Allied Esports appoints new CEO

People News

Allied Gaming & Entertainment a global experiential entertainment company, has announced the conclusion of its previously announced strategic review process.

The strategic review was overseen by the Company’s Board of Directors and included the assistance of The Benchmark Company, which served as the Company’s exclusive financial advisor in connection with a potential business combination transaction.

After carefully considering possible alternatives, the Company has determined that its shareholders’ interests will be best served by restructuring its existing esports business operations and expanding its focus to include a broader array of entertainment and gaming products and services in lieu of seeking a single business combination transaction.

“After a thorough review of potential M&A opportunities across a wide range of industries, we have decided our stockholders are best served by not pursuing a single significant transaction at this time,” said Yinghua Chen, CEO of the Company. “Given our deep roots and established position in esports and gaming, I am confident we can bring our operational acumen, unique assets and valuable resources to restructure our existing esports business and also offer a wider range of popular entertainment products and services to the broader gaming community.

By building beyond esports, our new strategy will provide the next level of experiential entertainment to the world of gamers. Looking ahead, we expect to achieve strong growth through both organic expansion and reasonably sized tuck-in acquisitions to help us capitalize on this burgeoning market opportunity.”

In alignment with today’s announcement, the Company changed its corporate name and rebranded to “Allied Gaming & Entertainment Inc.” The Company’s common stock continues to be publicly traded on the Nasdaq Capital Market under the new ticker symbol “AGAE.”

In addition, the company has appointed Robert Proctor as the new CEO of Allied Esports International , a 100% owned subsidiary of the Company, to lead the restructuring of the Company’s esports business. Proctor is a seasoned executive and entrepreneur with three decades of experience spanning a variety of industries.

“I am delighted to announce Rob’s appointment to Chief Executive Officer of Allied Esports International,” said Ms. Chen. “Rob is a veteran business leader and entrepreneur in the broadcasting, media and entertainment industries and possesses a unique combination of experience in content creation, global media sales, brand building, operation and strategic planning knowledge. We believe he is a great fit for fulfilling the new direction of our esports business. I look forward to working closely with him on improving the Company’s cash flow and financial flexibility.”