Written by Dante Uzel on 01 April 2024 14:55
Enthusiast Gaming (TSX: EGLX) has finalized a definitive agreement for the sale of certain non-core and unprofitable casual gaming assets, as announced today. The transaction, valued at approximately C$4.1 million, marks a strategic move aimed at streamlining operations and bolstering the company's focus on high-margin revenue growth and sustainable profitability. The divested assets represent a subset of Enthusiast Gaming's casual gaming business, aligning with the company's ongoing efforts to enhance operational efficiency.
Adrian Montgomery, Board Chair and Interim CEO of Enthusiast Gaming stated “This sale of a subset of non-core and non-profitable assets for C$4.1 million underscores our dedication to strengthening our balance sheet while simultaneously reducing operating costs. Further, this allows us to focus our efforts on core business opportunities, including TheSimsResource, U.GG, PocketGamer, Icy-Veins, Luminosity Gaming, NFL TNG, and our many other assets and properties that boast substantial audiences, drive direct sales, and present significant subscription opportunities.”
Tags: Enthusiast Gaming
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