TransGaming Inc.
TSX VENTURE : TNG

TransGaming Inc.

September 09, 2014 16:00 ET

TransGaming Reports Fourth Quarter and Fiscal 2014 Year End Results

Management to conduct conference call on Wednesday, September 10, 2014 at 10:00 am EST

TORONTO, ONTARIO--(Marketwired - Sept. 9, 2014) - TransGaming Inc. (TSX VENTURE:TNG) ("TransGaming" or the "Company"), a global leader in delivering innovative technology solutions for the rapidly evolving video games industry, today reported its fourth quarter and fiscal 2014 results and tomorrow will send notice of its Annual General Meeting of Shareholders, to be held September 30, 2014, at 4:00 p.m. at the St. Andrews Club & Conference Centre, L2 Meeting Room, 27th Floor, 150 King Street West, Toronto. The Company's audited consolidated financial statements for the year ended May 31, 2014, Management's Discussion and Analysis, and Annual Information Form, together with Notice of Meeting and Information Circular have been filed and are available on SEDAR at www.sedar.com.

Highlights

Fiscal 2014 was a year of transformation for TransGaming during which time the company restructured and pivoted several business components in order to position itself for rapid growth in fiscal 2015. During this transition, the company signed significant Smart TV agreements during, establishing a foothold within the Smart TV space globally. TransGaming is poised to drive revenue growth going forward. The following highlights should be noted:

  • Partnered with Samsung, the world's largest consumer electronics company, to bring the GameTree™ TV platform to Samsung Smart TV's globally
  • Partnered with Phillips, Toshiba, Sharp and Panasonic to bring GameTree™ TV to their respective Smart TV's
  • Subsequent to year-end, launched GameTree™ TV on VIZIO, the number one Smart TV company in the United States
  • Strategically restructured the Graphics and Portability Group to achieve greater scale and revenue by adding game publishing, outbound technology licensing (including source code licensing), and support for the enablement of PC games to Android, iOS, and Steam OS
  • Hired Fredrik Liljegren as Vice President of TransGaming's Graphics and Portability Group, bringing with him decades of technology and gaming leadership experience
  • More than doubled GameTree™ TV subscribers and revenue with Free, in France, over the past 12 months
  • Closed an equity offering in February 2014 raising gross proceeds of CA$4.6 million
  • Reported cash and cash equivalents of $4.3 million
  • Reported adjusted EBITDA loss of $1.5 million
  • Subsequent to year-end, made a principal repayment of CA$1.1 million to BEST Funds on the CA$3.5 million in outstanding debt bringing the debt balance to CA$2.4 million

Commenting on the results, Vikas Gupta, CEO & President of TransGaming stated:

"Our industry is changing and we are adapting with it. We have positioned TransGaming for accelerated growth and our restructuring this past year was a consciously architected plan to set the stage for an even brighter future. We have signed many strategic agreements, we are live on the majority of global TV brands, and our new business models are taking root. I believe we are in a strong position, strategically, technologically and financially, moving forward to deliver remarkable results."

Conference Call Details

TransGaming will host an analyst and investor conference call at 10:00 a.m. EST on Wednesday September 10, 2014 to review the fourth quarter and fiscal 2014 results. The telephone number for the conference call is +1 (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) engineers technologies that ignite experiences, delighting audiences around the world. From its roots as a trailblazer in cross-platform enablement, TransGaming has expanded to deliver essential solutions fuelling software 3D graphics rendering, parallel computing, and the distribution of digital content. TransGaming's disruptive innovations are now used by everyone from home consumers, to the largest and most influential tech companies in the world. Visit us at http://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.

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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