VANCOUVER, BC, Nov. 4, 2021 /CNW/ - TGS Esports Inc.
("TGS" or the "Company") (TSXV: TGS) (OTCQB:
TGSEF) (FRA: 5RH) announces that the British Columbia
Securities Commission (the "BCSC") has issued a Cease Trade
Order (the "CTO") as a result of the Company's failure to
file its audited financial statements for its year ended
June 30, 2021 and related
management's discussion and analysis (collectively, the "Annual
Filings") by October 28, 2021,
being the date that such filings were due under applicable
Canadians securities law requirements.
The cause of the delay is not material to the Company or its
operations and is primarily due to the accounting treatment of the
previously announced acquisitions of Pepper Esports, Volcanic
Media, Even Matchup Gaming, and strategic investment in Mountain
Side Games.
Revocation of the CTO is expected to occur shortly after the
filing of the required Annual Filings, at which time TGS's common
shares will resume trading on the TSX Venture Exchange.
A copy of the Order has been posted on the BCSC's website at:
https://www.bcsc.bc.ca/enforcement/early-intervention/cease-trade-orders.
About TGS Esports Inc.
TGS partners with Fortune 500 brands, schools, and tournament
organizers to build out their esports community via tournaments,
broadcast production, and events. TGS has commercialized an esports
solution that allows brands and gamers to interact on its end to
end platform. The combination of TGS esports event expertise and
next generation software creates an unparalleled esports experience
that allows sponsors and brands to reach their desired gaming
demographic.
On behalf of the Board of Directors
Spiro Khouri, CEO
TGS Esports Inc.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking
statements, which reflect the expectations of management regarding
the Company. Forward-looking statements consist of statements that
are not purely historical, including any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Such statements are subject to risks and uncertainties that may
cause actual results, performance or developments to differ
materially from those contained in the statements, including risks
related to factors beyond the control of the Company. The risks
include the following: the anticipated timing for filing the Annual
Filings; the anticipated timing of the BCSC's review in with
respect to the revocation of the CTO; the anticipated timing of the
revocation of the CTO; the unknown magnitude and duration of the
effects of the COVID-19 pandemic on the Company and other risks
that are customary to reviews of this nature. No assurance can be
given that any of the events anticipated by the forward-looking
statements will occur or, if they do occur, what benefits the
Company will obtain from them.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE TGS Esports Inc