Argus Research Initiates Equity Report Coverage on Leet Technology Inc. (OTCPK: LTES)

NEW YORKSept. 9, 2021 /PRNewswire/ — Argus Research, an independent investment research firm, has launched Equity Report coverage on Leet Technology Inc. (OTCPK: LTES)

Click here to view Full Argus Equity Report

Excerpts from the Report as conveyed by Argus Analyst Steve Silver, follow:

BUSINESS DESCRIPTION:
Leet Technology Inc. is a technology company that provides a platform for competitive gaming (including e-sports and arcade games) in the fast-growing Southeast Asian market. The company aims to capitalize on the global trend of increased interest in competitive gaming, as technology has enabled the simultaneous participation of players in different locations, and live streaming has expanded the gaming audience. Leet is leveraging its platform, including its modularity, design and scalability, to provide white label solutions to Information and Communications technology (ICT) and Over-the-Top (OTT) companies in Southeast Asia. These companies use Leet’s technology to host gaming tournaments on their own platforms.

Leet Technology has built an end-to-end gaming ecosystem for game developers that allows competitive tournaments to be hosted on Leet’s platform. The Matchroom.net platform enables mass audiences of casual competitors in both e-sports and arcade-style, skill-based game categories to participate in both in-house & branded tournaments, and to win daily prizes. The platform is designed to enhance partners’ branding, user acquisition, conversion and monetization efforts, and to foster relationships between brands and gaming communities.

Leet’s current coverage area includes Southeast Asia, namely MalaysiaPhilippinesIndonesiaThailandSingaporeCambodia, and India. In 2022-2023, it plans to expand into Vietnam, as well as into markets in South Asia, the Middle East, and Africa.

The e-sports industry reached Southeast Asia in 2016, with the first prize-money tournament in Malaysia, and has expanded significantly since that time. Matchroom.net went live in 2019, and has thus far hosted more than 1,000 online tournaments for a wide range of popular games on mobile, console, and PC platforms. The company has hosted events with up to 15,000 participants in a single event and has served more than 120,000 gamers to date.

COMPETITIVE ADVANTAGE:
A key competitive advantage for Leet is its value proposition to its telecom and game developer partners. Leet provides telecom carriers with gaming technology that allows them to generate more revenue and earnings from their mobile customers. The company’s custom white-label solutions typically generate earnings for partner carriers within 1-2 quarters, helping them to offset the impact of declining voice-based usage. Carriers also benefit from the fact that gamers have higher-than-average data usage and are more likely to be retained. In addition, they can reward end users with loyalty points that further drive retention and overall usage.

Leet’s offering also allows telecom operators to run tournaments without a dedicated team of content developers and e-sports operators. This allows carriers to eliminate the technology risk of e-sports tournaments and focus solely on the marketing side of the event. In particular, Leet’s infrastructure ensures the cybersecurity of e-sports events, which usually require billing information from players.

In order to maximize its consumer reach, Leet’s gaming catalog addresses multiple age groups with a wide array of titles rather than appealing only to Millennials. It is also well positioned to capitalize on the increased demand for games based on current sporting events. For example, the company has hosted tournaments related to the recent Euro 2020 soccer championship, and plans a similar event for the 2022 World Cup. It has also hosted tournaments related to popular auto racing events.

Leet’s operating model is attractive in several respects. First, the platform is highly scalable and not technology-constrained, as most of the infrastructure related to partnered tournaments is stored on the telecom carrier’s own servers. Second, the partnerships involve long-term commitments from partners, usually in the three-year range, making Leet’s business more stable. We view this stability favorably given the intense industry competition from companies such as ESPL, Mogul.gg, Yamisok, ESL, and others that are expanding in the Southeast Asian and South Asian markets.

Lastly, we note that the expansion of the e-sports market has received support from the Malaysian government. As part of its 2021 annual budget, the government allocated the equivalent of $3.6 million for the development of e-sports, the third straight year in which the industry has received Malaysian government support. In our view, a favorable regulatory environment should help make e-sports more attractive for ICT providers and drive continued investment in the platform.

ANALYST COMMENTARY  ̶  EARNINGS (Click here to view Full Argus Equity Report): 
We view current revenue and earnings at Leet, a relatively new company, as less significant for investors than evidence that management is executing its strategy. For the year ended December 31, 2020, Leet reported net revenue of $73,416, up 40% from 2019. As of June 30, 2021, Leet had negative working capital of approximately $3.7 million and cash and other receivables of $115,000. It is currently seeking additional sources of capital.

In 2Q21, revenue totaled $115,000, compared with approximately $22,000 in the prior year period. During 1Q, the company generated initial revenue from a new revenue stream, Maroo Mall. We expect revenue to grow over the remainder of 2021 as Leet generates revenue from recently announced partnerships with mobile carriers, and its subscription model, which was introduced at the beginning of the year, gains traction.

Since August 2021, the company’s shares trade on the OTC market under the ticker LTES. Previously, the shares had traded under ticker BDIC, following its merger with Blow & Drive Interlock Corp, which was completed in November 2020.

About Leet Technology Inc. (OTCPK: LTES)    www.myleet.com
Leet Technology Inc., through its subsidiaries, operates an eSports platform in Malaysia. The company provides www.matchroom.net, an integrated e-sports tournament site that allows tournament organizers, brands, players, and game developers to organize e-sports tournaments on the platform utilizing platform tools, such as user registrations, payments, communications, livestream link-ups, wallet system, and other community features. It also offers information technology, mobile application development, and digital content publishing services. Leet Technology Inc is based in Los Angeles, California.

For more information re: LTES please contact:
RICHA GULHAR
Senior Investor Relations Manager
[email protected] and [email protected]
+60377831636

About Argus Research Corp.:
Headquartered in NYC, Argus Research (www.argusresearch.com) is a leading independent equity research firm (est. 1934)  ̶  providing fundamental and quantitative research coverage on more than 1,600 companies across all 11 sectors of the S&P 500, as well as macroeconomic and equity market forecasts, thematic research, model portfolios and pre-IPO research.  In addition, Argus now provides sponsored research solutions for small & mid-cap companies seeking coverage.  Our Institutional Asset Management, Bank Trust, sell-side advisor and self-directed investor clients value Argus’s proprietary equity research methodology, analysis and commentary.  Argus’s Equity Research & earnings estimates are available on major research / earnings estimate aggregator platforms, including Bloomberg, Thomson Reuters, Factset and S&P Global.

For more information re: Argus Research Services please contact: 
Darrell Stone
646-747-5438
[email protected]

Argus Research Co. has received a flat fee from the company discussed in this report as part of a Sponsored Research agreement between Argus and the company. No part of Argus Research’s compensation is directly or indirectly related to the content of this assessment or to other opinions expressed in this report. Please refer to the full Argus report and the disclaimer for complete disclosures.

SOURCE Argus Research

Blow & Drive Interlock Corporation Announces Name Change to Leet Technology Inc.

FINRA also approves Ticker Symbol change to OTC: LTES

SELANGOR, MALAYSIA, Aug. 24, 2021 (GLOBE NEWSWIRE) — Blow & Drive Interlock Corporation, a/k/a/ Leet Technology Inc. (formerly OTC: BDIC; currently OTC: LTES) (hereinafter referred to as “Leet” or the “Company”), today announced that the Financial Institute Regulatory Authority (FINRA) has approved the Company’s name change to Leet Technology Inc., and its OTC PNK ticker symbol change to “LTES.” The Market Effective Date was Monday, August 23, 2021. The Company’s new CUSIP number is 524528106.

The Company changed its corporate name to Leet Technology Inc. to better illustrate its current eSports business operations and to highlight the newly configured Company, which is focused on delivering an end-to-end eSports & gaming ecosystem that enables registered users to play from anywhere at any time.

Mr. Keith Long, CEO of Blow & Drive Interlock Corporation, a/k/a/ Leet Technology Inc, commented: “The changing of our corporate name and granting of an application for a new OTC stock trading symbol is another important step in the re-branding process for Blow & Drive Interlock Corporation. Leet Technology proceeded to divest itself of Blow & Drive’s business operations so that the Company is now purely focused on the eSports and gaming sectors and the exciting opportunities within these arenas.”

“Renaming the Company Leet Technology Inc is more reflective of our compelling and exciting eSports products and services that we expect to generate income and future growth. We believe that these name and ticker symbol changes signal an important and exciting inflection point for the Company as we continue to expand our eSports operating businesses, engage in new business relationships with telecom operators, and expect our seasoned management team to bring valuable global relationships and key advantages to the Company,” concluded Mr. Long.

About Blow & Drive Interlock Corporation, a/k/a/ Leet Technology Inc

Blow & Drive Interlock Corporation, a/k/a/ Leet Technology Inc, is an eSports and competitive gaming aggregator with a community and mass market focus through its flagship product Matchroom and municipal end users. The Company’s mission is delivering an end-to-end eSports & gaming ecosystem that enables registered users to play from anywhere at any time. It emphasizes catering to the general mass market over the niche professionals where the majority of market share and spending power is. Blow & Drive Interlock Corporation, a/k/a/ Leet Technology Inc, leverages partnerships with telecoms and OTT operators with cost efficient solutions that can enhance their bottom lines. Please visit the Company’s product website at matchroom.net and its corporate website at myleet.com.

Cautionary Statement Regarding Forward-Looking Information:

This news release includes certain “forward-looking statements” under applicable U.S. securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals, where applicable and the state of the capital markets. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.


Contact Data

Investor Relations Contacts:
Leet Technology Inc.
Richa Gulhar, Senior Investor Relations Manager
Email: [email protected] or [email protected]
Phone: +60 3 7783 1636

Skyline Corporate Communications Group, LLC
Lisa Gray, Senior Account Manager
One Rockefeller Plaza, 10th Floor
New York, NY 10020 USA
Office: (646) 893-5835
Email: [email protected]