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Gfinity acquires Epicstream; touts progress on plan to sell company
StockMarketWire.com
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Esports company Gfinity said it had acquired Epicstream and added that it continued to make progress on plans to sell the company.
Under the terms of the deal, the two founders of Epicstream, Francis Bayog and Brian McCormick, would each be issued with 10.0 million shares in Gfinity shares of which two-thirds would be locked-in for a period of one year from issue.
The founders would also be entitled to an annual payment of 30% of revenues generated by EpicStream, subject to appropriate caps, in each of the first two years following the acquisition, payable in annual instalments at the end of each year.
Epicstream - an online news community for fantasy and sci-fi movies, television, video games, collectible cards and comic books - generated revenue through programmatic ads, sponsored content, ecommerce and content creation.
GDM remained on target to deliver revenue of approximately £2.0 million during the current financial year. In November, GDM saw 14 million monthly users across all sites, up from 12 million in October, and revenue exceeded £275,000 for the first time.
At 8:04am: (LON:GFIN) Gfinity Plc share price was 0p at 3.7p
Story provided by StockMarketWire.com
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