Millennial Esports Corp. has announce it has it will acquire IDEAS+CARS Ltd. IDEAS+CARS Ltd operates in the fast growing esports racing environment.
The move will see Darren Cox, the principal of IDEAS+CARS, sign a three-year deal with Millennial Esports which will see him act as Chief Marketing Officer of the Company as well as Managing Director of Millennial Esports Europe.
Millennial Esports will, on closing of the Transaction, pay £100,000, issue 1,339,655 common shares of Millennial Esports (“Common Shares”) at an issuance price of $0.58 per share and 450,000 options to purchase Common Shares at an exercise price of $0.58 per Common Share for a period of five years vesting on the first, second and third anniversary of closing of the Transaction.
Cox is entitled to receive CDN$357,000 of Common Shares and up to 8 million additional Common Shares upon meeting certain performance milestones based on an issuance price of the greater of $0.58 and the Common Share closing price on the day prior to the respective milestone date.
“This transaction marks another major milestone for our company as we move into new territory in the Esports ecosystem”, said Millennial CEO, Alex Igelman. “We are extremely pleased to have a visionary like Darren Cox join our team and lead our entry into the world of motor racing Esports. Darren’s previous success with Nissan and Sony in delivering GT Academy paved the way for Esports within the racing game genre. IDEAS+CARS current partnership with McLaren in the “World’s Fastest Gamer” and the Esports relationship with the legendary home of British motor racing, Silverstone Motor Racing Circuit, puts us in the forefront of the racing world and Esports.”
Alex Igelman will be speaking at this year’s Betting on Esports event on a panel named: “Saving Las Vegas – How esports and land based casinos can and should work together”. To see the full agenda and buy your ticket, click here.
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Esports Insider says: Another move from Millennial, this time into the racing genre. It remains to be seen whether racing truly takes off as an esport but initiatives such as World Fastest Gamer certainly will help it along the way. Congratulations to both Alex and Darren.
