X1 CEO Mark Elfenbein said: “The Tyrus platform expertly bridges the gap between international brands and the gaming ecosystem.
“The addition of the company to our portfolio will help to establish X1 as an advertising sales organisation with access to some of the most sought-after content creators in the video games category.”
According to the terms of the agreement, X1 will acquire 100% of the issued and outstanding membership interests of Tyrus, for a purchase price totalling up to approximately $350,000.
The purchase price is to be paid in cash payments of $150,000 within 60 days of closing, and 555,555 fully-paid common shares are to be issued at closing, for $0.45 per share.
Additionally, a bonus payment of $100,00 may be payable if Tyrus achieves revenue of $1.75m in its first full year, this bonus may be settled in cash or common shares.
Tyrus CEO Amanda Solomon said: “We’re excited to join the X1 family. Our main focus with Tyrus is to be an industry disrupter by offering white glove services to our talent and diverse and inclusive roster of highly talented influencers who are enabling global brands to access and engage motivated Gen Z audiences. I’m supremely confident that joining X1 will take us to the next level and help us become an increasingly dominant player in this space.”
Vancouver-based X1 owns and operates the RixGG franchise, an eSports organisation involved in tournaments with cash prizes.
