Adrian Montgomery signed a letter of intent to acquire Omnia Media, Inc., GameCo Esports Canada Inc., and Direct Sales Business Line from Enthusiast Gaming Holdings Inc. (TSX:EGLX) for $1 million on July 7, 2025. The purchase price of $1 million, to be satisfied through a vendor take-back note, payable in connection with future liquidity events involving the Purchaser or the acquired assets. In addition, the Purchaser will assume certain liabilities and commitments related to the Omnia Media, Inc., GameCo Esports Canada Inc., and the Direct Sales Business Line. As part of the proposed transaction, Enthusiast Gaming will retain its owned and operated content channels, including Arcade Cloud, The Countdown, BCC, and Wisecrack, which will be transferred out of the Acquired Entities prior to closing. Under the LOI, the Purchaser has agreed to assume full economic responsibility for the Acquired Entities and Direct Sales Business Line in the period leading up to closing, subject to closing conditions and adjustments.

The Letter of intent remains subject to the settlement and execution of a definitive agreement, which the parties intend to finalize by July 31, 2025, as well as receipt of customary approvals and other closing conditions. The Transaction is expected to result in approximately $10 million of cost savings on an annual basis, resulting in material improvements in Adjusted EBITDA and providing significant working capital benefits to Enthusiast Gaming Holdings Inc.