Solidifies owner’s ownership.
Robin Flodin is completely out at EG7. Way back in August 2021, EG7 summarily terminated Robin Flodin from his role in the company while installing Ji Ham as “Acting CEO.” While the company has shockingly yet to find new leadership in the interim nine months, they did announce this week that Flodin’s presence at EG7 is completely over and done with. With big sacks of cash.
Specifically by buying him out of his shares. Flodin’s shares representing 2.8% control will be bought at $1.66 each to the tune of over $4 million USD. The move will enrich Jason Epstein with 1.1 million shares, Ji Ham with 900 thousand shares, and Alexander Albedj with 250,000 shares, among others.
“This significant investment by the executive team and our board members reflects our firm conviction in
EG7’s business. We have successfully executed on three consecutive quarters of meeting or beating
expectations since the re-organization Q3 2021. Additionally, we have demonstrated our willingness and
discipline to make tough and prudent choices to actively manage and improve our risk-reward profile for
the company. Now with this investment, the leadership team and the board have further aligned itself
with all the shareholders and will be re-doubling our efforts to significantly increase value for all
shareholders of the company,” said Ji Ham, Acting CEO of EG7.
Jason Epstein you may recall is the one who suddenly became an owner of Daybreak Game Company after the company scrubbed years of evidence and announcements that it had been acquired by sanctioned Russian oligarch Viktor Vekselberg and his company Columbus Nova. Ji Ham’s tenure as CEO of both companies has been marked by very little success and a lot of failures including EverQuest Next, the battle royale spinoff of Planetside, the launch and rather quick abandonment of H1Z1, and most recently the failed attempt at creating a Marvel branded MMO. While EG7 has continued acquiring businesses to make its revenue output look good, the company has repeatedly stalled on increasing revenue through releasing new products.
Source: Statement
MMO Fallout 