Motorsport Games Acquires All Remaining Shares of 704Games Company

MIAMI, April 20, 2021 (GLOBE NEWSWIRE) — Motorsport Games Inc. (NASDAQ: MSGM), a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, today announced that it has closed the previously announced acquisition of the outstanding shares of 704Games Company from Ascend and PlayFast LLC. The acquisition was structured as a merger of 704Games Company with and into 704Games LLC, a newly-formed Delaware limited liability company, with Merger Sub being the surviving entity in such merger. The Merger Sub is wholly-owned by the Company.

As previously disclosed, beginning in 2022, the acquisition is expected to be accretive to net (loss) earnings per share of Motorsport Games on a per share basis. The acquisition benefits Motorsport Games in several ways including via simplified financial reporting as well as other strategic considerations.

Dmitry Kozko, Chief Executive Officer, said, “This acquisition brings additional value to Motorsport Games and our shareholders as it gives us full control over the development of our NASCAR licensed video games as well as our other franchises. We are honoured to work with a license as world-renowned as NASCAR and look forward to creating genre defining experiences together.”

For more information about Motorsport Games visit www.motorsportgames.com and follow our social media channels: FacebookTwitter and LinkedIn.

About Motorsport Games:
Motorsport Games, a Motorsport Network company, combines innovative and engaging video games with exciting esports competitions and content for racing fans and gamers around the globe. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series including NASCAR, 24 Hours of Le Mans and the British Touring Car Championship (“BTCC”), as well as other racing games including KartKraft, the highly acclaimed PC kart racing simulator. Motorsport Games is an award-winning esports partner of choice for 24 Hours of Le Mans, Formula E, BTCC, the FIA World Rallycross Championship and the eNASCAR Heat Pro League, among others. For more information about Motorsport Games visit: www.motorsportgames.com.