DGAP Media / 2022-09-15 / 20:47 CET/CEST

X1 Esports signs agreement to acquire assets of Rocket League community Octane.GG

This press release may not be distributed through U.S. media channels.

Upon completion of the acquisition, X1 intends to combine Octane’s media assets with the recently acquired media assets of ShiftRLE to create a new super-destination for Rocket League’s 80 million players and fans. . The transaction is expected to strengthen X1’s position in the video and gaming media space with Octane’s16,500 social media followers and Shift’s 40,000+ followers . . Octane’s unique Rocket League stats database will enable the new Shift/Octane hybrid to launch Rocket League fantasy sports . . Rocket League averages over 80 million players per month worldwide . The acquisition will help fulfill X1’s strategic priorities of building a diverse portfolio of gaming assets and providing global brands with unique access to Generation Z audiences.

Vancouver, BC – September 15, 2022 – X1 Esports and Entertainment Ltd. (“X1 Esports” or the “Company”) (CSE: XONE – WKN: A3DQM2), a video gaming and media portfolio company, is pleased to announce that the Company has entered into an agreement to acquire Octane.GG (“Octane”), an online fan stats platform focused on the popular video game Rocket League (the “APA”).

“The addition of Octane to the X1 portfolio will significantly strengthen our position within the Rocket League ecosystem,” said Mark Elfenbein, CEO of X1. “By strategically combining Octane’s community assets with those of our recently announced acquisition ShiftRLE, we believe we can fill and leverage an extremely valuable gap for a Rocket League media destination.”

Octane Information

Octane is the leading Rocket League Esports stats platform, providing detailed match stats for the top events in the field. Since its inception in 2017, Octane has collected data for hundreds of thousands of matches and thousands of players, teams, and events. As the primary source of stats for Rocket League, Octane has amassed a valuable trove of data on the history and development of players and teams from their beginnings to playing on the world stage. Through the platform, fans can check in live on match days to see how their favorite players and teams are performing, while coaches and commentators can use the data to draw better conclusions and provide analysis on player and team development. The robust filters and comprehensive data make Octane an unmatched resource for the large community of Rocket League esports fans.

“I developed Octane as a student in 2017 to fill a gap I saw as a Rocket League Esports fan. It’s incredible to see how much the space has evolved since then, and I’m excited that Octane has a new home with X1 to continue to grow this valuable resource,” said Kartik Patel, founder of Octane.

The company expects to leverage Octane’s Rocket League statistics database as it launches future offerings, such as a potential Rocket League Fantasy product, as described in X1’s previous press release dated July 25, 2022.

About Rocket League

Rocket League is one of the world’s leading Esports^1. With its 5-minute games offering non-stop action, the car-football hybrid game has seen significant growth among players of all demographics since its launch. According to Active Player^2, there are now an average of 80 million players per month worldwide.

Transaction Terms

The closing of the Proposed Acquisition is subject to the satisfaction or waiver of the closing conditions of the APA, including the execution of consulting agreements between X1 and key persons at Octane (the “Consulting Agreements”). The Closing Date is expected to occur on or before the tenth business day following the signing of the APA.

Pursuant to the APA, X1 will acquire 100% of the assets of Octane and benefit from the ongoing services of Octane’s key personnel for an aggregate cash consideration of (i) US$35,000, of which US$17,500 is payable at closing and US$17,500 is payable within 45 days of closing.

Under the terms of the consulting agreements, X1 will hire both of Octane’s key personnel as consultants to X1 to continue the operation of Octane’s media business. Elliot McSheen will serve as Octane’s writer and Finn Groothengel will serve as statistician.

About X1

X1 Esports and Entertainment Ltd. is a gaming and entertainment company that helps brands connect with Gen-Z and Millennial audiences around the world through a diversified portfolio of assets that includes an Esports team, talent management agency and other integrated media assets. The company’s assets are in three main areas: Media & Network, Creator Economy and Gaming & Esports. X1 will continue to expand its existing portfolio through a combination of organic growth and value-add mergers and acquisitions.

Legal notice

All information contained in this press release relating to the Company and Octane has been provided by the respective parties, and the Company and its respective directors and officers have relied upon Kartik Patel, as founder of Octane, for all information relating to Octane.

Completion of the Octane Acquisition is subject to a number of conditions precedent, including, but not limited to, the execution of consulting agreements with Octane’s key personnel and the delivery of the closing documents, as contemplated by the APA. The Transaction cannot close until all of these conditions are satisfied. There can be no assurance that the Transaction will be completed as proposed or at all.

Certain information in this press release may contain forward-looking statements that involve significant known and unknown risks and uncertainties. Forward-looking statements are often identified by words such as “will,” “may,” “should,” “expects” and similar expressions. All statements in this press release that are not historical facts are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking information in this press release includes the completion of the acquisition of the assets belonging to Octane, the continued growth and popularity of Rocket League, the completion of consulting agreements with key Octane personnel, the ability of Octane to integrate into ShiftRLE or to integrate at all, and the expected synergies between ShiftRLE and Octane [einschließlich der Bereitstellung von Fantasy-Sportoptionen für Rocket League]. Important factors that could cause actual results to differ materially from the Company’s expectations include failure to comply with the terms of the applicable securities exchange(s) and other risks detailed from time to time in the Company’s filings with securities regulators, as well as the failure of the transaction to comply with changing market and industry conditions, the ability of X1 and Octane to execute their respective business strategies, including plans to integrate Octane and ShiftRLE, the continued relevance of Octane’s media capabilities, competitive conditions, adverse industry events, the availability of capital and financing as needed. Readers are cautioned that the assumptions used in the preparation of forward-looking information may prove to be incorrect. Events or circumstances could cause actual results to differ materially due to numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the