FansUnite Entertainment Inc. Announces Completion of Sale of FansUnite US Inc.

Vancouver, British Columbia–(Newsfile Corp. – August 15, 2024) –

FansUnite Entertainment Inc. (TSX: FANS) (OTCQB: FUNFF) (“FansUnite” or the “Company”) is pleased to announce that, further to its news release dated June 27, 2024, FansUnite completed the sale of all of the issued and outstanding shares of FansUnite US Inc. (“FansUS”), a wholly-owned subsidiary of FansUnite that carries on its Betting Hero business, to Hero Group Corp. (the “Purchaser”) for an aggregate purchase price of US$37.5 million, adjusted on a cash-free, debt-free basis (the ‎‎”Transaction”). As previously announced, the Purchaser is controlled 60% indirectly by Betting Hero’s co-founders, Jai Maw and Jeremy Jakary (the “Betting Hero Co-Founders”), and 40% by GeoComply Solutions Inc. Scott Burton, FansUnite’s Chief Executive Officer, Director and Chairman of the board of directors (the “Board”), commented, “The completion of this sale represents the culmination of a tremendous amount of effort from the entire FansUnite team, and I am proud of what we have accomplished.”

The sale of FansUnite US Inc. marks a significant milestone for FansUnite Entertainment Inc. and represents a strategic move in the company’s growth and expansion plans. With the completion of this transaction, FansUnite will now be able to focus on other areas of its business and pursue new opportunities for innovation and development.

Impact on Me

As a shareholder or investor in FansUnite Entertainment Inc., the sale of FansUnite US Inc. could potentially have a positive impact on your investment. The sale of a subsidiary for a substantial purchase price could lead to increased value for shareholders and improved financial performance for the company.

Impact on the World

The sale of FansUnite US Inc. to Hero Group Corp. could have broader implications for the world of online gaming and betting. This strategic move could potentially lead to increased competition and innovation in the industry, as well as open up new opportunities for partnerships and collaborations among different companies in the sector.

Conclusion

In conclusion, the completion of the sale of FansUnite US Inc. represents a significant achievement for FansUnite Entertainment Inc. and sets the stage for exciting new developments in the company’s future. The impact of this transaction will not only be felt by shareholders and investors, but also by the wider gaming and betting industry as a whole.