LOS ANGELES, May 8, 2017 /CNW/ - INNOVA Gaming Group Inc. ("INNOVA" or the "Company") (TSX: IGG), today announced that its wholly owned subsidiary, Diamond Game Enterprises ("Diamond Game"), has extended its Distribution/Dispenser Agreements (the "Agreements") with Atlantic Bingo Supply, Inc. ("Atlantic Bingo"), covering 403 LT-3 break open ticket dispensers ("LT-3") installed in three bingo halls in the State of Maryland ("Maryland" or the "State"). The new Agreements extend for three years from May 1, 2017 and include two, one-year extension options. The game content installed on LT-3s in Maryland is regulated by Maryland State Lottery & Gaming Control Agency.
"As an established leader in the North American lottery and gaming industry with unique and innovative products, we appreciate the opportunity to extend our Agreements with Atlantic Bingo," said Richard Weil, Chairman and CEO of INNOVA. "This announcement is one of a number of considerable growth opportunities that will benefit the Company and its shareholders. These Maryland bingo halls were the first venues to receive our LT-3 ticket dispensers, in 2006. As part of these Agreements we will replace some of the existing LT-3s with our state-of-the-art Titan LT-3 terminals. We have also been given the opportunity to add new content and features, which we anticipate will enhance the player experience and drive stronger win per unit. We look forward to furthering this relationship in the coming years."
The locations covered by the Agreements with Atlantic Bingo, are:
- Delta Wayson's Bingo, LLC, operated by Delta Bingo;
- Daily Double, LLC, operated by Delta Bingo; and
- Arundel Amusements DBA Bingo World, operated by Bingo World.
As part of the Agreements, Diamond Game will replace 175 LT-3's with its newest LT-3 terminal. The Titan features two high-definition displays, premium audio, game-emotive lighting and many other features to enhance the player experience.
About INNOVA Gaming Group Inc.
INNOVA develops unique games and products for the global gaming industry, with particular focus on state and provincial lotteries. Through the Company's wholly owned subsidiary, Diamond Game, INNOVA focuses on enhancing the revenues of government-sponsored lotteries and other regulated operators by offering its unique "extended play" products in traditional and non-traditional gaming venues. Its primary product is the LT-3, an instant ticket vending machine that dispenses tickets while simultaneously displaying the results of each ticket on a video monitor in an entertaining fashion. For more information, please visit www.innovagaminggroup.com.
Certain statements included herein, including those that express management's expectations or estimates of our future performance or future events, constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic, regulatory and competitive uncertainties and contingencies that could cause actual results or events to differ materially from those expressed or implied in such statements. Investors are cautioned not to put undue reliance on forward-looking statements. The forward-looking statements contained herein reflect INNOVA's current views with respect to future events, and except as required by law, INNOVA does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events, or otherwise.
SOURCE INNOVA Gaming Group
For further information: Jonathan Ross, CFA, LodeRock Advisors, INNOVA Investor Relations, [email protected], Tel: (416) 283-0178