Greywood Intends to Include Shinggo Lu, Co-Founder and General Manager of U.GG, on Enthusiast's Board

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  • www.UpgradeEGLX.com is where shareholders can sign up for the latest on the campaign to Upgrade Enthusiast

NEW YORK, June 07, 2022 (GLOBE NEWSWIRE) — Greywood Investments, LLC, which, together with its associates and affiliates (“Greywood”), is the largest shareholder of Enthusiast Gaming Holdings Inc. (NASDAQ:EGLX, TSX:EGLX) (“Enthusiast” or the “Company”), today announced that it intends to include Shinggo Lu, Co-Founder and General Manager of U.GG, as a member of the new Board that would replace the Company's incumbent directors.

U.GG is one of the largest League of Legends fan communities in the world, providing actionable, data-driven insights to players. Founded in Philadelphia in 2017 and now based in Austin, Texas, U.GG began as a passion project, became a Sixers Innovation Lab partnership, and today engages a monthly active user base of approximately 10 million players.

U.GG was acquired by Enthusiast in November 2021. On June 3, 2022, Enthusiast announced it had awarded the vendors of Outplayed Inc., the company that owned U.GG prior to its sale to Enthusiast, 11.5 million shares to satisfy certain deferred earn-out payments, in advance. U.GG's founders and employees now collectively own approximately 6.75 million shares, or 4.5% of the issued and outstanding shares of Enthusiast.

“I agree with Greywood that stronger leadership, better governance, and a focused strategy, are required to create an environment at Enthusiast that empowers its talented employees to thrive and propel the Company's growth to new heights,” said Shinggo Lu. “I also share Greywood's optimism for Enthusiast. As a fellow Enthusiast, and Gamer, I would welcome the opportunity to serve on the Board and help steer the Company in the right direction by acting in the best interests of Enthusiast and all its stakeholders.”

Greywood has previously nominated Jon Dakss, Raphael Danon, David Goldhill, Mark Klein, Janny Lee, and Dan Petrozzo to stand for election on Enthusiast's Board. Details on all seven people, and other information about the Upgrade Enthusiast campaign, can be found at www.UpgradeEGLX.com.

Since announcing its annual meeting and record date, the Company has twice rescheduled both without providing any explanation. Shareholders will finally have the opportunity help the Company realize its full potential by voting for the new slate at the meeting on July 19, 2022.

Shareholders can also sign-up at www.UpgradeEGLX.com to stay up to date on the campaign to Upgrade Enthusiast. Greywood will continue to provide updates as developments warrant.

About Greywood

Greywood is a multi-strategy investment firm exclusively managing its own proprietary capital. …

Full story available on Benzinga.com

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