TORONTO, May 14, 2020 (GLOBE NEWSWIRE) -- Enthusiast Gaming Holdings Inc. (TSX: EGLX) (OTCQB:ENGMF) (FSE: 2AV) (Enthusiast Gaming or the Company) announced its financial results for the three months ending March 31, 2020 (Q1 2020). All financial information is presented in Canadian dollars unless otherwise indicated.
We had an extremely strong first quarter coming off the tailwinds of a transformational 2019. I want to congratulate our media division for outperforming typical first quarter seasonal declines for media properties, and for more than doubling their Q1 performance year-over-year, said Adrian Montgomery, CEO of Enthusiast Gaming. As we navigate through the current market volatility caused by COVID-19, we continue to meet, and in many instances exceed our operational expectations. We are closely monitoring the recent dramatic changes that have affected the digital advertising landscape and remain diligent in managing our cost structure. Looking forward, it's important for us to continue focusing on our key growth drivers and high margin revenue streams, including executing on our global direct sales strategy, and increasing our subscription model.
Q1 2020 Financial Highlights
Other Q1 Highlights and Events Subsequent to the Quarter
Certain information provided in this news release is extracted from the unaudited condensed consolidated interim Financial Statements and Managements Discussion & Analysis (MD&A) of the Company for the three months ended March 31, 2020, and should be read in conjunction with them. It is only in the context of the fulsome information and disclosures contained in the unaudited condensed consolidated interim Financial Statements and MD&A that an investor can properly analyze this information. The Financial Statements and MD&A can be found under the Companys profile on http://www.sedar.com.
About Enthusiast Gaming
Enthusiast Gaming (TSX: EGLX)(OTCQB: ENGMF)(FSE: 2AV) is building the worlds largest platform of communities for gamers and esports fans. Already the largest gaming platform in North America and the United Kingdom, the Companys business is comprised of three main pillars: Media, Entertainment and Esports. Enthusiast Gamings digital media platform includes approximately 100 gaming related websites and 900 YouTube channels which collectively reach 160 million visitors monthly. The Media platform generates over 30 billion ad requests and approximately a billion views per month. Enthusiasts esports division, Luminosity Gaming, is a leading global esports franchise that consists of 7 professional esports teams under ownership and management, including the Vancouver Titans Overwatch team and the Seattle Surge Call of Duty team. Collectively, the integrated ecosystem reaches over 200 million gaming enthusiasts on a monthly basis. Enthusiast Gamings entertainment division, EG Entertainment owns and operates Canadas largest gaming expo, Enthusiast Gaming Live Expo, EGLX (eglx.com), and the largest mobile gaming event in Europe, Pocket Gamer Connects (www.pgconnects.com). For more information on the Company visit http://www.enthusiastgaming.com. For more information on Luminosity Gaming visit luminosity.gg.
CONTACT INFORMATION:
Alex MacdonaldChief Financial Officer (416) 623-9360
Investor Relations: Julia BeckerHead of Investor Relations & Marketingjbecker@enthusiastgaming.com(604) 785-0850
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that Enthusiast anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Such information may involve, but is not limited to, comments with respect to strategies, expectations, planned operations and future actions of the Company. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results "may", "could", "would", "might" or "will" (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of Enthusiast to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to Enthusiast, including information obtained from third-party industry analysts and other third-party sources, and are based on management's current expectations or beliefs regarding future growth, results of operations, future capital (including the amount, nature and sources of funding thereof) and expenditures. Any and all forward-looking information contained in this press release is expressly qualified by this cautionary statement. Trading in the securities of the Company should be considered highly speculative.
Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.
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