Motorsport Games Announces Sale of Traxion

MIAMI, May 01, 2024 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ: MSGM) (the “Company” or “Motorsport Games”), a racing game developer, publisher, and esports ecosystem provider of official motorsport racing series throughout the world, is today announcing the sale of its gaming media outlet Traxion to Traxion.GG Ltd, a UK subsidiary of Grid Finder Ltd for $250,000. This strategic decision continues Motorsport Games’ ongoing efforts to streamline operations, reduce operational costs and sell off components not considered core to the future of the business.

The sale is expected to allow Motorsport Games to focus more intensely on development of high-quality racing games with $200,000 of the deal in cash and $50,000 in future marketing efforts through the outlet. Motorsport Games retains the option to access the video platforms for future broadcasts of the Le Mans Virtual Series and 24 Hours of Le Mans Virtual.

“This transaction is another component piece in our strategy to leverage elements of market value, bringing cash into the business whilst doubling-down on our primary focus – high-quality gaming products,” commented Stephen Hood, CEO and President of Motorsport Games. “Traxion stood for quality racing game journalism, helped grow the racing video games and simulation market - and we are excited to see the brand revived under new ownership.”

Thomas Stapley-Bunton, CEO and Founder of Grid Finder said, “Traxion.GG has always been considered to be the pinnacle of journalism and content by the wider online racing and sim racing community. Reviving the brand with the original team is a huge win for the online racing community and brings with it exciting opportunities to combine the power of Grid Finder's new community management tools and marketplaces with the best online racing content site in the world.”

About Motorsport Games:

Motorsport Games, a Driven Lifestyle Group company, is a racing game developer, publisher and esports ecosystem provider of official motorsport racing series. Combining innovative and engaging video games with exciting esports competitions and content for racing fans and gamers, Motorsport Games strives to make racing games that are authentically close to reality. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series including the 24 Hours of Le Mans and the FIA World Endurance Championship, recently releasing Le Mans Ultimate in Early Access. Motorsport Games also owns the industry leading rFactor 2 and KartKraft simulation platforms. rFactor 2 also serves as the official sim racing platform of Formula E, while also powering F1 Arcade through a partnership with Kindred Concepts. Motorsport Games is also an award-winning esports partner of choice for the 24 Hours of Le Mans, creating the renowned Le Mans Virtual Series. Motorsport Games is building a virtual racing ecosystem where each product drives excitement, every esports event is an adventure, and every race inspires.