{"id":778421,"date":"2023-08-16T16:40:17","date_gmt":"2023-08-16T20:40:17","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/allied-gaming-entertainment-announces-a-strategic-investment-to-become-largest-shareholder-of-beijing-lianzhong-zhihe-technology-co\/"},"modified":"2023-08-16T16:40:17","modified_gmt":"2023-08-16T20:40:17","slug":"allied-gaming-entertainment-announces-a-strategic-investment-to-become-largest-shareholder-of-beijing-lianzhong-zhihe-technology-co","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/allied-gaming-entertainment-announces-a-strategic-investment-to-become-largest-shareholder-of-beijing-lianzhong-zhihe-technology-co\/","title":{"rendered":"Allied Gaming &amp; Entertainment Announces a Strategic Investment to Become Largest Shareholder of Beijing Lianzhong Zhihe Technology Co."},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Allied Gaming &amp; Entertainment Announces a Strategic Investment to Become Largest Shareholder of Beijing Lianzhong Zhihe Technology Co.<\/b><\/p>\n<p class=\"bwalignc\"><i>Transaction significantly expands AGAE\u2019s mobile games business and geographic reach and is expected to be immediately accretive<\/i><\/p>\n<p>NEW YORK&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nAllied Gaming &amp; Entertainment, Inc.<b \/>(NASDAQ: AGAE) (the \u201cCompany\u201d or \u201cAGAE\u201d), a global experiential entertainment company, today announced a strategic investment in Beijing Lianzhong Zhihe Technology Co. (\u201cZhihe\u201d), a prominent mobile games developer and operator with proven distribution capabilities. AGAE will assume a controlling interest in the Board and become the Company\u2019s largest shareholder.<\/p>\n<p>\nFounded in Beijing in April, 2022, Zhihe has rapidly emerged as a trailblazing mobile games developer and operator, specializing in the innovation, research, development and operation of premium card and Mahjong casual games. Leveraging advanced in-game advertising strategies, Zhihe has efficiently generated substantial revenue streams. Within a relatively short period of time, Zhihe has established a premier leisure entertainment platform and community, which further solidifies its connection with customers, enhancing engagement and fostering enduring relationships.<\/p>\n<p>\n\u201cWe are delighted to announce our strategic investment in Beijing Lianzhong Zhihe Technology Co.,\u201d stated Yinghua Chen, AGAE\u2019s Chief Executive Officer. \u201cIn just over a year, Zhihe has made remarkable strides in the expansive mobile games market, which will harmonize seamlessly with our strategic goals and the establishment of our subsidiary, Allied Mobile Entertainment (\u2018AME\u2019). Zhihe brings a compelling library of popular mobile games that will bring significant traction to AME, while also providing distribution channels for our current portfolio of casual mobile games that are in the process of testing and pre-public launching. We look forward to working with their leadership team to drive future value and realize the synergies of our businesses.\u201d<\/p>\n<p>\nIn just nine months of operations in the fiscal year of 2022, Zhihe generated revenue of approximately $10 million (USD), with positive results in key financial areas, including EBITDA, operating cash flow and net income. Unaudited interim results for the first five months of 2023 indicate an upward trajectory in all key financial areas, including revenues.<\/p>\n<p><b>Terms of Deal<\/b><\/p>\n<p>\nOn August 16, 2023, AME agrees to acquire 40% equity interests of Beijing Lianzhong Zhihe Technology Co. indirectly held by Ourgame International Holdings Limited, a major stockholder of AGAE, for approximately $7 million (USD), in cash. The acquisition is subject to customary closing conditions and is expected to close by the end of September 2023. For financial reporting purposes, the Company expects to consolidate the post-acquisition financial statements of Zhihe, which the Company believes will strengthen its financial performance measures and enhance value for its stockholders.<\/p>\n<p><b>About Allied Gaming &amp; Entertainment<\/b><\/p>\n<p>\nAllied Gaming &amp; Entertainment Inc. (Nasdaq: AGAE) is a global experiential entertainment company focused on providing a growing world of gamers with unique experiences through renowned assets, products and services. For more information, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Falliedgaming.gg%2F&amp;esheet=53538974&amp;newsitemid=20230815867900&amp;lan=en-US&amp;anchor=alliedgaming.gg&amp;index=1&amp;md5=5d5efb321723d38a75c7aad7a54b47c4\">alliedgaming.gg<\/a>.<\/p>\n<p><b>Forward Looking Statements<\/b><\/p>\n<p>\nThis communication contains certain forward-looking statements under federal securities laws. Forward-looking statements may include our statements regarding our goals, beliefs, strategies, objectives, plans, including product and service developments, future financial conditions, results or projections or current expectations. In some cases, you can identify forward-looking statements by terminology such as \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cexpect,\u201d \u201cplan,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cpredict,\u201d \u201cpotential,\u201d \u201cintend\u201d or \u201ccontinue,\u201d the negative of such terms, or other comparable terminology. These statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results to be materially different from those contemplated by the forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside our control, that could cause actual results or outcomes to differ materially from those discussed in these forward-looking statements. The inclusion of such information should not be regarded as a representation by the Company, or any person, that the objectives of the Company will be achieved. Important factors, among others, that may affect actual results or outcomes include: risks associated with our ability to execute on our business and strategic plans; the substantial uncertainties inherent in the acceptance of existing and future products and services; our ability to acquire and integrate new businesses and assets, the ability to retain key personnel;; general economic and market conditions impacting demand for our services;; our inability to enter into one or more future acquisition or strategic transactions using our cash reserve; and our ability, or a decision not to pursue strategic options for the esports business. You should consider the areas of risk described in connection with any forward-looking statements that may be made herein. The business and operations of AGAE are subject to substantial risks, which increase the uncertainty inherent in the forward-looking statements contained in this communication. Except as required by law, we undertake no obligation to release publicly the result of any revision to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Further information on potential factors that could affect our business and results is described under \u201cItem 1A. Risk Factors\u201d in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 24, 2023, as well as subsequent reports we file with the SEC. Readers are also urged to carefully review and consider the various disclosures we made in such Annual Report on Form 10-K and in subsequent reports with the SEC.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230815867900r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230815867900\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230815867900\/en\/<\/a><\/span><\/p>\n<p><b>Investor Contact:<br \/>\n<\/b><br \/>Tyler Drew<br \/>\n<br \/>Addo Investor Relations<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:ir@alliedgaming.gg\">ir@alliedgaming.gg<\/a><\/p>\n<p><b>KEYWORDS:<\/b> China United States North America Asia Pacific New York<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Entertainment Apps\/Applications Technology Mobile Entertainment Events\/Concerts Software Electronic Games<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230815867900\/en\/1868528\/3\/AGAE_Logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Allied Gaming &amp; Entertainment Announces a Strategic Investment to Become Largest Shareholder of Beijing Lianzhong Zhihe Technology Co. Transaction significantly expands AGAE\u2019s mobile games business and geographic reach and is expected to be immediately accretive NEW YORK&#8211;(BUSINESS WIRE)&#8211; Allied Gaming &amp; Entertainment, Inc.(NASDAQ: AGAE) (the \u201cCompany\u201d or \u201cAGAE\u201d), a global experiential entertainment company, today announced a strategic investment in Beijing Lianzhong Zhihe Technology Co. (\u201cZhihe\u201d), a prominent mobile games developer and operator with proven distribution capabilities. AGAE will assume a controlling interest in the Board and become the Company\u2019s largest shareholder. Founded in Beijing in April, 2022, Zhihe has rapidly emerged as a trailblazing mobile games developer and operator, specializing in the innovation, research, development and operation of premium card &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/allied-gaming-entertainment-announces-a-strategic-investment-to-become-largest-shareholder-of-beijing-lianzhong-zhihe-technology-co\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Allied Gaming &amp; Entertainment Announces a Strategic Investment to Become Largest Shareholder of Beijing Lianzhong Zhihe Technology Co.&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-778421","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Allied Gaming &amp; Entertainment Announces a Strategic Investment to Become Largest Shareholder of Beijing Lianzhong Zhihe Technology Co. - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/allied-gaming-entertainment-announces-a-strategic-investment-to-become-largest-shareholder-of-beijing-lianzhong-zhihe-technology-co\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Allied Gaming &amp; Entertainment Announces a Strategic Investment to Become Largest Shareholder of Beijing Lianzhong Zhihe Technology Co. - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Allied Gaming &amp; Entertainment Announces a Strategic Investment to Become Largest Shareholder of Beijing Lianzhong Zhihe Technology Co. Transaction significantly expands AGAE\u2019s mobile games business and geographic reach and is expected to be immediately accretive NEW YORK&#8211;(BUSINESS WIRE)&#8211; Allied Gaming &amp; Entertainment, Inc.(NASDAQ: AGAE) (the \u201cCompany\u201d or \u201cAGAE\u201d), a global experiential entertainment company, today announced a strategic investment in Beijing Lianzhong Zhihe Technology Co. (\u201cZhihe\u201d), a prominent mobile games developer and operator with proven distribution capabilities. AGAE will assume a controlling interest in the Board and become the Company\u2019s largest shareholder. Founded in Beijing in April, 2022, Zhihe has rapidly emerged as a trailblazing mobile games developer and operator, specializing in the innovation, research, development and operation of premium card &hellip; Continue reading &quot;Allied Gaming &amp; Entertainment Announces a Strategic Investment to Become Largest Shareholder of Beijing Lianzhong Zhihe Technology Co.&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/allied-gaming-entertainment-announces-a-strategic-investment-to-become-largest-shareholder-of-beijing-lianzhong-zhihe-technology-co\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-16T20:40:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230815867900r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/allied-gaming-entertainment-announces-a-strategic-investment-to-become-largest-shareholder-of-beijing-lianzhong-zhihe-technology-co\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/allied-gaming-entertainment-announces-a-strategic-investment-to-become-largest-shareholder-of-beijing-lianzhong-zhihe-technology-co\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Allied Gaming &amp; 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Transaction significantly expands AGAE\u2019s mobile games business and geographic reach and is expected to be immediately accretive NEW YORK&#8211;(BUSINESS WIRE)&#8211; Allied Gaming &amp; Entertainment, Inc.(NASDAQ: AGAE) (the \u201cCompany\u201d or \u201cAGAE\u201d), a global experiential entertainment company, today announced a strategic investment in Beijing Lianzhong Zhihe Technology Co. (\u201cZhihe\u201d), a prominent mobile games developer and operator with proven distribution capabilities. AGAE will assume a controlling interest in the Board and become the Company\u2019s largest shareholder. Founded in Beijing in April, 2022, Zhihe has rapidly emerged as a trailblazing mobile games developer and operator, specializing in the innovation, research, development and operation of premium card &hellip; Continue reading \"Allied Gaming &amp; Entertainment Announces a Strategic Investment to Become Largest Shareholder of Beijing Lianzhong Zhihe Technology Co.\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/allied-gaming-entertainment-announces-a-strategic-investment-to-become-largest-shareholder-of-beijing-lianzhong-zhihe-technology-co\/","og_site_name":"Market Newsdesk","article_published_time":"2023-08-16T20:40:17+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230815867900r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/allied-gaming-entertainment-announces-a-strategic-investment-to-become-largest-shareholder-of-beijing-lianzhong-zhihe-technology-co\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/allied-gaming-entertainment-announces-a-strategic-investment-to-become-largest-shareholder-of-beijing-lianzhong-zhihe-technology-co\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Allied Gaming &amp; 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