SOURCE: Contagious Gaming Inc.

Contagious Gaming

August 29, 2016 10:47 ET

Contagious Gaming Announces 2017 First Quarter Financial Results

VANCOUVER, BC--(Marketwired - August 29, 2016) -

NOT FOR DISSEMINATION IN THE US OR THROUGH US NEWSWIRE SERVICES

Contagious Gaming Inc. (TSX VENTURE: CNS) (FRANKFURT: RHRC) ("Contagious Gaming" or the "Company") today announces financial results for the first quarter ended June 30, 2016. The Company's financial statements, notes to the financial statements and Management Discussion and Analysis ("MD&A") for the three months ended June 30, 2016 are available at www.sedar.com.

"Our results for the first quarter of 2017 continue to improve quarter over quarter. Most notably in the first quarter of 2017, we achieved our first quarter of positive EBITDA and Adjusted EBITDA," said Peter Glancy, CEO and Director of Contagious Gaming. He added, "The anticipated launch of our expanded online gaming offering which adds fixed odds sports betting, virtual sports betting and casino games to our Goal Time offering, is expected to drive additional future Revenue and EBITDA. The Company is building out the required infrastructure to launch a B2C and white label business supported by our expanded online gaming offering, initially in the UK."

First Quarter 2016 Highlights

  • Revenue of $1,091,152, representing an increase of 420% compared to $209,938 in Q1 2016
  • Adjusted EBITDA of $190,528 compared to Adjusted EBITDA Loss of ($546,722) in Q1 2016
  • Adjusted Net Loss of ($439,254) compared to ($1,020,372) in Q1 2016
  • Cash balance of $1,668,881 compared to $1,838,882 at March 31, 2016

About Contagious Gaming

Contagious Gaming Inc. (TSX VENTURE: CNS) (FRANKFURT: RHRC) is a trusted software developer focused on providing dynamic gaming solutions for regulated gaming operators and lotteries around the world. Contagious Gaming offers sports betting, pool betting and iGaming solutions targeted at the online retail and mobile gaming markets. Our unique offering of content and technology can be delivered as a fully integrated service across a single, modern customer platform or can be offered as standalone verticals.

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