As part of the Company’s long-term strategy to maximize shareholder value, the Victory Square Technologies board of directors has approved a strategic initiative to unlock the intrinsic value of its portfolio company, GameOn Entertainment Technologies Inc. by proposing a dividend distribution of a portion of the common shares of GameOn held by the Company at the time of listing of the Shares to the shareholders of the Company.
VANCOUVER, British Columbia, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Victory Square Technologies Inc. ("Victory Square'' or the "Company") (CSE:VST) (OTC:VSQTF)(FWB:6F6) is pleased to announce that, as part of the Company’s long-term strategy to maximize shareholder value, the board of directors of the Company has approved a strategic dividend reward initiative to unlock the intrinsic value of its portfolio company, GameOn Entertainment Technologies Inc. (“ GameOn ”) by proposing a distribution of a portion of the common shares of GameOn currently held by the Company to shareholders of the Company. Victory Square will evaluate, consider and assess the mechanism by which to effect such distribution on a tax efficient and financially prudent basis, with the aim of ultimately capitalizing GameOn as a stand-alone publicly listed entity, following its public listing.
Shafin Diamond Tejani, Chief Executive Officer of Victory Square, commented: "The objective of the share dividend initiative is to reward the Company’s shareholders with equity in GameOn as it progresses towards listing as a standalone publicly traded company. This will also enable the capital markets to appropriately value one of our portfolio investments."
“This is the first of what we hope to be many share dividend initiatives that we wish to provide VST shareholders as we grow and realize appreciating assets,” said Tejani.
Founded in 2018, GameOn Entertainment Technologies empowers sports and entertainment content providers with the world's simplest and most accessible gamification platform. Whether it’s supporting TV networks, OTT platforms, sportsbooks or leagues, GameOn helps partners turn their content — everything from sports to reality TV — into interactive and social experiences via mobile and TV apps.
In anticipation of its stand-alone public listing, GameOn has recently announced an upsized private placement due to strong investor demand as well as strategically growing its board and Advisory Council bringing on noted and respected colleagues in the sports, entertainment, gaming and wagering spaces.