TORONTO, ONTARIO--(Marketwired - May 4, 2016) - TransGaming Inc. (TSX VENTURE:TNG) announced today that on April 20, 2016 it assigned all rights, title and interest in the Company's SwiftShader technology, including TransGaming patents, licensed know-how and licensed intellectual property ("IP"), to an arm's length third party for total cash consideration of US$1.25 million. This agreement resulted from a process that management undertook to review and evaluate alternatives for this IP. As outlined in its recent financial filings for the third quarter ending February 29, 2016, management's intended use of proceeds is for strategic transactions to enhance shareholder value however there are no assurances that any strategic transactions will result in an incremental net benefit to shareholders.
About TransGaming:
Pioneers in Smart TV entertainment with over 15 years in the industry, TransGaming is dedicated to bringing high-quality games and innovative entertainment services to the living rooms of TV consumers worldwide. Based in Toronto, Canada, TransGaming has partnerships with every major brand of Smart TV manufacturer as well as a number of international pay TV providers.
GameTree TV, TransGaming's cloud-based game service, is accessible to the largest connected TV distribution footprint in the world - available to play on over 150 million connected TV's.
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Contact Information:
Ankit Patel
Vice President, Finance
ankit.patel@transgaming.com
www.transgaming.com