Enthusiast Gaming Continues to Strengthen Balance Sheet Through C$6.8 Million Sale of Select Legacy Assets
Enthusiast Gaming Holdings Inc. (EGLX)
Company Research
Source: GlobeNewswire
LOS ANGELES, Sept. 29, 2022 (GLOBE NEWSWIRE) -- Enthusiast Gaming Holdings Inc. (“Enthusiast Gaming” or the “Company”) (NASDAQ:EGLX; TSX:EGLX), an integrated gaming entertainment company, today announced the sale of certain video game editorial websites (the “Website Assets”) for a purchase price of approximately C$6.8 million, representing a multiple of approximately 4.5x associated revenue. Between the sale and the Company’s expanded credit facility announced on September 19, 2022, the Company has bolstered its balance sheet with over C$16.8 million of non-dilutive capital in recent weeks while reducing operating costs in the business. “The future of gaming content is video, streaming and interactive content with cross-platform viewership capabilities. These high-growth, high-margin segments have been the core drivers in our reaching over 40 billion views annually and expanding our gross margins to over 30%,” commented Adrian Montgomery, Chief Executive Officer of Enthusiast Gam
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