NOT FOR DISSEMINATION IN THE UNITED
STATES OR THROUGH U.S. NEWSWIRE SERVICES
MIAMI, Dec. 27, 2019 /CNW/ -- Torque Esports
Corp., ("Torque" or the "Company," TSX VENTURE: GAME, OTCQB:
MLLLD) and UMG Media Ltd. ("UMG", TSX
VENTURE: ESPT) are pleased to announce that they continue to
move towards a closing of Torque's acquisition of UMG (the
"Transaction") prior to December 31,
2019. UMG has completed its special shareholders meeting on
December 16, 2019 and UMG has
received the final court order related to completion of the
Transaction.
The Transaction was also subject to Torque completing the
acquisition of 51% of Allinsports SRL (see Torque press releases of
August 22, 2019, October 3, 2019 and October 18, 2019). It is currently expected
that Torque's acquisition of 51% of Allinsports SRL will not close
until the end of January 2020, and
therefore Torque and UMG have waived the Allinsports closing
condition with respect to the Transaction.
The closing of the Transaction is still subject to certain other
closing conditions customary in transactions of this nature but it
is expected that all conditions required to complete the closing
will be met prior to December 31,
2019.
About Torque
Torque Esports Corp. ("TEC") recently restructured its business
and leadership team. Torque now focuses exclusively on two areas –
esports racing and esports data provision. With publishing, IP,
content, and data expertise in its portfolio, combined with a new
board and management team, TEC is ready to lead the rush to
profitability in the esports industry.
Torque aims to revolutionise esports racing and the racing
gaming genre via its industry-leading gaming studio Eden Games (Lyon,
France) which focuses on mobile racing games and its unique
motorsport IP, including World's Fastest Gamer (created and managed
by wholly-owned subsidiary IDEAS+CARS, Silverstone UK).
Building on the leading position of Stream Hatchet (a
Barcelona, Spain based
wholly-owned subsidiary) Torque also provides robust esports data
and management information to brands, sponsors, and industry
leaders. This data allows the esports industry to monetize the huge
number of eyeballs in the gaming and esports space.
About UMG
UMG Media Ltd. ("UMG") is a premier esports company in
North America, offering live
gaming entertainment events and online play. UMG provides online
and live tournaments as well as the creation and distribution of
original esports content.
For more information about UMG visit www.umggaming.com.
Cautionary Statement on Forward-Looking
Information
This news release contains forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Torque and UMG to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. These
forward-looking statements include, but are not limited to,
statements relating to our expectations with respect to: the timing
and outcome of the Transaction; the anticipated benefits of the
Transaction to the parties and their respective security holders;
and, Torque's proposed acquisition of 51% of Allinsports SRL.
Often, but not always, forward-looking statements can be identified
by the use of words such as "plans", "expects" or "does not
expect", "is expected", "estimates", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved.
In respect of the forward-looking statements and information
concerning the anticipated benefits and completion of the
Transaction and the anticipated timing for completion of the
Transaction, Torque and UMG have provided such statements and
information in reliance on certain assumptions that they believe
are reasonable at this time, including assumptions as to the
ability of the parties to satisfy, in a timely manner, the
remaining conditions to the closing of the Transaction; and other
expectations and assumptions concerning the Transaction. There can
be no assurance that the Transaction will occur, or that it will
occur on the terms and conditions contemplated in this news
release. The Transaction could be modified, restructured or
terminated. Accordingly, readers should not place undue reliance on
the forward-looking statements and information contained in this
press release.
Since forward-looking statements and information address future
events and conditions, by their very nature they involve inherent
risks and uncertainties. Actual results could differ materially
from those currently anticipated due to a number of factors and
risks. Readers are cautioned that the foregoing list of factors is
not exhaustive. Additional information on other factors that could
affect the operations or financial results of the parties are
included in reports on file with applicable securities regulatory
authorities.
The forward-looking statements contained in this news release
are made as of the date of this release and, accordingly, are
subject to change after such date. Torque and UMG do not assume any
obligation to update or revise any forward-looking statements,
whether written or oral, that may be made from time to time by us
or on our behalf, except as required by applicable law.
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.
Investors are cautioned that, except as disclosed in the
management information circular prepared in connection with the
Transaction, any information released or received with respect to
the Transaction may not be accurate or complete and should not be
relied upon. Trading in the securities of Torque and UMG should be
considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of
the proposed transaction and has neither approved nor disapproved
the contents of this news release.
SOURCE Torque Esports Corp.
