07:07:52 EDT Tue 19 Mar 2024
Enter Symbol
or Name
USA
CA



OV2 Investment 1 Inc
Symbol OVO
Shares Issued 10,000,000
Close 2017-11-17 C$ 0.40
Market Cap C$ 4,000,000
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OV2's Ledger closes 1st tranche investment into Splyce

2018-04-24 09:26 ET - News Release

Mr. Adam Adamou reports

THE LEDGER GROUP INVESTS IN SPLYCE INC.

OV2 Investment 1 Inc.'s The Ledger Group Inc. has closed the first tranche of a planned $1.5-million (U.S.) investment into Splyce Inc., a world-class professional e-sports team with a global presence in eight games and one of the fastest growth rates in the industry. This investment strategically complements The Ledger Group's existing investments in Askott Entertainment Inc., a leading e-sports gaming company, and Enthusiast Gaming Inc., a rapidly growing e-sports media company.

The Ledger Group was founded with a platform-based strategy of financing blockchain deployment and enablement with a focus on digital media and entertainment. With the addition of Splyce to the company's portfolio, management has elected to concentrate on capturing value directly through the ownership of e-sports platforms.

With over $655-million spent by consumers on e-sports in 2017 and an anticipated $1.5-billion by 2022, e-sports is the fastest growing segment of the global sports market. As at the end of 2017, sponsorships, advertising and media rights and events exceeded $500-million annually, representing a year-over-year increase of 48 per cent. e-sports viewership is increasing and delivering the key demographic of millennial and postmillennial viewers, while in many cases traditional sports viewership is declining. To pursue this opportunity, The Ledger Group is implementing the following changes:

  • The Ledger Group will be rebranding to OverActive Media Group to reflect its focus on the ownership of e-sports platforms.
  • OverActive Media will seek opportunities to build, acquire, or invest in e-sports franchises and related businesses.
  • OverActive Media will shift from an investment platform to an ownership platform as it develops and expands its e-sports platforms and properties.

"Our core thesis and enthusiasm for blockchain continues, however after extensive due diligence on the e-sports industry we are optimistic that it represents a significant opportunity for our shareholders," said Adam Adamou, chief executive officer of The Ledger Group. "We continue to encourage our portfolio companies to deploy blockchain technologies where it makes sense, however it will no longer be a component of our investment criteria. We believe that technology is a means to an end, but that compelling ideas should be unshackled from the technologies that delivers them.

"Our initial investments in Enthusiast Gaming and Askott Entertainment, and now Splyce, firmly position us to capitalize on a portfolio of some of the industry's leading companies. We are adjusting our focus to better provide Canadian investors broad ownership exposure to this exciting and growing opportunity."

The company and OV2 Investment 1 Inc., a capital pool company formed under the policies of the TSX Venture Exchange, previously announced in November, 2017, a definitive agreement and planned non-arm's-length amalgamation as the qualifying transaction of OVO. The parties are currently evaluating available options for completing the qualifying transaction, taking into account the company's e-sports business focus. Any such transaction would be subject to receipt of all required shareholder, regulatory and stock exchange consents and approvals.

About The Ledger Group Inc.

The Ledger Group was incorporated under the laws of Canada in November, 2017, by the founders of OV2 Investment 1. The Ledger Group is an e-sports ownership group.

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