TORONTO, Feb. 13, 2024 /CNW/ – OverActive Media Corp. (TSXV:OAM) (“OAM”, “OverActive” or the “Company”) a premier global esports and entertainment company for today’s generation of fans, today announced that Riot Games (“Riot”) has approved the transfer of a VALORANT Champions Tour EMEA (“VCT EMEA”) Team Participation Agreement (“TPA”) from Goatch Global, S.L. (operating as “KOI”) to a subsidiary of the Company. The transfer of the TPA is occurring in connection with the Company’s previously announced acquisition of certain esports assets from KOI (the “Acquisition”). This approval satisfies one of the key conditions to the closing of the Acquisition.
VCT EMEA is one of the premier competitive circuits in esports and the highest tier of competition for VALORANT in the EMEA region. OverActive will join VCT EMEA as a long-term partner and operate the team as ‘Movistar KOI’ for the 2024 VCT season. OverActive also owns and operates ‘MAD Lions KOI’, one of the ten teams in the League of Legends EMEA Championship (“LEC”), also backed by Riot. With the approval of the transfer, OAM is pleased to announce the completion and execution of VCT player contracts.
“Securing the transfer of the VCT EMEA Team Participation Agreement marks a pivotal moment for OverActive Media. This aligns with our strategic vision to form long-term partnerships with the world’s leading publishers in those games that provide the best potential for team organizations to grow and scale our businesses,” said Adam Adamou, Co-Founder and CEO of OverActive Media.
The Acquisition, together with the Company’s proposed concurrent acquisition of Team Randomk Esports S.L. (collectively, the “Acquisitions”), remains subject to several conditions, including the receipt of all necessary TSXV approvals. For further details regarding the terms of the Acquisitions, please refer to OverActive’s press releases dated January 4, January 8, 2024, and January 23, 2024, and to the copies of the definitive purchase agreements that have been filed under OverActive’s SEDAR profile at www.sedarplus.com.
This press release contains statements which constitute “forward-looking statements” and “forward-looking information” …
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