TORONTO, Oct. 19,
2023 /CNW/ - Building on the announcement made
June 5, 2023, OverActive Media (TSXV:
OAM) (OTCQB: OAMCF) ("OverActive" or the "Company"), is pleased to
confirm all outstanding Overwatch League entry fees, valued at
$8.2 million (USD 6 million), have been waived. The reversal of
these fees will be reflected in the Company's fourth quarter 2023
financial results. Unless otherwise specified, all amounts are in
Canadian dollars ($).
The agreement with the Overwatch League that led to the waiver
of the entry fees marked a significant milestone in OverActive
Media's collaboration with the Overwatch League. In addition to the
waiver of the entry fees, the agreement also included a sponsorship
deal between the Toronto Defiant and the Overwatch League.
The Company has demonstrated its commitment and belief in
Overwatch since joining the League. OverActive's enthusiasm for
esports continues, and it is confident in future opportunities with
Activision Blizzard. OverActive remains an industry leader, with
team franchises in the Overwatch League, the Call of Duty League,
and the League of Legends European Championship.
For additional details regarding the original agreement with the
Overwatch League, please refer to the press release available
here.
ABOUT OVERACTIVE MEDIA
OverActive Media (TSXV: OAM) (OTCQB: OAMCF) is
headquartered in Toronto, Ontario,
with operations in Madrid, Spain
and Berlin, Germany. OverActive's
mandate is to build an integrated global company delivering sports,
media and entertainment products for today's generation of fans
with a focus on esports, videogames, content creation and
distribution, culture, and live and online events. OverActive owns
team franchises in professional esports leagues, including (i) the
Overwatch League, operating as the Toronto Defiant, (ii) the Call
of Duty League, operating as the Toronto Ultra, and (iii) the
League of Legends European Championship ("LEC"), operating as the
MAD Lions. OverActive also leads OAM Live, an events arm that
produces both live and online events.
Cautionary Note Regarding
Forward-Looking Information
This press release contains statements which constitute
"forward-looking statements" and "forward-looking information"
within the meaning of applicable securities laws (collectively,
"forward-looking statements"), including statements regarding the
plans, intentions, beliefs and current expectations of OverActive
with respect to future business activities and operating
performance. Forward-looking statements are often identified by the
words "may", "would", "could", "should", "will", "intend", "plan",
"anticipate", "believe", "estimate", "expect" or similar
expressions and includes information regarding the anticipated
financial and operating results of OverActive in the future.
Investors are cautioned that forward-looking statements are not
based on historical facts but instead OverActive management's
expectations, estimates or projections concerning future results or
events based on the opinions, assumptions and estimates of
management considered reasonable at the date the statements are
made. Although OverActive believes that the expectations reflected
in such forward-looking statements are reasonable, such statements
involve risks and uncertainties, and undue reliance should not be
placed thereon, as unknown or unpredictable factors could have
material adverse effects on future results, performance or
achievements of the OverActive. Among the key factors that could
cause actual results to differ materially from those projected in
the forward-looking statements include the following: the potential
impact of OverActive's qualifying transaction on relationships,
including with regulatory bodies, employees, suppliers, customers
and competitors; changes in general economic, business and
political conditions, including changes in the financial markets;
changes in applicable laws and regulations both locally and in
foreign jurisdictions; compliance with extensive government
regulation; the risks and uncertainties associated with foreign
markets; the ability of the Company to continue to execute on its
existing partnerships and business strategy; the ability of the MAD
Lions and Call of Duty Leagues to maintain viewership; the
successful completion of the Company's new venue; and other risk
factors set out in OverActive's annual information form for the
year ended December 31, 2021 and its
other filings with Canadian securities regulators, copies of which
may be found under OverActive's profile at
www.sedarplus.ca. These forward-looking statements may be
affected by risks and uncertainties in the business of OverActive
and general market conditions, including COVID-19.
Should one or more of these risks or uncertainties materialize,
or should assumptions underlying the forward-looking statements
prove incorrect, actual results may vary materially from those
described herein as intended, planned, anticipated, believed,
estimated or expected. Although OverActive has attempted to
identify important risks, uncertainties and factors which could
cause actual results to differ materially, there may be others that
cause results not to be as anticipated, estimated or intended and
such changes could be material. OverActive does not intend and do
not assume any obligation, to update the forward-looking statements
except as otherwise required by applicable law.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE OverActive Media