Mr. Daniel Japiassu reports
YDX INNOVATION DIVESTS GAMING ASSETS
YDX Innovation Corp. has entered into an agreement of purchase and sale with the founders of Beat Gaming, Vasilios Elafros and Anthony Truong, for the transfer of Beat Gaming intellectual property from YDX to the purchasers.
"With the imminent merger with Amuka Esports, we've made the difficult decision to mutually part ways with Beat e-sports," said Daniel Japiassu, chief executive officer of the company. "Although we think highly of the Beat brand, we had to make the difficult decision to divest certain assets in order to facilitate investment in the company's upcoming initiatives, such as our gaming academy and developing direct-to-consumers virtual reality content. We are sure Bill and Anthony will continue to do great things with Beat, and hopefully there will other opportunities for both companies to collaborate in the future."
"We are looking forward to our future operations in e-sports and we wish the YDX team all the best. We're excited for 2021 and hope both companies can collaborate in the future as well," said Bill Elafros, chief executive officer of Beat e-sports.
Under the terms of the agreement, the purchasers will be assigned all intellectual property related to Beat Gaming, including the brands and social media channels, in exchange for releasing YDX from the obligation to pay the remaining cash balance ($606,000 after a payment of $80,000 in 60 days from the closing) due under the share purchase agreement between the parties signed in April, 2020.
About YDX Innovation Corp.
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