Blockchain gaming investment business Global Gaming Technologies has appointed Nolan Bushnell, the founder of Atari Inc., as its new chief executive and chairman, while the company also striking a deal to acquire Videre eSports Corp. and expand into the esports sector.
Bushnell takes on the new roles having previously served as CEO of X2 Games Corp, a blockchain games developer which is a wholly-owned subsidiary of Global Gaming. The Vancouver-based business is an entirely separate entity from the similarly-named Ninja Casino operator.
In addition to co-founding iconic video gaming brand Atari, Bushnell founded the Chuck E. Cheese’s Pizza Time Theatre chain. Apollo Global Management acquired the business for $1.3bn (£987.5m/€1.1bn) in 2014.
“The appointment of Nolan to the board of directors will enable us to build a stronger footing in the ever-growing interactive gaming space and we look forward to his many years of leadership and experience within the gaming industry that he brings,” Global Gaming president Shidan Gouran said.
Meanwhile, the business has also entered into a definitive agreement to acquire all of the issued and outstanding common shares in the capital of Videre eSports Corp.
The British Columbia-based company holds certain intellectual property assets, including a proprietary esports betting platform that is scheduled to launch in the second quarter.
Global Gaming is to issue 428,865,080 common shares – at an agreed price of $0.02 per share – in exchange for all of the issued and outstanding common shares in Videre This represents an aggregate purchase price of $8.58m.
As part of the agreement, Videre will merge with a Global Gaming subsidiary, which will assume the name Videre eSports Corp, while, a unique esports betting platform developed by Videre will become part of Global Gaming. Videre will operate as a wholly-owned subsidiary of Global Gaming.
Should the deal go through as expected, the former shareholders of Videre on a collective basis will own 37.19% of the issued and outstanding share capital of Global Gaming. No individual shareholders of Videre will hold more than 10% of the issued and outstanding share capital of the company.
Commenting on the deal, Bushnell said: “esports is the future. Young audiences, large prize pools and thousands of entertaining games attract crowds to stream and attend these events.
“The growth of the esports sector has been fuelled by the rapid adoption of technology among millennials, the general rise in all types of online gaming and games’ winning combination of competitive sport and Hollywood-style entertainment.
“Using the Videre platform through the games we are currently developing will be an exciting prospect and provide for synergies in the years of our company to come.”