/NOT FOR DISSEMINATION IN THE U.S. OR THROUGH U.S. NEWSWIRE SERVICES/
EDMONTON, Nov. 4, 2016 /CNW/ - eQube Gaming Limited (TSXV: EQG) ("eQube" or the "Company") is pleased to announce that eQube Technology and Software Inc. (the "Subsidiary"), a wholly owned subsidiary of the Company has entered into a share purchase agreement (the "Agreement") pursuant to which the Subsidiary will sell all of its shares in its wholly owned subsidiary, e3 Bingo Limited ("e3 Bingo") for a total purchase price of €100.00 in cash (the "Transaction"). The Transaction is expected to close on November 7, 2016.
The Purchaser, Phillip Purcell, is a Non-Arm's Length Party to the Company as he is a child of the Chief Executive Officer of the Company.
e3 Bingo holds the assets of Rock Bingo, a bingo hall in Cork, Ireland. The Hall Operations segment of eQube discussed in the Company's audited annual financial statements for the year ending February 29, 2016 demonstrate the potential that e3 Bingo has to provide revenue for the Company. In conjunction with the closing of the Transaction, e3 Bingo and eQube will enter into an agreement whereby e3 Bingo will be contractually bound as a customer of the Company for at least five years during which eQube will continue to use Rock Bingo as a test and demonstration site for eQube's electronic bingo systems. As a result of the Transaction, eQube will also realize savings in management, operation, consulting and hardware expenses previously provided to e3 Bingo through eQube's other lines of business.
eQube is a leading provider of electronic bingo (eBingo) systems for land based gaming operators in commercial and charitable gaming facilities. eQube has the majority market share in the Canadian regulated bingo market, as well as the Irish market and operates the linked bingo games in Alberta and Ireland. Current solutions, consisting of commercial eBingo, linked wide area bingo, traditional bingo and automated bingo style electronic games are complemented by enterprise class accounting and back office reporting combined with open platform customer management data tools. eQube's platform provides new and enhanced revenue channels by enhancing the experience, environment and service to our clients' customers.
eQube has been offering its eBingo and related gaming solutions to commercial, tribal, regulatory and charitable customers worldwide since its inception in 1999. eQube is listed on the TSX Venture Exchange under the symbol EQG. For more information visit: www.eqube.com
Disclaimer in Regards to Forward-Looking Statements
This news release contains forward-looking statements and information ("forward-looking statements") within the meaning of applicable securities laws and is based on the expectations, estimates and projections of management of eQube as of the date of this news release, unless otherwise stated. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future and include, but are not limited to, statements with respect to acceptance of the transaction by the Exchange, the Company's ability to close the transaction and the continued engagement of e3 Bingo as a customer of eQube. Investors are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward looking information provided in this news release is also based on certain assumptions regarding expected growth, results of operations, performance and business prospects and opportunities.
Since forward-looking statements addresses future events and conditions, such information by its very nature involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These risks include circumstances that are not known to the Company including closing of the transaction on the expected closing date or at all, obtaining final acceptance from the Exchange in respect of the transaction, and the ability of e3 Bingo to continue as a customer of eQube. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this news release.
Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information regarding some of these risks, expectations or assumptions and other factors may be found in eQube's filings with the Canadian securities regulators, available at www.sedar.com. The reader is cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and eQube undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE eQube Gaming Limited
Image with caption: "eQube Gaming Limited (CNW Group/eQube Gaming Limited)". Image available at: http://photos.newswire.ca/images/download/20161104_C8618_PHOTO_EN_812396.jpg
For further information: For media inquiries, please contact: John Purcell, CEO, Email: [email protected]; For investor inquiries, please contact: Mike Kahn, CFO, Email: [email protected]; Colwell Capital Corp, Graeme Dick, Email: [email protected]