eQube Gaming Limited

eQube Gaming Limited

April 14, 2015 17:04 ET

eQube Gaming Limited to Acquire Leading Norwegian eBingo Software Provider and Operator

EDMONTON, ALBERTA--(Marketwired - April 14, 2015) -


eQube Gaming Limited (TSX VENTURE:EQG) ("eQube" or the "Company") announced today that the Company has entered into non-binding letters of intent ("LOIs") with the shareholders of each of Teknobingo Scandinavia AS and Bingo Entreprenøren AS. Under the TeknoBingo brand, these two companies are a leading provider and operator of eBingo in Norway. Under the terms of the LOIs, eQube will acquire all outstanding shares of Teknobingo Scandinavia and Bingo Entreprenøren. It is expected that the consideration payable in connection with the transactions will consist of a combination of cash, shares and earn-outs over three years, which will be determined after completion of due diligence and negotiation of the definitive agreements.

The transactions are subject to due diligence, completion of definitive agreements as well as receipt of all necessary regulatory and third party approvals, including approval of the TSX Venture Exchange.

Kent Tong, CEO and Director, commented: "eQube's goal is to become the leading provider of technology and operational tools in the global charitable and community gaming markets. Our acquisition of one of the leading eBingo solutions providers and operators in Norway fits perfectly within our growth strategy. Our penetration into this market will further demonstrate the value of eQube's suite of products and professional services directly to eBingo and related community gaming operations."

About eQube Gaming Limited ("eQube"):

eQube is a leading provider of community and charitable gaming solutions for digital bingo facilities. eQube has a majority market share of the Canadian regulated eBingo market and is the leading provider to the Irish digital bingo market. Current solutions consisting of community eBingo, linked bingo, social games and ancillary systems are deployed in North America and Europe. eQube's open platform suite of tools provides customers with new revenue channels to deliver and enhance traditional bingo income for lottery, tribal and other gaming organizations.

eQube has been offering its charitable gaming solutions to provincial gaming authorities and private industry since its incorporation under the Business Corporations Act (Alberta) in 1999. Its registered and head office is in Edmonton, Alberta. eQube is listed on the TSX Venture Exchange under the symbol EQG. For more information visit: www.eqube.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer in Regards to Forward-Looking Statements

This news release contains forward-looking statements and information ("forward-looking statements") within the meaning of applicable securities laws and is based on the expectations, estimates and projections of management of eQube as of the date of this news release, unless otherwise stated. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements concerning the proposed acquisition of each of Teknobingo Scandinavia and Bingo Entreprenøren, completion of related due diligence and the definitive agreement and receipt of necessary regulatory and third party approvals. Such forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Investors are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions.

In respect of the forward-looking statements concerning the anticipated benefits and completion of the proposed acquisitions, eQube has provided such in reliance on certain assumptions that it believes are reasonable at this time, including assumptions as to the completion of satisfactory due diligence and ability to negotiate a satisfactory definitive agreement and ability to obtain necessary regulatory and third party approvals. Forward looking information provided in this news release is also based on certain assumptions regarding expected growth, results of operations, performance and business prospects and opportunities. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this news release.

Since forward-looking statements addresses future events and conditions, such information by its very nature involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These risks include unsatisfactory due diligence, or the inability to negotiate a definitive agreement and/or obtain necessary regulatory and third party approvals.

Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information regarding some of these risks, expectations or assumptions and other factors may be found in eQube's filings with the Canadian securities regulators, available at www.sedar.com. The reader is cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and eQube undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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