TORONTO, Feb. 05, 2018 (GLOBE NEWSWIRE) -- Tangelo Games Corp. (“Tangelo” or the “Company”) (TSX-VENTURE:GEL), a leading developer and operator of social casino games, provides a corporate update.
James Lanthier, CEO of Tangelo, commented: “Tangelo’s operating business continues to perform well. In Q4, Tangelo’s revenue grew by 4.4% to CAD $8.8 M from the immediately prior quarter, outperforming the industry average for the period of 3.1%. The decline from the prior year’s quarter of 5.6% is, we believe, largely attributable to our lack of new content; we believe that our operational initiatives directly address this.”
Vicenc Marti, President of Tangelo commented: “Our redevelopment program is nearing completion. Our Bingo games have been launched in Unity, and will be rolling out to other countries gradually through 2018. We are pleased with the results to date. Bingo Unity has been launched in Venezuela and will be rolling out to other countries gradually.
In the next 2 weeks we expect to release an initial six slot games in Unity. Following a monitoring period we intend to replace our remaining slot games.
We believe that our user base is primed for our wider launch of our native mobile app version of Mundijuegos. In fact, we already saw in Q4 2017 Tangelo Spain’s mobile revenue grew quarter-over-quarter from Q3 2017, which speaks to the organic demand from our Mundijuegos users for a proper mobile product. We have had positive feedback from our beta test version of Mundijuegos, our primary revenue driver at Tangelo Spain, with a selected user group, and anticipate a public release by the end of April.
In Q4 2017 we were able to complete our stabilization of Tangelo Israel. Revenue was essentially flat year over year and up quarter-over-quarter. Paying users were up once again quarter-over-quarter. While there remains significant work to do on platform and infrastructure, we are pleased with the progress we have made in reversing historical negative trends at Tangelo Israel.
As previously discussed, we anticipate future growth to come from new products. To that end, we expect to release our new English-language mobile app, Best Jackpot, by the end of March 2018.”
About Tangelo Games
Tangelo Games Corp., the parent company of Tangelo Israel and Tangelo Spain, formerly known as Imperus Technologies Corp., is a developer of social and mobile gaming for PC, Mac, iOS and Android platforms. Tangelo designs, develop and distribute their top ranked social casino-themed games within online social networks (such as Facebook) and mobile platforms (such as Android and iPhone). All of Tangelo’s games are free to play and generate revenue primarily through the in-game sale of virtual coins.
For more information
Tangelo Games Corp.
Isabel Guerrero isabel.guerrero@tangelogames.com/+34 687 55 28 55 / Twitter: @TangeloGames
Spyros Karellas | Pinnacle Capital Markets Ltd. Investor Relations | 416-433-5696 spyros@pinnaclecapitalmarkets.ca
Caution Regarding Forward-Looking Information:
Certain statements in this press release may constitute "forward-looking information" which involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. When used in this press release, such forward-looking information may use such words as "may", "will", "expect", "believe", "plan" and other similar terminology. Forward-looking information includes, but is not limited to, statements regarding the planned launch of new games and platforms, the anticipated success of any new games or platforms and the business of the Company. Forward-looking information is provided for the purpose of presenting information about management's current expectations relating to the future events and the operating performance of the Company, and readers are cautioned that such information may not be appropriate for other purposes. The forward-looking statements involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, regulatory requirements, general economic, market or business conditions and future developments in the sectors of the economy in which the business of Tangelo operates. The foregoing list of factors is not exhaustive. Please see the Company's short form prospectus dated March 27, 2015, the Company's Annual Information Form dated November 11, 2015 and other documents available on www.sedar.com, for a more detailed description of the risk factors. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether a result of new information, future results or otherwise, except as required by law.
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