TORONTO, Nov. 07, 2020 (GLOBE NEWSWIRE) -- Bragg Gaming Group (TSXV: BRAG, OTC: BRGGF) ("Bragg" or the "Company") today provides information regarding its upcoming annual and special meeting of shareholders (the "Meeting"), in response to public health and safety advisories regarding COVID-19. The Company also provides a corporate update including information on its previously announced earn-out extension and settlement.
Shareholder Meeting Information
The Company intends to hold the Meeting on November 27, 2020 at 10:00 a.m. (Toronto time). In light of the impacts associated with the COVID-19 pandemic, and subject to restrictions related to group gatherings at the time of the Meeting, the Company plans to conduct its Meeting both in-person and through remote communication. The Company is encouraging shareholders and others not to attend the Meeting in person. The Company is offering shareholders the option to listen and participate (but not vote) at the Meeting in real time by conference call at the following coordinates:
1-800-901-0218 (North America Toll Free) or 1-719-234-0223 (outside of North America)
Guest Passcode: 320 351 4218#
In order to minimize group sizes and respect social distancing regulations, all shareholders are urged to vote on the matters before the Meeting by proxy which can be submitted electronically, by mail, or by phone as further described in the Company's management information circular dated October 29, 2020, by no later than 10:00 a.m. (Toronto time) on November 25, 2020.
As the situation regarding COVID-19 is rapidly evolving, the Company reserves the right to implement additional precautionary measures related to the Meeting if deemed appropriate.
Oryx Earn-Out Update
The Company also announces today that, further to its news release of September 30, 2020, the second and final earn-out payment of €22 million (approximately C$34,289,200) owing to K.A.V.O. Holdings Limited, as vendor (the "Oryx Vendor"), will be converted into common shares of the Company ("Common Shares") by January 31, 2021, at a deemed conversion price of C$0.73, being 47,000,000 Common Shares. The satisfaction of the second and final earn-out payment is subject to certain conditions, including receiving disinterested shareholder approval for the creation of the Oryx Vendor (and its associates and affiliates, including Matevž Mazij) as a "control person" of the Company, being a holder of greater than 20% of the voting rights of the Company's outstanding securities. The Company intends to seek disinterested shareholder approval for the creation of Oryx Vendor as a "control person" at the Meeting.
About Bragg Gaming Group
Bragg Gaming Group Inc. is a next generation gaming group with cutting-edge technology, leading brands and world-class management expertise, developing into a global gaming force. Formed by a team of gaming industry experts, Bragg's main portfolio asset is ORYX Gaming, an innovative business-to-business gaming technology platform and casino content aggregator.
Through this brand and targeted acquisitions, Bragg is focused on becoming a leader within the evolving global gaming industry. Learn more at https://www.bragg.games.
For Bragg Gaming Group, contact:
Yaniv Spielberg, CSO, Bragg Gaming Group
+1-647-800-2282
info@bragg.games
For investor inquiries, please contact:
Tim Dawson, Bragg Gaming Group
+1-289-276-1167
tim@bragg.games
For US investor inquiries, please contact:
Laine Yonker, Edison Group
+1-646-653-7035
lyonker@edisongroup.com
Cautionary Statement Regarding Forward-Looking Information
This news release may contain forward-looking statements or "forward-looking information" within the meaning of applicable Canadian securities laws ("forward-looking statements"). Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
All forward-looking statements reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements. The key assumptions that have been made in connection with the forward-looking statements include the following: the impact of COVID-19 on the business of Bragg; the countercyclical growth of the business of Bragg; the regulatory regime governing the business of Bragg; the operations of the Company; the products and services of the Company; Bragg's customers; acquisition opportunities; the growth of Bragg's business, which may not be achieved or realized within the time frames stated or at all; and the anticipated size and/or revenue associated with the gaming market globally.
Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the following: risks associated with general economic conditions; adverse industry events; future legislative and regulatory developments; the inability to access sufficient capital from internal and external sources; the inability to access sufficient capital on favorable terms; realization of growth estimates, income tax and regulatory matters; the ability of Bragg to implement its business strategies; competition; economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices; the estimated size of the gaming market globally; changes in customer demand; disruptions to our technology network including computer systems and software; natural events such as severe weather, fires, floods and earthquakes; and risks related to health pandemics and the outbreak of communicable diseases, such as the current outbreak of COVID-19.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking 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 in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.