X1 Ceases Operations of RixGG
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X1 Ceases Operations of RixGG
VANCOUVER, BC – December 9, 2022 – X1 Entertainment Group Inc. (CSE:XONE, OTCQX:
XOEEF; FSE: ZI0) (“X1” or the “Company”) announces that it is ceasing operations of Rix.GG
Europe Ltd. (“RixGG”), which holds and operates its esports franchise. The Company will focus
on its additional assets being Shift Media, a media service that reports on Rocket League, and
Tyrus, LLC, a talent management company which represents various clients, including those in
the e-sports industry. As such, the Company will remain active in the esports industry with a
strategic focus on commercialization of Shift Media, and continued growth of Tyrus LLC,
however will no longer be in the business of competitive playing of video games by teams for
cash prizes.
RixGG currently has one team competing in League of Legends: Wild Rift. RixGG will no longer
compete in Wild Rift effective March 9, 2022, as a result of Riot Games’ recent announcement
that it will discontinue support for Wild Rift esports operations outside of Asia.
RixGG previously held other e-sports teams, including Lightning, a female and marginalized-
gender Valorant team competing in Game Changers, which departed the franchise effective
November 16, 2022, and Static, an amateur Valorant team, in addition to other historical teams
as previously disclosed in the Company’s long form prospectus dated May 19, 2022.
About X1
X1 Entertainment Group Inc. is a gaming and entertainment company that helps connect brands
with Gen-Z and millennial audiences through a diverse portfolio of assets which includes a talent
management agency, and other integrated media assets. The Company’s assets are in three
main verticals: Media & Network, Creator Economy, and Gaming & Esports. X1 is continuing to
build upon its existing portfolio of assets through a combination of organic growth and accretive
M&A.
Mark Elfenbein
CEO and Director
For enquiries, please call 604-229-9445 or toll free 1-833-923-3334 or email [email protected].
www.X1Ent.com
This news release contains “forward-looking information” which may include, but is not limited
to, statements with respect to expectations about the intended ceasing of operations. Often, but
not always, forward-looking statements can be identified by the use of words such as “plans”,
LEGAL_40210812.2
“expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”,
or “believes” or variations (including negative variations) of such words and phrases, or state
that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or
be achieved. A variety of factors, including known and unknown risks, many of which are
beyond our control, could cause actual results to differ materially from the forward-looking
information in this press release. Additional risk factors can also be found in the Company’s
public filings under the Company’s SEDAR profile at www.sedar.com. Forward-looking
statements contained herein are made as of the date of this press release and the Company
disclaims any obligation to update any forward-looking statements, whether as a result of new
information, future events or results or otherwise. There can be no assurance that forward-
looking statements will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. The Company undertakes no obligation to
update forward-looking statements if circumstances, management’s estimates or opinions
should change, except as required by securities legislation. Accordingly, the reader is cautioned
not to place undue reliance on forward-looking statements.