NEW YORK, NY / ACCESSWIRE / October 5, 2021 / Engine Media Holdings, Inc. ("Engine" or the "Company"; NASDAQ:GAME; TSX-V:GAME), an esports/sports gaming and next-generation media solutions company, today announced that it has commenced a process to explore strategic alternatives for the Company's Eden Games subsidiary.
Engine's board of directors has determined that it would be prudent and in the best interests of the Company to commence a formal process to evaluate strategic alternatives for Eden Games. The Company believes that the current trading price of its common shares does not reflect the Company's value, and in particular, the value of its Eden Games business.
"Eden Games is one of the world's premier game studios in the burgeoning motorsports gaming vertical and has the respect and admiration of publishers and players alike," noted Lou Schwartz, Engine's CEO. "However, we believe that the value of Eden's deep domain experience and success in motorsports gaming is not being adequately reflected in our share price. Accordingly, we believe that exploring strategic alternatives for Eden has the potential to surface new opportunities for the Eden team, the Company and our shareholders."
The Company notes that there are no assurances that the strategic process will result in a new strategic path or relationship for Eden. It is the Company's current intention not to disclose developments with respect to the process unless and until the board of directors determines that disclosure is necessary or appropriate.