Global Gaming Technologies Corp (OTCMKTS:BLKCF) (CNSX: BLOC.U) announced Wednesday that it has appointed Atari Inc founder Nolan Bushnell as CEO and chairman effective immediately.
Bushnell is the CEO of the company's wholly owned subsidiary X2 Games Corp. In addition to founding Atari, he established the Chuck E. Cheese’s Pizza Time Theatre chain, which was sold for US$1.3 billion USD in 2014 to Apollo Global Management.
"The appointment of Nolan to the board of directors will enable BLOC to build a stronger footing in the ever-growing interactive gaming space, and we look forward to his many years of leadership and experience within the gaming industry that he brings," Shidan Gouran, president of Global Gaming, said in a statement.
Vancouver-based Global Gaming also announced that it has agreed to acquire all of the shares of Videre eSports Corp. The private British Columbia company holds intellectual property assets including the eSports betting platform, which is expected to launch in the second quarter.
“eSports is the future,” Bushnell said. “The growth of the eSports sector has been fueled by the rapid adoption of technology among millennials, the general rise in all types of online gaming, and games’ winning combination of competitive sport and Hollywood-style entertainment.”
Under the deal, Global Gaming will issue about 429 million shares at a deemed price of US$0.02 per share in exchange for all of the shares of Videre for an aggregate purchase price of about US$8.5 million.
The former shareholders of Videre will own 37.19% of the shares of Global Gaming. None of the former individual shareholders of Videre will hold more than 10%.
Shares of Global Gaming traded at US$0.03 in Wednesday’s OTC Markets trading. They fetched C$0.03 in Canada.
–This story has been updated to add comment from the company's president–
Contact Dennis Fitzgerald at [email protected]