Three locations feature local progressive jackpot and multi-price functionality
LOS ANGELES, Aug. 13, 2015 /CNW/ - INNOVA Gaming Group Inc. ("INNOVA", the "Company") (TSX: IGG), today announced that its wholly owned subsidiary, Diamond Game Enterprises ("Diamond Game"), has received approval from the Ontario Lottery and Gaming Corporation ("OLG") to introduce local progressive jackpot and multi-price functionality into the product offerings on TapTix LT-3 break open ticket dispensers ("TapTix"). Presently, local progressive jackpot and multi-price functionality are live on TapTix at three OLG Charitable Gaming locations in Ontario. The local progressive jackpot feature will enhance entertainment by offering a growing jackpot, and the multi-price feature will allow players the option to purchase a single ticket at multiple price points, affording players greater control of their gaming experience.
The Company expects that, subject to OLG approval, local progressive jackpot and multi-price functionality will be available on its TapTix across Ontario at Charitable Gaming locations by the end of the year.
"These features are an example of some of the additional value that Diamond Game can bring to the business to government lottery sector where our LT-3 video ticket dispensers are deployed," said Richard Weil, Chairman and CEO of INNOVA. "We have already established our ability to meaningfully contribute to the player experience and to the profitability of charities by driving higher levels of player engagement. We are pleased that the product offered through OLG is assisting charities and social programs in the province that benefit from gaming activities. We expect that the local progressive jackpot and multi-price features on our TapTix dispensers will drive higher win per unit over the long term. We look forward to continuing to work with OLG and all of our lottery partners, to maximize the benefits delivered by our products and services."
Rick Gray, Vice President of Charitable Gaming at OLG added, "We are excited to bring these features to the existing Diamond Game TapTix in Charitable Gaming centres in the province of Ontario. Through research consumers indicated that these features would enhance the TapTix experience. We expect these additional features to incrementally contribute revenue for charities that depend on gaming revenue to serve their communities."
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 revenues by offering its unique "stay-and-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, including with respect to the creation of higher sales volumes and ongoing revenue, 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, contingencies and risks that could cause actual results or events to differ materially from those expressed or implied in such statements. Applicable risks and uncertainties include those identified under the heading "Risk Factors" in INNOVA's final prospectus dated April 28, 2015, available on SEDAR at www.sedar.com, and in other filings that INNOVA has made and may make with applicable securities authorities in the future. 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: (905) 334-0095