TORONTO, ONTARIO--(Marketwired - Feb. 6, 2017) - Tangelo Games Corp. ("Tangelo" or the "Company") (TSX VENTURE:GEL), a leading developer and operator of social casino games, announced a number of business and corporate updates:
- The Company expects to report revenue for Q4, 2016 of approximately CAD $9.36 million, up from $9.31 million in Q3, 2016.
- Significant progress has been made on the conversion of the Company's suite of games from Flash to Unity, the major operational initiative of 2016. Management believes that the migration to Unity is essential to both maintaining the broadest possible audience for the Company's suite of games as well as optimizing the efficiency of the development process going forward. This conversion is expected to be substantially complete by the end of the first quarter of 2017. The Company has taken advantage of the migration process to enhance and upgrade its core games such as Bingo and Slots titles.
- The Company continues to negotiate and evaluate potential alternatives with a number of strategic investors and partners. The Company is unable to provide further updates at this time due to the nature of these ongoing discussions. The Company will notify the market by way of announcement immediately if an agreement is reached.
- As originally disclosed in a press release issued by the Company on February 2, 2015, the Company owed a maintenance fee to its lender of US $1 million that was due by January 31, 2017. The Company has agreed with its lenders to add the US$1 million maintenance fee to the outstanding principal of the credit facility.
About Tangelo Games
Tangelo Games Corp., the parent company of Diwip and Akamon, formerly known as Imperus Technologies Corp., is a developer of social and mobile gaming for PC, Mac, iOS and Android platforms. Diwip and Akamon design, develop and distribute their top ranked social casino-themed games within online social networks (such as Facebook) and mobile platforms (such as Android and iPhone). All of the Diwip and Akamon games are free to play and generate revenue primarily through the in-game sale of virtual coins.
Caution Regarding Forward-Looking Information:
Certain statements in this press release may constitute "forward-looking information" which involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. When used in this press release, such forward-looking information may use such words as "may", "will", "expect", "believe", "plan" and other similar terminology. Forward-looking information includes, but is not limited to, statements regarding forecasted revenue, the conversion to Unity, the evaluation and review of strategic alternatives and potential for a strategic transaction to close, the treatment of the maintenance fee owed to the Company's lenders and the business of the Company. Forward-looking information is provided for the purpose of presenting information about management's current expectations relating to the future events and the operating performance of the Company, and readers are cautioned that such information may not be appropriate for other purposes. The forward-looking statements involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, regulatory requirements, general economic, market or business conditions and future developments in the sectors of the economy in which the business of Tangelo operates. The foregoing list of factors is not exhaustive. Please see the Company's short form prospectus dated March 27, 2015, the Company's Annual Information Form dated November 11, 2015 and other documents available on www.sedar.com, for a more detailed description of the risk factors. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether a result of new information, future results or otherwise, except as required by law.
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