LOS ANGELES, March 21, 2017 /CNW/ - INNOVA Gaming Group Inc. ("INNOVA" or the "Company") (TSX: IGG) confirmed today that it will release its financial statements for the three and 12-month periods ending December 31, 2016 and the accompanying management's discussion and analysis at 6:30 a.m. (Eastern time) on Thursday, March 23, 2017.
The board of directors of the Company has, however, decided to cancel the conference call originally scheduled to be held at 10:00 a.m. (Eastern time) on Thursday, March 23, 2017 to discuss INNOVA's financial results for the fourth quarter and the full financial year ending on December 31, 2016. This conference call has been cancelled while the special committee of independent directors of the Company continues its review of the unsolicited proposal received from Pollard Banknote Limited ("Pollard Banknote") to acquire all of the common shares of INNOVA for cash consideration of $2.10 per share (the "Pollard Proposal") and its consideration of any strategic alternatives to the Pollard Proposal that might be available to the Company.
INNOVA's largest shareholder, Amaya Inc. ("Amaya"), has entered into a support agreement (the "Support Agreement") with Pollard Banknote that sets out the terms and conditions pursuant to which Amaya is prepared to support the Pollard Proposal. Amaya has the right to terminate the Support Agreement and withdraw its support for the Pollard Proposal in the event that a superior offer is made for the Company's common shares that Pollard Banknote does not match within five business days. For additional details on the Pollard Proposal and the terms of the Support Agreement, please refer to the news release issued by INNOVA on March 10, 2017.
There can be no assurance that the Pollard Proposal or any strategic alternatives to the Pollard Proposal that might be available to the Company will result in a formal take-over bid or offer for the common shares of INNOVA or that any such take-over bid or offer will ultimately result in a completed transaction. INNOVA's shareholders do not need to take any action with respect to the Pollard Proposal at this time. The Company intends to continue provide updates if and when necessary in accordance with applicable securities laws.
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 INNOVA's wholly-owned subsidiary, Diamond Game Enterprises, the Company 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. The Company's primary product is its third generation Lucky Tab machine, 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 made and information included in this press release may 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. 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, the Company 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; Omar Murad, Senior Vice-President, Mergers & Acquisitions, Raymond James Ltd., financial advisors to the special committee of the board of directors of INNOVA, [email protected], Tel: (416) 777-7014