Newark, New Jersey–(Newsfile Corp. – April 15, 2021) – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLW) (or the “Company”) announced that ggCircuit is planning next month to launch its newest product, ggFuze, which is a distributed computing platform. The first application of this product will be a beta version of a custom-built crypto mining application which will be offered to a pilot group of LAN centers representing tens of thousands of high-end gaming PCs across its network. Originally developed in tandem with Helix Esports and Genji Analytics, the crypto mining application enables center owners to utilize idle computing power to passively mine for Ethereum by opting into the initiative with the click of a button. The software algorithm will automatically evaluate the hardware of the gaming PC and optimize the mining of coins so long as certain price parameters are met and the PC is not in use for gaming.
“Crypto mining during idle machine time is a request that many of our customers have been asking for and we are excited to be able to offer it as the launch application of our distributed computing product ggFuze,” said Zack Johnson, CEO of ggCircuit. “This is a great example of the synergies between ggCircuit, Helix and Genji and I am excited about these companies coming together under the EEG banner.”
“As a center owner, I know how valuable it can be to get extra revenue from the idle computing power in our facilities.” said Jack Vandervelde, Co-Founder at Helix Esports. “We’re pleased that through ggCircuit’s network, other centers can have access to this solution at the click of a button.”
ggCircuit is a B2B software company that provides cloud-based management for LAN centers, a tournament platform, and integrated wallet/point-of-sale solutions for enterprise customers. Helix eSports owns five esports centers, including two of the five largest centers in the US, where they deliver world-class customer service, esports programming and gaming infrastructure. Esports Entertainment Group agreed to acquire ggCircuit and Helix in a combined transaction valued at $43 million. The deal is expected to close this quarter.
About Esports Entertainment Group
Esports Entertainment Group is a full stack esports and online gambling company fueled by the growth of video-gaming and the ascendance of esports with new generations. Our mission is to help connect the world at large with the future of sports entertainment in unique and enriching ways that bring fans and gamers together. Esports Entertainment Group and its affiliates are well-poised to help fans and players to stay connected and involved with their favorite esports. From traditional sports partnerships with professional NFL/NHL/NBA/FIFA teams, community-focused tournaments in a wide range of esports, and boots-on-the-ground LAN cafes, EEG has influence over the full-spectrum of esports and gaming at all levels. The Company maintains offices in New Jersey, the UK and Malta. For more information visit www.esportsentertainmentgroup.com.
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
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