X1 Esports & Entertainment (XONE.C), a Canadian-based company focused on building a diverse portfolio of assets across the gaming, esports, media and entertainment verticals, announced today that it had closed the acquisition of Octane.GG, an online statistical and news outlet focused on the hit video game, Rocket League.
As part of the deal, X1 has entered into consulting agreements with two individuals, who will be responsible for the continued operation of Octane.
The transaction was for an aggregate cash payment of $35,000 USD, of which $17,500 was paid upon closing of the acquisition and the remaining $17,500 will be payable 45 days after the closing date.
Octane currently tracks the top Rocket League events, compiling a comprehensive database of statistics from hundreds of thousands of games and thousands of players, teams and events.
Octane is considered to be the primary source of Rocket League stats, used daily by fans, coaches commentators and those involved in esports betting.
The leading Rocket League stats platform offers a robust set of filters so data can be utilized to draw better more accurate conclusions involving performance, gameplay and player ranking.
X1 intends to utilize the Octane database in launching future offerings, including a possible Rocket League fantasy product.
Mark Elfenbein, CEO of X1, commented on the acquisition, “We are enthusiastic to have closed on the Octane acquisition. As Rocket League continues to grow in global popularity, owning multiple assets within this e-sport allows the opportunity to launch an all-encompassing Rocket League destination site containing breaking news, statistics, video highlights and fantasy sports.”
Rocket League averaged 99.5 million players monthly back in July 2021. The 2022 Rocket League World Championship was a 10-day event held at Dickies Arena in Fort Worth, Texas. 16 esports teams vied to qualify for the final four-team single elimination tournament. The event had a total prize pool of $2.09 million split amongst the 24 attending teams.
The RLCS 2021-2022 world championship was broadcast on Twitch, YouTube and Facebook with 368,721 peak viewers over 66 hours of airtime totalling 10.17 million hours watched.
In other X1 news, Jan Hoffmann resigned as X1 director and as CEO of X1’s wholly owned subsidiary RixGG Europe, which holds and operates the company’s RixGG esports teams.
Samantha Shorter has been appointed to fill the vacant board post. As such, she has resigned as X1’s CFO with Bobby Dhaliwal taking her place.
Shorter has over a decade of experience in financial reporting, assurance, and accounting services to publicly traded companies.
Dhaliwal works as a financial consultant with TSX Venture Exchange and Canadian Securities Exchange-listed companies in the resources and technology sectors. His experience includes assistance on IPOs, disclosure and financial reporting, implementation of accounting software, various equity financings and implementation of internal control policies.
Equity Guru founder Chris Parry did a three minute hit video on X1, its value proposition how investors should view the opportunity:
X1 reported $151,106 CAD in cash as of May 31, 2022, and revenues of $88,348 for the three months ending May 31, 2022, for a net loss of $460,776 for the same quarter.
The company currently trades at $0.34 per share for a market cap of $16.06 million.
