TORONTO, ONTARIO--(Marketwired - Sept. 20, 2016) - TransGaming Inc. (TSX VENTURE:TNG) (the "Company" or "TransGaming") is pleased to announce the voting results from the Special Meeting of Shareholders (the "Meeting") held on September 16, 2016. The voting results for the Meeting have been filed on on SEDAR at www.sedar.com.
The Company's shareholders have voted in favour of all items of business at the Meeting including: (i) a change of business from one focused on the digital distribution of games for Smart TVs, next-generation set-top boxes and over-the-top devices, to that of lending to, investing in and financing real estate transactions (the "Proposed COB") under the rules of the TSX Venture Exchange (the "TSXV"), (ii) the sale of TransGaming's GameTree TV business, (iii) the creation of a new Control Person (as that term is defined in the polices of the TSXV) in connection with the private placement by TransGaming of $1,168,125 of subscription receipts to Plazacorp Holdings Limited, (iv) the election of new directors of the board of directors of the Company, (v) a consolidation of the common shares of TransGaming by a ratio of up to 35:1, (vi) a change of the name of the Company to "Findev Inc.", (vii) the offering by the Company of mezzanine financing credit facilities to Plazacorp Investments Limited and/or its affiliated companies, and (viii) certain amendments to the TransGaming stock option plan. Each item is described in greater detail in the Company's Notice of Special Meeting of Shareholders and Management Information Circular (the "Circular") dated August 23, 2016, filed on SEDAR at www.sedar.com.
A total of 26,923,614 common shares, approximately 23.05% of the outstanding common shares, were represented at the Meeting in person or by proxy. The Proposed COB is subject to final regulatory approval from the TSXV. The common shares of the Company are expected to remain halted from trading on the TSXV until the closing of the second tranche of the arm's length brokered private placement, more fully described in the Circular and in the Company's press release dated September 15, 2016.
Certain statements in this document may constitute "forward-looking" statements, which involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this document, such statements use words like "may", "will", "expect", "continue", "believe", "plan", "intend", "would", "could", "should", "anticipate" and other similar terminology. These statements reflect current assumptions and expectations regarding future events and operating performance and speak only as of the date of this document. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the "Risk Factors" section of the Company's the most recently filed Annual Report which is available on SEDAR at www.sedar.com.
Although the forward-looking statements contained in this document are based upon what we believe are reasonable assumptions, we cannot assure investors that our actual results will be consistent with these forward-looking statements. We assume no obligation to update or revise these forward-looking statements to reflect new events or circumstances, except as required by securities law.
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.