Gaming

NetDragon Websoft Holdings Limited ("NetDragon" or the "Company"; Hong Kong Stock Code: 777), a global leader in building internet communities, is pleased to announce that the Company has recently signed a tripartite memorandum of understanding with the Teacher Education Faculty, University of Belgrade (the "Teacher Education Faculty") and the Institute for Improvement of Education in Serbia to promote and implement the "Serbia National Teacher Training Program" (the "Program"). The Program aims to train quality teachers in the digital era, to improve teachers' capabilities in basic education and to promote smart education through research and teachers' training in Serbia. This follows the visit of Serbian President Aleksandar Vučić in June 2020 to the Robotics and Artificial Intelligence Education Center, Belgrade (the "CRAIE"), which was jointly established by NetDragon. The partnership is another recognition of the Company by the Ministry for Education, Science and Technological Development (the "MoESTD") of Serbia, and marks the progress on the country-level education collaboration between the two sides.

NetDragon Websoft Holdings Limited Logo (PRNewsfoto/NetDragon Websoft Holdings Limi)

The Program is guided by the MoESTD of Serbia, and implemented by the Teacher Education Faculty and the Institute for Improvement of Education in Serbia. As a technical support provider and participating course developer of the Program, NetDragon is responsible for the construction of training facilities and platforms, the production of some training courses, assisting in training assessment and certification as well as promoting the application of information technology into everyday teaching. All these will support the implementation of informatization training for Serbia's secondary and primary school teachers.

The Program targets all Serbia's secondary and primary school teachers and education administrators. Through the combination of online and offline trainings, the Program aims to improve information literacy and ability to apply information technology of school teachers, as well as the informatization leadership of education administrators. In the first phase of the Program, education informatization training will be offered for 4,000 teachers across Serbia at the CRAIE. In the second phase, online training will be provided to teachers all over Serbia, and selected schools will serve as pilot training centres which will then promote teachers' training at more schools in their respective regions. NetDragon's global online learning community Edmodo and distance education platform E-learning will serve as a choice of teaching tools to support teacher-parent and teachers-student communication, as well as the remote real-time teaching. In addition, NetDragon plans to adopt technologies such as instant messaging (IM), video on demand (VOD) to provide a one-stop training platform which combines training, research, management and other functions. In the smart classrooms, NetDragon will empower teachers with its smart education software and hardware such as Promethean ActivPanel and Edmodo classroom. These products will help teachers start informatized education and provide better teaching for students.

During his visit to the CRAIE in June 2020 , Serbian President Aleksandar Vučić's said, "We are grateful to our Chinese friends and NetDragon. The collaboration is fruitful. In the near future, 4,000 teachers across Serbia will receive training at this centre and this would be important to our country." The Program has made rapid progress under President Vučić's supervision. It is expected to considerably assist the building of Serbian teachers' capability and improve their quality.

Speaking on the strategic collaboration, Liu Dejian, Founder and Chairman of the Board of NetDragon said, "NetDragon is honoured to take part in the Program. With our experience in digital education, we believe that we could help promote Serbia's national education informatization, enable more teachers to equip with advanced pedagogy and thus foster Serbia's smart education. The Company will help accelerate the education development in countries along the 'Belt and Road'."

About NetDragon Websoft Holdings Limited

NetDragon Websoft Holdings Limited (HKSE: 0777) is a global leader in building internet communities with a long track record of developing and scaling multiple internet and mobile platforms that impact hundreds of millions of users, including previous establishments of China's first online gaming portal, 17173.com, and China's most influential smartphone app store platform, 91 Wireless.

Established in 1999, NetDragon is one of the most reputable and well-known online game developers in China with a history of successful game titles including Eudemons Online, Heroes Evolved and Conquer Online. In recent years, NetDragon has also started to scale its online education business on the back of management's vision to create the largest global online learning community, and to bring the "classroom of the future" to every school around the world. For more information, please visit www.netdragon.com .

For investor enquiries, please contact:

NetDragon Websoft Holdings Limited
Ms. Maggie Zhou
Senior Director of Investor Relations
Tel.: +852 2850 7266 / +86 591 8390 2825
Email: maggiezhou@nd.com.cn
Website: ir.netdragon.com

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SOURCE NetDragon Websoft Holdings Limited

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X1 Esports Closes Acquisition of Assets of Rocket League Community, ShiftRLE

  • The transaction is anticipated to strengthen X1's position in video game media, adding Shift's 30,000+ social media followers at twitter.com/ShiftRLE
  • Rocket League globally averages over 80M players per month 1
  • The acquisition is X1's second closed post IPO acquisition after the announcement of the closing of the Tyrus LLC acquisition on August 5 th 2022.

X1 Esports and Entertainment Ltd. (CSE:XONE) ("X1" or the "Company"), a video games and media portfolio company which owns and operates a growing Esports franchise and a leading creator economy business is pleased to announce, further to its news release dated July 25, 2022, it has closed its previously announced acquisition of the assets comprising of ShiftRLE ("Shift"), an online news outlet focused on the popular video game, Rocket League.

In connection with the acquisition of the assets comprising of the business of Shift, the Company has entered into consulting agreements with four vendors, who as key personnel will be responsible for the continued operation of Shift, and distributed to such persons 333,333 common shares in the capital of X1 with a deemed issue price of CAD$0.45 per common share (the "Consideration Shares"). In addition to the Consideration Shares, the Company is paying a cash purchase price to the vendors of US$50,000 cash, of which US$25,000 was paid in connection with the closing of the acquisition and US$25,000 payable within 45 days after the closing date. The vendors will also be eligible to receive earn-out payments for 36 months from the closing date as payment of a 7% share of gross revenues Shift earns to a maximum of US$250,000 (the "Earnout"). The Earnout may be paid in cash or common shares at the election of the Company, at a deemed price equal to the fourteen day trading price prior to the payment date or such other price as may be required by the policies of the Exchange .

The Consideration Shares will be subject to subject to a CSE imposed hold period of four months from the date of issuance, and a contractual resale restriction that will result in 25% of the Consideration Shares being released six (6) months following the closing date, and 25% being released at six (6) month intervals thereafter. For further information related to the acquisition terms, please the Company's news release dated July 25, 2022.

" We are thrilled to have closed on the Shift acquisition," said Mark Elfenbein, CEO of X1. " Not only has the Shift community grown considerably over the past year, but we believe that Rocket League has tremendous global appeal with fans looking for the content that Shift can offer."

Information Related to ShiftRLE

Las Vegas-based ShiftRLE, led by co-founders Achilleas Fotiou and Jalen Jones, has demonstrated consistent user audience growth since launching in 2020. Shift currently reaches over 8 million impressions during the seasonal period of RLCS, while seeing growth of 14 million impressions during transfer periods where the roster news cycle is most active. With operations in America and Europe, the organization has established an international presence in the Esports industry.

" As Rocket League continues its climb to becoming a household name in the esports and gaming worlds, our team at Shift will remain committed to being a part of it in multiple facets. X1's investment should not only reflect their belief in us, but the potential that Rocket League has as a whole. We're extremely excited to continue building Shift and to fully realize our aspirations of becoming that multimedia company that will stick around for years to come".

Rocket League is one of the world's leading esports 2 . With 5-minute games that feature non-stop action, the car-soccer hybrid game has seen significant growth with players across demographics since its launch, now seeing global averages of 80M players per month, according to Active Player 3 .

Shift is an independent news source for Rocket League fans. It first rose to prominence by getting exclusive, behind-the-scenes information on Rocket League roster moves and tryouts before they were public knowledge. Shift plays a key role in ensuring the conversation around Rocket League esports continues beyond the pitch through coverage and insight regarding roster transactions and general esport news, ensuring fans stay engaged even during slower competitive periods.

About X1

X1 Esports and Entertainment is a video game and media portfolio company which owns and operates a growing esports franchise, RixGG. The business of the Company is the competitive playing of video games by teams for cash prizes, and operations ancillary to such competition, such as merchandising and the hosting of tournaments.

For more information, please contact:

Mark Elfenbein

CEO and Director

info@X1Esports.com
www.X1Esports.com

FORWARD LOOKING STATEMENTS:

Certain information in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking information in this news release includes the the ability of ShiftRLE to integrate into the X1 portfolio as anticipated or at all, the growth of ShiftRLE and the establishment of ShiftRLE as a multimedia company with longevity in the space, and the achievement of any revenue by ShiftRLE. Important factors that could cause actual results to differ materially from the Company's expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulations, as well as a failure to achieve the growth anticipated, together with or apart from Shift,, changing market and industry conditions, the ability of each of X1 and ShiftRLE to implement their respective business strategies, including expansion plans,, the continued relevance of ShiftRLE's media capabilities, competitive conditions, adverse industry events, availability of capital and financing as needed, and the continued relevance of Rocket League. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company disclaims any intention or obligation to update or revise such information, except as required by applicable law.

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