VANCOUVER, BC--(Marketwired - September 01, 2015) -
NOT FOR DISSEMINATION IN THE US OR THROUGH US NEWSWIRE SERVICES
Contagious Gaming Inc. (TSX VENTURE: CNS) ("Contagious Gaming" or the "Company") is pleased to announce the financial results for the three months ended June 30, 2015.
Subsequent Events:
Proposed Acquisition of Sportech PLC
The Company is in discussions with Sportech PLC ("Sportech") on a possible business combination that would create a combined, technology-focused, sports wagering company and a global leader in regulated pari-mutuel wagering (the "Business Combination"). A proposal has been made to Sportech with respect to the proposed Business Combination which the Company expects to create significant shareholder value for existing and potential new shareholders of Sportech and Contagious Gaming. The proposed Business Combination is subject to a number of conditions, including securing appropriate debt and equity financing. There can be no certainty that the submission of the proposal will lead to Contagious Gaming making a formal offer or, in turn, the completion of the Business Combination.
Sportech is a sports wagering company listed on the London Stock Exchange (
(1) Adjusted EBITDA is stated before exceptional costs and share option expense as stated in Sportech's 2014 Annual Report.
(2) All GBP has been converted to CDN $ at an FX rate of 1:2.05
Extension of Development Contract with Major Publisher
Operational Highlights:
June 30, 2015 Q1 Financial Results:
Financial Highlights:
Three Months Ended | ||||
June 30, 2015 $ |
June 30, 2014 $ |
|||
Revenue | 209,398 | 323,847 | ||
Adjusted EBITDA (Loss) | (546,722) | 30,163 | ||
Adjusted Earnings (Loss) | (1,020,372) | (5,278) | ||
Basic and Diluted Adjusted Earnings (Loss) per Share | (0.01) | (0.00) | ||
As of June 30, 2015 $ |
As of March 31, 2015 $ |
|||
Cash | 2,128,145 | 2,641,989 | ||
Total Assets | 12,955,993 | 13,813,721 | ||
Total Liabilities | 2,382,452 | 2,390,768 | ||
Total Equity (Deficit) | 10,573,541 | 11,422,953 | ||
June 30, 2015 Q1 Interim Financial Statements and Management Discussion and Analysis:
The Company's financial statements, notes to the financial statements and Management Discussion and Analysis ("MD&A") for the three months ended June 30, 2015 are available at www.sedar.com.
Non-IFRS Measures:
The following non-IFRS definitions are used in this news release because management believes that they provide useful information regarding our ongoing operations. Readers are cautioned that the definitions are not recognized measures under IFRS, do not have standardized meanings prescribed by IFRS, and should not be construed to be alternatives to revenues and net loss and comprehensive loss for the period determined in accordance with IFRS or as indicators of performance, liquidity or cash flows. Our method of calculating these measures may differ from the method used by other entities and accordingly our measures may not be comparable to similarly titled measures used by other entities or in other jurisdictions.
The intent of Adjusted EBITDA, Adjusted Earnings (Loss) and Adjusted Earnings (Loss) per Share is to provide additional useful information to investors and analysts and these measures do not have any standardized meaning under IFRS. Adjusted EBITDA, Adjusted Earnings (Loss) and Adjusted Earnings (Loss) per Share should therefore not be considered in isolation or used as a substitute for measures of performance prepared in accordance with IFRS. Other issuers may calculate Adjusted EBITDA, Adjusted Earnings (Loss) and Adjusted Earnings (Loss) per Share differently.
A reconciliation of the adjusted measures noted above is included in the "Discussion of Operations" section of the Company's MD&A.
About Contagious Gaming
Contagious Gaming Inc. (TSX VENTURE: CNS) is a rapidly emerging developer of unique and engaging software solutions for regulated gaming and lottery operators around the world. The Company is currently focused on deploying its first-to-market lottery-style sports betting platform in the United Kingdom and its proprietary digital instant lottery content in United States and other international jurisdictions. Contagious Gaming's sports betting platform is the first sports betting system to allow players to chase a dynamic jackpot live during Premier League soccer matches. The Company is a first mover in the roll-out of digital instant lottery content in the United States. For more information on Contagious Gaming please visit www.contagiousgaming.com.
Neither the 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 release.
Certain information in this news release is considered forward-looking within the meaning of certain securities laws and is subject to important risks, uncertainties and assumptions. This forward‐looking information includes, among other things, information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward‐looking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release.
The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from such forward-looking information include, among others, risks arising from general economic conditions and adverse industry events.
The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD‐LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.
Contact Information:
Justin Barragan
Corporate Development
(647) 886-8551
justin.barragan@contagiousgaming.com