Tangelo Games Corp.
TSX VENTURE : GEL

Tangelo Games Corp.

July 21, 2016 05:30 ET

Tangelo Provides Corporate Update

TORONTO, ONTARIO--(Marketwired - July 21, 2016) - Tangelo Games Corp. (TSX VENTURE:GEL) ("Tangelo" or the "Company") announces that it has appointed Dvir Ackerman as Head of New Product of Tangelo based in Tel Aviv. In his new role, Dvir will specify market requirements for current and future products, analyze and execute potential partner relationships for the Company and synchronize all product areas to deliver on the Company´s planned product pipeline.

Dvir is a seasoned technology executive with more than ten years of expertise in the gaming industry and specifically in social casinos having worked as Product Manager for industry leading Playtika. Dvir holds a Master Business Administration (MBA), Technology, Innovation and Entrepreneurship Management degree from Tel Aviv University, a BA in Film and TV as well as a Game Designer degree.

"We are thrilled to have Dvir join Tangelo as our new Head of Product. Dvir will lead a world-class teams of game designers at Tangelo, ensuring a constant flow of new top notch games for Tangelo, says Vicenç Martí, President of Tangelo Games.

Closing of Amendment to Diwip Acquisition Agreement

Tangelo also announces that all of the conditions to the amendment to the terms of the original Diwip acquisition agreement with the founders of Diwip, Yaniv Gamzo and Udi Kantzuker, have been satisfied. As a result, Yaniv Gamzo and Udi Kantzuker have now officially resigned from their full time roles as managers of the Diwip business and they are no longer officers of the Company. Pursuant to the original Diwip acquisition agreement the Company paid each of Mr. Gamzo and Mr. Kantzuker US$263,689.02 in cash and issued to each of them 381,283 common shares of the Company. Pursuant to the Diwip amendment agreement, the Company settled the Canadian dollar equivalent of US$113,010 owed in cash to each of the Diwip founders by instead issuing to each of them 1,477,939 common shares of the Company, at an effective price per share of $0.10.

All payments and obligations owed to the Diwip founders under the Diwip acquisition agreement have now been satisfied.

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 in this press release includes, but is not limited to, statements regarding the appointment and resignation of new officers of the Company; and the amendment to the Diwip acquisition agreement. Forward-looking information is provided for the purpose of presenting information about management's current expectations relating to the future events and the financial and operating performance of the Company, and readers are cautioned that such information may not be appropriate for other purposes. The forward-looking information involves 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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