Victory Square Technologies Inc. (“Victory Square”) (CSE:VST)
(OTC:VSQTF) (FWB:6F6), a company that gives investor access to a
portfolio of 25+ innovative companies from around the world in a
single stock, is pleased to share that its portfolio company —
GameOn (“GameOn”, or the “Company”)
(CSE: GET) (OTCQB:
GMETF), a mobile-first, next-gen sports gaming company,
announces that it has filed its interim unaudited financial
statements for Q1 2024.
Highlights of the financial statements include
record revenue reaching $1.85m for the quarter (292% increase
year-on-year) and net income reaching a profitable $680k (compared
to a net loss of $390k in the same period in 2023).
“Q1 delivered a profitable quarter and watershed
moment for the company,” said GameOn CEO, Matt Bailey. “Despite the
backdrop of a challenging economic and micro-cap landscape, we
continue to drive fundamentals to new heights. Our growth is fueled
by our cemented position as a leader in next-gen sports gaming, and
our partnerships with the best leagues in the world.”
Q1 business highlights and subsequent events
include:
- Partnered with Sportsology to
receive 59m $GAME tokens via a grant agreement
- Launched the GameOn beta mobile app
on the Apple App Store and Google Play
- Reported record numbers in 2023’s
audited financial statements
“Ongoing momentum will be catalyzed by new
league partnerships, $GAME’s recent launch on major exchanges, and
GameOn’s launch on the Apple App Store and Google Play,” said
Bailey. “Management remains patient, diligent, and uncompromisingly
focused on driving the bottom line and delivering value for
shareholders.”
See SEDAR for full copies of the Company's
consolidated financial statements and MD&A.
About GameOnFounded in 2018,
GameOn (CSE: GET) (OTCQB: GMETF) is a mobile-first, next-gen sports
gaming company, integrating Web3 technology to enhance player
engagement and asset ownership. Through partnerships with premier
sports leagues such as LALIGA, PFL, and Karate Combat, and
leveraging blockchain solutions from Arbitrum, GameOn is delivering
a rich, interactive fantasy sports gaming experience. The $GAME
token, crafted in partnership with Sportsology, allows fans
globally to compete, engage, and win rewards based on actual sports
results. GameOn is setting new standards in the evolution of
fantasy gaming, offering unprecedented ways for fans to connect
with the sports they love.
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www.VictorySquare.com/newsletter
On behalf of the Board of Directors“Shafin Diamond
Tejani”Director and Chief Executive OfficerVictory Square
Technologies Inc.www.victorysquare.com
For further information about Victory Square, please
contact:
Investor Relations Contact – Abbey VogtEmail:
ir@victorysquare.comTelephone: 604 283-9166
Peter Smyrniotis – DirectorTelephone: 604 283-9166
ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square is a Venture Builder that provides investors a
liquid way to invest in early-stage technology companies without
buying a venture fund that requires accredited investor status or
multi-year commitments.
- A diverse portfolio of 25+ innovative companies from around the
world (founders come from: Ireland, Sri Lanka, Bulgaria, Australia,
India, Brazil, the Middle East and North America)
- Sectors include: Digital Health, Artificial Intelligence (AI),
Machine Learning (ML), Blockchain/Web3, Virtual & Augmented
Reality (VR/AR), Gaming, Climate Tech
- Owner-operated (approx. 15% Management Ownership)
Business Model:
The Victory Square business model is to buy, build and invest in
early stage tech companies. We spend upwards of 48 months with
those companies until they're ready to spin-off or stand on their
own. There are a couple of unique elements to our business
model…
- We have unparalleled access to startups through our internal
incubator and International network with over 250+ founders,
investors, tech accelerators and venture capital firms from more
than 60 countries.
- Second, our management team and advisors are actively involved
in our investments from incubation through monetization, providing
them with financial, operational, and strategic support to scale
globally.
- We drive value by monetizing investments and reinvesting the
gains in new innovations. The strategy was to build a
self-sustaining business.
VST is a publicly-traded company headquartered in Vancouver,
Canada, and listed on the Canadian Securities Exchange (VST),
Frankfurt Exchange (6F6) and the OTCQX (VSQTF).For more
information, please visit www.victorysquare.com.
Forward-Looking Information
This news release contains "forward-looking
information" and "forward-looking statements" (collectively,
"forward-looking information") within the meaning of applicable
securities laws. Forward-looking information is generally
identifiable by use of the words "believes," "may," "plans,"
"will," "anticipates," "intends," "could," "estimates," "expects,"
"forecasts," "projects" and similar expressions, and the negative
of such expressions. All statements other than statements of
historical facts contained in this news release are forward looking
statements. Forward-looking information in this news release
includes, without limitation, statements regarding the future plans
and objectives of the Company, execution of business strategy,
future performance and future growth, business prospects, synergies
and opportunities of the Company and its related subsidiaries, and
other factors beyond the Company’s control.
Forward-looking information is subject to known
and unknown risks, uncertainties and other factors that may cause
the Company's actual results, level of activity, performance or
achievements to be materially different from those expressed or
implied by such forward-looking information. Forward-looking
information is based on the reasonable assumptions, estimates,
analysis and opinions of management made in light of its experience
and perception of trends, current conditions and expected
developments, and other factors that management believes are
relevant and reasonable in the circumstances at the date such
statements are made, including, but not limited to the Company
being able to capitalize on the acquired assets, the ability of
acquired assets to maintain its value as presently contemplated,
the synergies of the acquired assets with the Company’s operations,
and such other assumptions presented in the Company’s disclosure
record. Although the Company has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other
factors that cause results not to be as anticipated. There can be
no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not
place undue reliance on forward-looking information. All
forward-looking information herein is qualified in its entirety by
this cautionary statement, and GameOn disclaims any obligation to
revise or update any such forward-looking information or to
publicly announce the result of any revisions to any of the
forward-looking information contained herein to reflect future
results, events or developments, except as required by law.
Neither the CSE nor its Regulation Services
Provider (as that term is defined in the policies of the CSE)
accepts responsibility for the adequacy or accuracy of this
release.
Use of
Non-GAAP Financial Measures
This release contains
references to non-GAAP financial measures Adjusted Revenue. The
Company defines Adjusted Revenue as gross cash income before
adjustments for the deferred portion of business partner setup,
license, and sponsorship fees and gross and accrued receipts from
blockchain grant funding. The Company believes that the measure
provides information useful to its shareholders and investors in
understanding the Company’s 2023 operating cash flow and may assist
in the evaluation of the Company’s business relative to that of its
peers more accurately than GAAP financial measures alone. This data
is furnished to provide additional information and does not have
any standardized meaning prescribed by GAAP. Accordingly, it should
not be considered in isolation or as a substitute for measures of
performance prepared in accordance with GAAP and is not necessarily
indicative of other metrics presented in accordance with GAAP.