TransGaming Inc.
TSX VENTURE : TNG

TransGaming Inc.

November 28, 2011 16:01 ET

TransGaming Reports Fiscal 2012 First Quarter Results

TORONTO, CANADA--(Marketwire - Nov. 28, 2011) - TransGaming Inc. (TSX VENTURE:TNG) ("TransGaming" or the "Company") today reported its first quarter fiscal year 2012 results. The Company's unaudited interim consolidated financial statements for the three months ended August 31, 2011 and Management's Discussion and Analysis have been filed and are available on SEDAR at www.sedar.com.

Highlights

  • Revenue for the first quarter of fiscal 2012 was US $998,335, up 2.0% over the same period last year.
  • The Company completed the enablement of the latest game in EA SPORTS FIFA Soccer franchise and brought it to the Apple Mac platform for the first time. The title was released in September.
  • The Company renewed its relationship with Activision Publishing, Inc., with the new title Skylanders Spyro's Adventure an innovative toy-based video game. The game was released at retail for both PC and Mac in September.
  • Rockstar Games' Grand Theft Auto Series was released on the Apple Mac App Store late in the quarter and has generated outstanding results with all three titles reaching top spots on the App Store game sales lists.
  • The Company's Studio division completed development of its new game, KULA BLOX, which was deployed across multiple platforms early in Q2.
  • The Company ended the quarter with cash of US $3.1 million and working capital of US $4.2 million.
  • Subsequent to quarter end the Company announced that 250,000 users have downloaded GameTree TV in the six months since its commercial launch.

Commenting on the results, Mr.Vikas Gupta, CEO & President of TransGaming stated, "Fiscal year 2011 was a record year for TransGaming and we have equally high expectations for fiscal 2012. We entered this fiscal year with great momentum and an extraordinary sales pipeline for our various products. We announced and released some outstanding titles for the Mac in Q1, including FIFA 12, which was available on the Mac for the first time ever, and we have many more amazing titles we will be releasing in the coming quarters. Our GameTree TV platform is gaining market adoption and we expect our overall growth to accelerate as we announce new engagements with service providers."

Mr. Gupta concluded by saying, "We are reaching an inflection point in our growth with our products obtaining greater market share across all categories. In the Smart TV gaming space, we are positioned to not only lead, but define the Smart TV interactive entertainment market worldwide. This market is growing and evolving well and we are excited about our future prospects."

For fiscal years beginning on or after January 1, 2011, Canadian publicly listed entities are required to prepare their financial statements in accordance with International Financial Reporting Standards (IFRS). The three months ended August 31, 2011 is TransGaming's first reporting period under IFRS. TransGaming also transitioned its reporting to US dollar currency beginning in fiscal 2012. Due to the requirement to present comparative financial information, the effective transition date for both IFRS and US dollar reporting is June 1, 2010.

Conference Call Details

TransGaming will hold a conference call at 10:00 a.m. ET on November 29, 2011 to review the first quarter fiscal 2012 results. The telephone number for the conference call is (416) 340-2218. The call will be recorded and a digital replay will be available on the Company's Investor Relations portion of its website at: http://transgaming.com/investor-relations.

About TransGaming Inc.,

TransGaming Inc. (TSX VENTURE:TNG), is the global leader in the multiplatform deployment of interactive entertainment. TransGaming works with the industry's leading developers and publishers to enable and distribute games for Smart TV set-top boxes, Mac computers, and Linux/CE platforms. TransGaming is headquartered in Toronto, Canada, with offices in Ottawa and Atlanta. To learn more about TransGaming visit www.transgaming.com.

FORWARD-LOOKING STATEMENTS

Certain statements in this document may constitute "forward-looking" statements, which involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this document, such statements use words like "may", "will", "expect", "continue", "believe", "plan", "intend", "would", "could", "should", "anticipate" and other similar terminology. These statements reflect current assumptions and expectations regarding future events and operating performance and speak only as of the date of this document. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the "Risk Factors" section of the Company's the most recently filed Annual Information Form which is available on SEDAR at www.sedar.com.

Although the forward-looking statements contained in this document are based upon what we believe are reasonable assumptions, we cannot assure investors that our actual results will be consistent with these forward-looking statements. We assume no obligation to update or revise these forward-looking statements to reflect new events or circumstances, except as required by securities law.

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Neither 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.

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