With real time H2H racing features never before seen in a mobile racing game platform, we believe this new platform will revolutionize the mobile racing sector.
• The Company will be working closely with Amazon to expand the relationship to include the development and global release of a new ‘lite’ racing game tied into Amazon’s GameOn tournament and prizing platform.

“We are in talks with numerous parties including well known automotive and racing brands to develop new mobile games relying on our proprietary engines,” said Mr. Igelman in discussing Eden Games. “We believe developing multiple racing titles will increase our revenue streams, while lowering overall risk by enabling us to manage that risk on a project by project basis.”

Stream Hatchet

The Company’s Stream Hatchet business unit continues to establish itself as the leading authority on Esports streaming analytics. Through weekly blog posts and insight reports generated in tandem with Cynopsis Media, Stream Hatchet continues to win new fans in the industry, while working with leading global brands on projects concerning sensitive and valuable individualized business intelligence.

thE Arena

At thE Arena, Millennial’s mobile racing game, Gear.Club, is being featured in live races for cash prizes. Through this new initiative, which takes place every Thursday, Friday, and Saturday, Millennial Esports offers gamers the chance to win up to $400 in cash, with select events offering up to $1,250 to top performers. Simultaeouslty, thE Arena management is in the final stages of negotiations with a number of leading Esports brands regarding upcoming events to the held at Millennial’s facility in the months to come.

“While we continue to generate revenue through all our business units, our focus moving forward is on streamlining costs and dominating the mobile racing space,” said Mr. Igelman in discussing Millennial’s strategy. “With more than half of the world’s 2.1 billion mobile gamers playing 10 or more times a week and smartphones predicted to account for 41 per cent of gaming revenue by 2020, the upside and growth potential in this sector are tremendous.”

About Millennial Esports Corp.
Millennial Esports Corp. (MEC) is a vertically integrated mobile gaming publisher leading a revolution to fuse esports racing and professional motorsport through a global competition model. MEC is utilizing its gaming franchises and intellectual property (IP) to engage millions of new players. Combined with its virtual and live tournament platforms, gaming analytics capability, and motorsport IP – including World’s Fastest Gamer – MEC is uniquely positioned to become the market leader in Esport Racing.

Cautionary Statement on Forward-Looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation which are based upon Millennial’s current internal expectations, estimates, projections, assumptions and beliefs and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as “expect”, “likely”, “may”, “will”, “should”, “intend”, “anticipate”, “potential”, “proposed”, “estimate” and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions “may”, “would” or “will” happen, or by discussions of strategy.

The forward-looking information in this news release is based upon the expectations, estimates, projections, assumptions and views of future events which management believes to be reasonable in the circumstances. Forward-looking information includes estimates, plans, expectations, opinions, forecasts, projections, targets, guidance or other statements that are not statements of fact. Forward-looking information in this news release include, but are not limited to, statements with respect to internal expectations, future game releases and platform initiatives. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; loss of markets; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the esports industry generally; the ability of Millennial to implement its business strategies; competition; and other risks.

Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, Millennial does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Millennial to predict all such factors. When considering this forward-looking information, readers should keep in mind the risk factors and other cautionary statements in disclosure documents of Millennial filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in the disclosure documents could cause actual events or results to differ materially from those described in any forward-looking information.

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

Click here to connect with Millennial Esports (TSXV:GAME) for an Investor Presentation. 

Source: globenewswire.ca