Champion Gaming (TSX-V:WAGR) Group Inc has announced that EdjSports LLC, the company's premier sports intelligence subsidiary which leverages its predictive and prescriptive analytical models and win probability applications, has renewed a contract with one of its key customers.
The renewal agreement marks a continuation of specialized consulting services provided by EdjSports related to the development of model and code enhancements, a copy of which is owned by the customer and is being used in sports market-making services.
Champion Gaming revealed that the agreement provides for a one-time cash payment of $445,243 upon execution, which includes a portion of fees for services provided in the normal course and a portion of fees for the transition and solicitation of certain EdjSports employees by the customer over the first half of the year.
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The term of the agreement will run through the earlier of February 11, 2023, or the date at which EdjSports and the customer mutually agree the transition is complete, said the company.
"This renewal agreement is a testament to the capabilities of the EdjSports team," Champion Gaming co-founder and CEO Ken Hershman said in a statement. "We are excited about the opportunity to continue providing specialized consulting services in the near-term, while at the same time being able to continue to strengthen our consumer-facing capabilities."
Separately, the company also announced that it has granted 250,000 stock options to a consultant of the company to buy common shares exercisable until February 8, 2023, at a price of $0.30 per share. The shares issuable on exercise of the stock options are subject to a four-month hold from the original date of grant.
Armed with an umbrella of brands like Edjsports, Football Outsiders, and EdjVarsity, Champion Gaming is a top sports intelligence destination for bettors, teams, and media companies. Edjsports, a sports data and analytics company provides insights through simulations and algorithms on a business-to-business basis, as well as to consumers through its website.
The group’s base of operations for EdjSports, is in Louisville, Kentucky, while CEO Hershman is based in Manhattan.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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