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STONEY CREEK, ON, May 15, 2015 /CNW/ - Innova Gaming Group Inc. ("INNOVA") (TSX: IGG), which designs and provides games, systems and tickets to the North American gaming industry, predominantly in the business to government lottery sector, announced today that it has filed the financial statements of its wholly-owned subsidiary Diamond Game Enterprises ("Diamond Game"), for the three month period ended March 31, 2015.
Diamond Game became a subsidiary of INNOVA on May 5, 2015, immediately prior to the closing of the initial public offering of INNOVA (the "IPO"). Diamond Game was not a subsidiary of INNOVA at the end of the first quarter of 2015, and the consolidated financial statements of INNOVA for the second quarter of 2015 will include the financial statements of Diamond Game. Going forward, INNOVA is focused on driving profitable growth for Diamond Game's leading lottery products and executing its growth strategy.
The financial statements of Diamond Game are available on SEDAR at www.sedar.com under INNOVA's profile. Further information relating to INNOVA and the IPO is set out in INNOVA's final prospectus dated April 28, 2015, which may be obtained on the SEDAR website.
No securities regulatory authority has either approved or disapproved the contents of this press release. The securities offered under the IPO have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. State securities laws and may not be offered or sold, directly or indirectly, within the United States (as defined in Regulation S under the U.S. Securities Act) other than pursuant to an available exemption from the registration requirements of the U.S. Securities Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy any such securities within the United States and any sale of such securities within the United States, other than as set forth in the immediately preceding sentence, would be unlawful.
INNOVA is the owner of Diamond Game, which designs, develops, produces, markets and services games, systems and tickets for the North American gaming industry, predominantly for the business to government (B2G) lottery sector. Its strategy is to enhance revenues of government-sponsored lotteries and other regulated operators 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 execution of INNOVA's growth strategy, 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 Inc.
For further information: Richard Weil, CEO, 1 818-727-1690