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$800,000 loan to fund continued growth
EDMONTON, Oct. 25, 2017 /CNW/ - eQube Gaming Limited (TSX-V: EQG) ("eQube" or the "Company") today is pleased to announce the closing of an $800,000 secured non-amortizing loan bearing interest at 5% per annum and maturing December 29th, 2021. The loan was provided by a company controlled by a director of the Company and is secured by select Company customer contracts.
The proceeds will be used to fund next generation product software development and general corporate purposes.
"It is always a pleasure to close financing which secures additional capital, particularly when it is from existing company shareholders, who continue to demonstrate their support of the company. This support allows us to focus on customer acquisition, continuing our efforts to show how current and potential customers realize the benefits of eQube's product suite to their business. We are gaining significant traction in new and existing markets with demonstrable value added to our client locations," commented eQube's CEO John Purcell. "The financing further demonstrates confidence investors have in eQube and the value of its assets as security."
eQube further announced the appointment of Mr. Mark Dineen as CFO of the Company. Mr. Dineen is the current Interim CFO of eQube Gaming Limited, having joined as Financial Controller. Mark has extensive accountancy and audit experience in a wide range of markets, having worked in various industries from retail to software companies. Mark holds a Bachelor of Business Studies and Accounting and is also a qualified CPA.
About eQube Gaming Limited ("eQube")
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. Its registered and head office is in Edmonton, Alberta. 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 may contain 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. 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. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this news release. 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 unsatisfactory due diligence, or the inability to negotiate a definitive agreement and/or obtain necessary regulatory and third-party approvals.
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.
eQube Gaming Ltd. (EQG:TSX-V)
SOURCE eQube Gaming Limited
For further information: Theresa O'Connell, Executive Administrator, Email: [email protected]