$XONI Xtreme One Entertainment Board Approves Strategic Growth Plan, Announces $10 Million Capital Raise to Accelerate Investment in XFC and other Xtreme One Brands
DETROIT, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Xtreme One Entertainment, Inc. (OTCPink: XONI) (the “Company” or “Xtreme One”) today announced that its Board of Directors approved a comprehensive strategic plan to continue investing in the Company’s sports brands and accelerating events under the Xtreme Fighting Championships (XFC) MMA property. The Company also announced the finalization of its Regulation 1-A registration statement (Reg A+ Offering) to raise up to $10 million in equity to fund its accelerating events, operations, and to pursue strategic acquisitions.
Xtreme One also announced the engagement of Chicago-based L J Soldinger Associates, LLC to complete a two-year audit to accompany the Company’s planned filing of a Form 10 registration statement and to qualify for listing on the OTCQB exchange. The move to a fully reporting OTCQB company is anticipated to occur in the fourth quarter of 2024.
“This strategic growth plan reflects the shared vision of our Board to build a premier media and entertainment company centered on MMA and other extreme sports and making the XFC the leading development league in the MMA space,” said Jeff Lambert, Board Chair of Xtreme One. “Growing our organization and growing our profile as a public company go hand in hand, and we have a front-row seat to the insatiable demand by fans and investors alike for live sports events and properties. The uplisting to OTCQB and ultimately NASDAQ has been part of our transformation plan since the beginning, and we know raising the Company’s profile will attract the right investors, improve our liquidity, and open the door for more sports fans, fighters and savvy investors to invest in our success.”
The Company intends to use the capital raised from the Reg A+ Offering for continued investment in the production of live events, which it believes will build the Company’s sports brands and drive long-term shareholder value. Management believes that raising the profile of its brand and events will enhance Xtreme One’s ability to attract key talent and sponsors to drive long-term sustainable growth in revenue and enhance profitability. The use of proceeds also includes pursuing strategic acquisitions, licensing agreements and content, and new media and entertainment properties to compliment its global XFC property and operation.
“This capital infusion will allow us to accelerate our pace of live events, including relaunching our ‘Young Guns’ series focused on developing the next generation of MMA fighters, and reintroducing international XFC events starting in Latin America, the birthplace of MMA and the XFC,” added Chris Defendis, president of Xtreme One. “As we grow and attract rising, top-tier talent from across the globe, we intend to raise the bar for what extreme events can be. The Board and management team are locked in on the game plan for sustainable growth and maximizing shareholder value.”
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