/NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION THROUGH UNITED STATES NEWS OR WIRE SERVICES/
STONEY CREEK, ON, March 26, 2015 /CNW/ - Innova Gaming Group Inc. ("Innova") announced today that it has filed a preliminary prospectus with the securities regulatory authorities in each of the provinces and territories of Canada in connection with a proposed initial public offering of its common shares (the "Offering"). Innova is a wholly-owned subsidiary of Amaya Inc. (TSX: AYA). The Offering contemplates a treasury offering of common shares by Innova and a secondary offering of common shares of Innova by Amaya Inc.
Innova was formed in connection with the Offering and, upon completion of the Offering, it will hold all of the shares of Diamond Game Enterprises ("Diamond Game"). Diamond Game designs, develops, produces, markets and services games, systems and tickets for the North American gaming industry, predominantly for the business to government (B2G) lottery sector.
The Board of Directors of Innova will be led by Richard Weil, as Chair, and will include Dr. Aubrey Zidenberg, James Breslo, Dr. Edward Stanek and Paul van Eyk. Richard Weil will be the Chief Executive Officer and James Breslo will be the President of Innova, and the executive management team will include Stephen Koo as Chief Financial Officer.
The Offering is being made through a syndicate of underwriters led by Canaccord Genuity Corp. and including Cantor Fitzgerald Canada Corporation, Cormark Securities Inc., Desjardins Securities Inc., Dundee Securities Ltd. and Clarus Securities Inc.
A preliminary prospectus containing important information relating to these securities has been filed with the securities commissions or similar authorities in each province and territory of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus are available on SEDAR at http://www.sedar.com or from the underwriters named in the preliminary prospectus. This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy these securities until a receipt for the final prospectus has been issued. Completion of the Offering is subject to and conditional upon the receipt of all necessary approvals, including regulatory approvals.
The securities offered have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. State securities laws and may not be offered or sold, directly or indirectly, within the United States (as defined in Regulation S under the U.S. Securities Act) other than pursuant to an available exemption from the registration requirements of the U.S. Securities Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy any such securities within the United States.
Innova was formed in connection with the Offering. Upon completion of the Offering, it will hold all of the shares of Diamond Game Enterprises, currently a subsidiary of Amaya Inc. Diamond Game Enterprises designs, develops, produces, markets and services games, systems and tickets for the North American gaming industry, predominantly for the business to government (B2G) lottery sector. Its strategy is to enhance revenues of government-sponsored lotteries and other regulated operators by offering its unique "stay-and-play" products in traditional and non-traditional gaming venues. Its primary product is the LT-3, a "stay-and-play" instant ticket vending machine that dispenses tickets while simultaneously displaying the results of each ticket on a video monitor in an entertaining fashion.
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects Innova's current expectations regarding future events, including regarding completion of the Offering and related transactions, Amaya's intention with respect to its investment in Innova following completion of the Offering, and Innova's board composition upon completion of the Offering. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Innova's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, failure to complete the Offering and related transactions, and the factors discussed under "Risk Factors" in the preliminary prospectus of Innova dated March 25, 2015.
SOURCE Innova Gaming Group Inc.
For further information: Tim Foran, +1.416.545.1325, email@example.com