Esports Entertainment Group Announces Alex Igelman as Chief Executive Officer
St. Julians, Malta--(Newsfile Corp. - December 23, 2022) - Esports Entertainment Group, Inc. (NASDAQ:GMBL) (NASDAQ:GMBLP) (NASDAQ:GMBLW) (NASDAQ:GMBLZ) (or the "Company" or "EEG") today announced the appointment of Alex Igelman as Chief Executive Officer ("CEO") following the departure of Grant Johnson on December 3, 2022, who served as Chairman and CEO.
Mr. Igelman joins the Company as CEO with more than 30 years of experience in the gaming industry. He is a gaming lawyer and the co-founder of FairP2P and Esports Capital Corp., entities which have been leaders in their respective sectors. During his career, Mr. Igelman worked across the gambling and gaming industry in a variety of senior leadership positions. "We are excited to have Alex join the senior leadership team. He brings a wealth of knowledge, experience, and fresh perspective as we move the company forward. We welcome Alex to the Company," said Jan Jones Blackhurst, Chair of the Board of Directors.
"I am thrilled for the opportunity to join EEG at this important time in its journey and to work alongside someone as experienced and respected as the new Chair, Jan Jones Blackhurst. The Company is making significant strides to refine its focus on creating a valuable esports brand and is initially looking inward at some of its key assets to kickstart this process. The company also owns certain valuable assets and relationships in the esports sector and there is a substantial growing addressable domestic esports betting market for the company to take a leadership position in. The company will continue to structure its operations and financial position to maximize value for shareholders. I look forward to bringing my experience into the leadership of the Company and to focus on the execution of these transformative initiatives," said Mr. Igelman.
In connection with Mr. Igelman's appointment as CEO, the Company entered into an employment agreement (the "Agreement") on December 22, 2022, which provides for the grant of common stock and stock options to Mr. Igelman on the effective date of the Agreement, or January 3, 2023. These stock awards are being granted as inducement equity awards outside the Company's Esports Entertainment Group, Inc. 2020 Equity Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4). Pursuant to the terms of the Agreement, subject to the commencement of his employment, the Company will grant Mr. Igelman an award of 2,500,000 shares of common stock and an award of 2,500,000 time-based stock options. Mr. Igelman's shares of common stock may not be sold or transferred until the six-month anniversary of the date of grant. Mr. Igelman's stock options will vest in equal quarterly installments over a one-year period subject to his continued employment with the Company on the applicable vesting dates. The stock awards are subject to the terms of an award agreement outlining the specific terms of the stock awards.
About Esports Entertainment Group
Esports Entertainment Group (NASDAQ:GMBL) (EEG) is a full-service esports and online betting company. Today, EEG focuses on three verticals: Games, iGaming, and Technology. EEG Games provides a wide array of services and infrastructure for businesses to engage esports and gaming communities around the world including Esports Gaming League (EGL), which hosts a community of more than 350,000 gamers on its proprietary tournament platform EGL.tv. EEG iGaming includes a number of award-winning brands covering traditional online sports book wagering needs as well as a multinational casino operator. EEG Technology builds next-generation platforms, features, and services for Millennials, Gen Z consumers, and brands looking to connect with these demographics. EEG has offices in New Jersey, Estonia, the United Kingdom, and Malta. For more information, visit www.esportsentertainmentgroup.com.
Forward-Looking Statements
The information contained herein includes forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "will be," "will continue," "will likely result," and similar expressions. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, and those discussed in other documents we file with the SEC, regarding our ability to continue as a going concern, our ability to regain compliance with Nasdaq Listing Rules, our significant indebtedness, and our obligations under our Senior Convertible Note. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future, unless required by law. The safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
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