Alpha Esports Tech Inc.
Alpha Esports Signs Binding Letter of Intent to Acquire 100% of eDoxa Inc.
eDoxa's AI platform enables Alpha's platforms to promote fair play with new anti-smurfing and anti-cheating technology.
VANCOUVER, BC / ACCESSWIRE / July 20, 2021 / Alpha Esports Tech Inc. (CSE:ALPA)(FSE:5NP)(OTC PINK:APETF), ("Alpha" or the "Company") is pleased to announce that it has entered into a a binding Letter of Intent (LOI) to acquire 100% of the issued and outstanding shares of eDoxa Inc., ("eDoxa"), an esports company specializing in AI based game scoring which helps to level the playing field among gamers of different skill levels, equalizing the opportunity for gamers of any skill level to win prizes in tournaments.
Originally founded in 2019, eDoxa's competitions are built around a leaderboard concept where users play within their ranked queue and the scoring system automatically calculates a match score depending on players' in-game performance. Importantly, eDoxa's fraud and cheating detection technology is proficient at detecting bot accounts and users that abuse gameplay fairness. Ensuring fairness of gameplay is increasingly important to attracting and retaining gamers. Once completed, the Company expects the acquisition of eDoxa to improve its ability to host enhanced gameplay, utilizing eDoxa's fairness-based technology.
"eDoxa has built out strong technological features and their AI Scoring System and Smurf detector features enhancing fair game play are significant features and can add significant value to Alpha," said interim CEO, Matthew Schmidt. "Equally important, the pending acquisition of eDoxa is expected to bring to Alpha an experienced team of esports and gaming veterans that will help ensure we are up to date in offering top of the line products and features to our growing userbase. We will continue to be aggressive in our M&A strategy to compliment our current assets and future growth."
"Our mission at eDoxa is to help casual gamers compete fairly at their level, while being rewarded for their in game performances," said Roy El-Khouri, co-founder of eDoxa. "The eDoxa team is excited to be joining the experienced group of esports leaders at Alpha, allowing us to put in motion a high growth plan while increasing the pace of technological development."
The acquisition of eDoxa is subject to regulatory approval and other customary closing conditions.
About Alpha Esports Tech Inc.
Alpha Esports Tech Inc. is a technology company that focuses on emerging industries in esports, mobile gaming, ecommerce and other high growth opportunities. Through a strong portfolio of technology assets and products such as GamerzArena, Alpha Esports Tech brings a unique mass-appeal focus to modern gaming platforms. Learn more at: www.alphatech.inc
On Behalf of The Board of Directors
Chairman and Director
Forward Looking Statement
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to statements regarding the Company's business, products and future of the Company's business, and the anticipated completion of the acquisition of eDoxa and potential benefits thereof. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Company's products and plan will vary from those stated in this news release, that the Company may not be able to carry out its business plans as expected, that the acquisition of eDoxa will not be completed as contemplated or at all, and that the expected benefits of the acquisition may not materialize as expected or at all . Except as required by law, the Company expressly disclaims any obligation and does not intend to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. The statements in this news release are made as of the date of this release.
The CSE has not reviewed, approved or disapproved the content of this press release
SOURCE: Alpha Esports Tech Inc.
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