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Adding ShiftRLE to the X1 portfolio will be an excellent addition,” said Mark Ivory, CEO of X1. ” This will not only help us fulfill our core strategic priorities of building a diverse video game ecosystem and give global brands access to a GenZ audience, but will strengthen X1 s position in video game media.”

Information about ShiftRLE

Las Vegas-based ShiftRLE, led by co-founders Achilleas Fotiou and Jalen Jones, has seen steady user group growth since launching in 2020. Shift currently achieves over 8 million impressions during the seasonal period of RLCS, while it has seen growth of 14 million impressions during the transfer periods when the roster message cycle is most active. With offices in America and Europe, the organization has established an international presence in the esports industry.

We are excited to become a part of the X1 family as they move forward as they see the potential we have in the growth of Rocket League as an esport.” said Jalen Jones, a co-founder of ShiftRLE. ” With X1 behind us, we plan to take Shift to the next level, with our ultimate goal being to make Shift a hub where Rocket League fans can get the latest highlights, stats, and participate in interactive activities like Pick Ems, Fantasy and finally our own tournaments. We want Shift to act as a bridge between casual and hardcore Rocket League players with compelling content that appeals to multiple audiences.”

Rocket League is one of the world’s leading esports 2 . With 5-minute games offering non-stop action, the car-soccer hybrid game has seen significant growth in players from all demographics since its launch and now averages 80 million players per month worldwide, according to Active Player 3 .

Shift is an independent news source for Rocket League fans. It first gained notoriety by providing exclusive behind-the-scenes information on Rocket League rosters and tryouts before they became public knowledge. Shift plays a key role in ensuring the conversation surrounding Rocket League esports continues off the field by providing coverage and insights into roster transactions and general esports news to ensure fans stay tuned in remain engaged during slower periods of competition.

Transaction Conditions

Completion of the Proposed Acquisition remains subject to the satisfaction or waiver of closing conditions under the APA, including X1 entering into consulting agreements with key individuals at ShiftRLE (the “Consulting Agreements”). The closing date is expected to be on or before the tenth business day following the signing of the APA.

Pursuant to the APA, X1 will acquire 100% of the assets of ShiftRLE and benefit from ongoing services by key ShiftRLE personnel for a total consideration of (i) $50,000 in cash, of which $25,000 is payable at closing and in the United States $25,000 payable within 45 days of closing; (ii) 333,333 common shares of X1’s capital at a deemed issue price of $0.45 per common share (the “Consideration Shares”) to be distributed to each of four key employees; and (iii) a 7% share of gross sales earned in up to a maximum of US$250,000 for the first (36) months after closing (the “Earnout”). The earnout may be paid in cash or common stock, at the Company’s option, at a deemed price equal to the fortnight’s trading price prior to the payment date or such other price as may be required by exchange policies.

The Consideration Shares are subject to a CSE-imposed hold period of four months from the date of issuance and a contractual resale restriction resulting in 25% of the Consideration Shares being released six (6) months after the Closing Date. and 25% will be released at six (6) month intervals thereafter. The consideration shares are payable to key personnel of ShiftRLE upon closing, concurrent with their closing of the consulting agreements.

Under the consulting agreements, X1 will hire each of ShiftRLE’s four key employees as consultants to X1 to continue the operation of Shift’s media business. ShiftRLE Co-Founder Jalen Jones will serve as Shift Media’s Operations Manager, ShiftRLE Co-Founder Achilleas Vaios Fotiou will serve as Investigative Lead, Martin Faltus will serve as Digital Content Lead and Louis Sliwa will be Designer and Community Manager.

Important transaction highlights

  • Growth of Twitter users to over 30,000 followers 4
  • Ability to deliver social media impressions: Shift achieves millions of monthly social media impressions
  • Opportunity to enter the growing Rocket League ecosystem.

About X1

X1 Esports and Entertainment is a video games and media portfolio company that owns and operates the growing esports franchise, RixGG. The Company’s business is the competitive playing of video games by teams for cash prizes and activities associated with such competitions, such as merchandising and hosting tournaments.

For more information, please contact:

Markus Ivory

CEO and Director

info@X1Esports.com
www.X1Esports

FORWARD LOOKING STATEMENTS:

All information contained in this press release regarding the Company and ShiftRLE has been provided by the parties for inclusion herein, and the Company and its respective directors and officers have relied on Jalen Jones as co-founder of ShiftRLE for all information pertaining to ShiftRLE.

Completion of the acquisition of ShiftRLE is subject to a number of conditions precedent, including but not limited to the completion of consulting agreements with key ShiftRLE personnel and the delivery of closing documents as contemplated by the APA. The transaction cannot be completed until all of these conditions are met. There can be no guarantee that the transaction will be completed as proposed or at all.

Certain information in this press release may contain forward-looking statements that involve significant known and unknown risks and uncertainties. Forward-looking statements are often identified by words such as “will”, “may”, “should”, “anticipate”, “expect” and similar expressions. All statements in this press release other than statements of historical fact are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking information in this press release includes the completion of the acquisition of ShiftRLE’s assets, the completion of consulting agreements with key ShiftRLE personnel, ShiftRLE’s ability to integrate into the X1 portfolio as anticipated or at all, ShiftRLE’s growth and establishing ShiftRLE as a hub for esports with additional offerings to their current media service and generating revenue through ShiftRLE. Important factors that could cause actual results to differ materially from the Company’s expectations include failure to comply with the requirements of the applicable securities exchange(s) and other risks which may arise from time to time in the Company’s securities regulations filings Documents listed include failure to consummate the transaction, changing market and industry conditions, the ability of X1 and ShiftRLE to execute their respective business strategies, including expansion plans, the continued relevance of ShiftRLE’s media capabilities, competitive conditions, adverse industry events, availability of capital and Financing as needed. The reader is cautioned that assumptions used in preparing the forward-looking information may prove to be incorrect. Events or circumstances could cause actual results to differ materially from those projected due to numerous known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control. The reader is cautioned not to place undue reliance on any forward-looking information. Although this information was believed to be reasonable by management at the time it was prepared, it could prove to be incorrect and actual results could differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release and the Company disclaims any intention or obligation to update or revise such information, except as required by applicable law.

1 “Rocket League: Rocket League Live Player Count and Statistics”, Active Player, https://activeplayer.io/rocket-league/ (accessed: 07/22/2022).
2 “Top 15 most popular PC games of 2022”, Active Player, https://activeplayer.io/top-15-most-popular-pc-games-of-2022/ (accessed 22 July 2022).
3 See note 1.
4 twitter.com/ShiftRLE (accessed 22 July 2022).

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