GameOn Files Second Quarter Financial Statements and Announces Business Updates

VANCOUVER (BC), August 31, 2022 /CNW- GameOn Entertainment Technologies Inc. (“GameOn”) (CSE: GET) (OTCQB: GMETF)a leading gaming technology company that has partnered with the world’s largest IPs to launch, operate and monetize Web3 games, today filed its second quarter financial statements and provided an update to mid-year as follows.

Strategic loan

Following the filing of the second quarter financial statements, the Company announcement entering into a loan agreement with Proje Ventures Inc. for US$550,000 – an intentional figure that management believes is necessary to achieve profitability in 2023.

“The agreement with Proje is a partnership that not only allows us to survive current market conditions, but to thrive beyond them,” said GameOn CEO Matt Bailey. We are midway through 2022, but also halfway through a three-year strategic plan, and this financial assistance keeps us on track. »

Three-Year Plan: Create, Sell, and Profit

Fiscal 2021 was a year of inception The business generated $5.8M through the listing process, allowing us to to hire key personnel, acquire an imaginary business and position our business-to-business technology to be salable and scalable. The Company has given priority to a platform reusable so you never have to start all over again. Thus, GameOn can be set up and fully operational with new partners in weeks, not months or years, which allows it to stand out in the market. As the 2021 financial year was focused on creation, expenses were naturally higher.

2022 was a year of selling and demonstrating demand for our product. Management is firmly convinced that this objective has been achieved. With the platform created, expenses are significantly lower and the Company has worked tirelessly to build a customer base. GameOn now has more than 10 partnerships announced, in development or contracted. In the first and second quarters of 2022, GameOn reported revenue of $330,481, up from revenue of $10,081 reported in the first half of 2021. Management believes the Company is on track to achieve revenue of $1M by year-end, with gross profit forecast of 80%.

The 2023 financial year should be one of profitability. The Company’s objective is to increase the number of customers and revenues without having to significantly increase expenses. GameOn’s in-platform technology will enable it to achieve these goals. By continuing to focus on sales, management is confident that the Company will at least double its revenue and be profitable in 2023.

“Although the market was influenced by factors beyond our control, we stayed the course on the three-year plan,” Mr. Bailey said. We are committed to delivering long-term and sustainable shareholder value, and management strongly believes we are on the right track. »

Partner Highlights

This significant growth is attributable to the fact that partnerships have recently been announced and revenues have started to see a strong increase. GameOn’s remuneration by its partners is based on three different elements: one-time installation fees, recurring monthly license fees and a share of the revenue generated by its products.

This month, GameOn has spear the “Bet on Women” game for the Gaming Society and the WNBA published in SportBusiness. This is our first licensed Major League product that emphasizes league and team logos. As there will be many more, this is not the last.

In March, GameOn has spear a “bracket” on the occasion of March Madness (madness of the month of March) to Just Women’s Sports and DICK’S Sporting Goods. JWS and DICK’S paid the sum of US$150,000 to the owner of the winning bracket. It was the greatest prize ever awarded in the history of women’s college basketball.

In Q4, GameOn will launch its most ambitious product yet in partnership with Tetavi, as announcement earlier this year. The product allows fans to discover new musical works, make investments in artists and songs, create their own “record label” and receive listening royalties and music ratings. The Web 3 game will take advantage of the possibilities of blockchain technology to facilitate the exercise of property rights and the distribution of royalties.

Last week, GameOn has announcement its new partnership with RDB Car Club. RDB will license GameOn’s technology to drive Web 3 engagement, retention and revenue through games. RDB is an automotive customization store whose customers include model Kendall Jenner, NFL Super Bowl champion Jalen Ramsey, eight-time NBA star Dwight Howard, and singer-songwriter prodigies Khalid and Billie Eilish. .

Last year, GameOn spear a cricket game for MX Player, the largest video streaming app in India, with more than 1 billion downloads. The game has gathered more than 500,000 players and many predictions have been made.

Mr Bailey said: “Now what are the next steps? 2022 remains the year of the sale. We are determined to end the year the way we started it: with more partnership agreements. You can expect future news on our business to focus on new customers and this will impact our financial statements accordingly, as we focus on profitability in 2023.”

On behalf of the Board of Directors:

Matt Bailey, Managing Director and CEO
GameOn Entertainment Technologies Inc.
[email protected]

ABOUT GAMEON ENTERTAINMENT TECHNOLOGIES INC.

GameOn (CSE: GET) (OTCQB: GMETF) partners with the world’s leading sports, media and entertainment IPs to launch revenue-generating and brand-building Web3 games. We turn hobbyists into super-hobbyists – engaging, retaining and monetizing audiences, and profiting from the entire business cycle of Web3 games. With a diverse team of Web3, gaming, sports and media veterans with experience at Take-Two Interactive, Twitch, EA, Dapper Labs and the Brooklyn Nets, GameOn works with broadcasters, TV networks, platforms streaming, leagues, tournaments and Web3 companies to launch best-in-class Web3 games. Clients include NBCUniversal, Bravo, MX Player, Gaming Society, RDB Car Club, and Chibi Dinos.

FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. Forward-looking statements are generally identifiable by the use of the words “believes”, “may”, “plans”, “will”, “anticipates”, “intends”, “could”, “estimates”, “s ‘expects’, ‘plans’, ‘plans’ and similar expressions, as well as the negative of these expressions. All information and statements, other than those relating to historical facts, contained in this press release constitute forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding the Company’s future plans and objectives, execution of business strategy, future performance and future growth, business prospects, synergies and opportunities of the Company and its subsidiaries, and other factors beyond the Company’s control.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, level of activity, performance or achievements to differ materially from those expressed or implied by these same forward-looking statements. Forward-looking statements are based on management’s reasonable assumptions, estimates, analyzes and opinions in light of its experience and perception of trends, current conditions and expected developments, and other factors that management deems relevant and reasonable in the circumstances on the date such statements are made, including, but not limited to, the ability of the Company to capitalize on the assets acquired, the ability of the assets acquired to maintain their value as are currently considered, the synergies of the assets acquired with the operations of the Company, and any other assumptions presented in the public information document of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause results not to be as anticipated. The Company cannot guarantee that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in the statements. Readers should therefore not place undue reliance on forward-looking information. All forward-looking statements contained herein are qualified in their entirety by this cautionary statement, and GameOn disclaims any obligation to revise or update such forward-looking statements or to publicly announce the outcome of any revision of any of forward-looking statements in this document to reflect future results, events or developments, except as required by law.

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

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SOURCE GameOn Entertainment Technologies Inc.

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GameOn Files Second Quarter Financial Statements and Announces Business Updates


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