VANCOUVER, BC--(Marketwired - November 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 second quarter ended September 30, 2016. The Company's financial statements, notes to the financial statements and Management Discussion and Analysis ("MD&A") for the three months and six months ended September 30, 2016 are available at www.sedar.com.
"We are pleased to announce our results for the second quarter of 2017 as our financial performance continues to advance quarter over quarter. Although we have been able to achieve consecutive quarters of positive EBITDA and Adjusted EBITDA which is a significant achievement for Contagious, our ability to do so in the future will be impacted by the termination of Digitote's key customer contract," said Peter Glancy, CEO and Director of Contagious Gaming. He added, "We as a company have arrived at a major milestone as all technical build of the platform has been completed as required under UK regulated requirements. The offering includes: sport betting (pre-match and in-play betting); virtual sports betting; casino gaming; and, instant win slot games. The launch is pending investment and build out of the infrastructure required to operate the regulated gaming operations on both a B2B and B2C basis, including the hiring of implementation and operating team members, and funding of a liability account."
Second Quarter 2016 Highlights
- Revenue of $1,024,331 compared to $215,844 in Q1 2016
- Adjusted EBITDA of $143,786 compared to Adjusted EBITDA of $190,528 in Q1 2016
- Adjusted Net Loss of ($322,500) compared to ($439,254) in Q1 2016
- Cash balance of $1,468,975 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.