GameSquare Announces Sale of Complexity Gaming to Jason Lake and Global Esports Properties for US$10.36 Million

Sale follows a 175+% increase in Complexity's sales from 2021 - 2022 under GameSquare's ownership
Transaction is part of GameSquare's asset optimization strategy that is associated with its pending acquisition of FaZe Holdings

FRISCO, TX / ACCESSWIRE / March 1, 2024 / GameSquare Holdings, Inc. (NASDAQ:GAME)(TSX.V:GAME), ("GameSquare", or the "Company"), today announced that it has sold its esports team NextGen Tech, LLC d/b/a Complexity Gaming ("Complexity") to Global Esports Properties, LLC ("Global Esports"), an investor group led by Complexity's founder and CEO Jason Lake for total consideration of US$10.36 million. GameSquare and Complexity signed a Membership Interest Purchase Agreement dated as of March 1, 2024, and the transaction is anticipated to close shortly upon the satisfaction of a closing condition to receive TSXV approval for the transaction.

"Complexity is a leading esports organization that has experienced tremendous growth under GameSquare's ownership, with annual sales increasing over 175% and a 10x increase in the number of aggregate social followers from 2021 to 2022. While it is bittersweet to sell Complexity, there is no one better suited to take over than Jason and his team," says GameSquare CEO Justin Kenna. "The Complexity transaction follows the December 2023 sale of our Frankly radio assets, as we continue to optimize our platform ahead of the pending acquisition of FaZe. Once the acquisition with FaZe closes, which is expected in the coming weeks, we are excited to get to work replicating the success we achieved with Complexity at FaZe. We believe this is a win/win for Complexity, Global Esports, GameSquare and the global esports leagues where Complexity and FaZe compete, as many leagues have rules around ownership of multiple teams. We look forward to rooting for Complexity and finding ways to continue to work with Jason and his team."

"This is an epic moment in the history of Complexity and we're grateful for this exciting opportunity," says Complexity founder and CEO Jason Lake. "I'd like to thank the Jones and Goff families and everyone at GameSquare for our years of successful collaboration. Together we've significantly grown Complexity's revenues and built a financially stable organization. It's now time to write the next chapter in our legendary story and I'm confident our loyal fans will greatly enjoy the years ahead."