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The transaction is expected to be immediately accretive to earnings per share, provide a local base and games development studio for NYX Gaming Group in the regulated Italian market, and deliver synergies to NYX's core business.
TORONTO, May 20, 2015 /CNW/ - NYX Gaming Group Limited ("NYX" or the "Company") (TSX-V: NYX) announced today that it has completed the acquisition of the entire issued share capital of Game360 Limited ("Game360") ("the Acquisition"). NYX intends to finance the Acquisition through cash on hand.
The acquisition of Game360 increases the Company's geographic presence to the regulated Italian market. Game360 designs, develops, markets and distributes online gaming content with a focus on native and html5 mobile formats and sports betting software solutions to over a dozen leading operators in the Italian regulated market. Through the Acquisition, NYX will leverage its ability to deliver its portfolio of existing certified casino content to these customers and also distribute the games developed by Game360 to its international client base.
"This acquisition will provide NYX a solid operational and development base in Italy, with the additional benefit of being able to seamlessly deliver our large portfolio of games already certified for the Italian market via NYX OGS," said Matt Davey, Chief Executive Officer of NYX Gaming Group. "By leveraging the existing relationships developed by Game360 in the Italian market, we will increase our revenue opportunities while expanding our global profile as a leader in content development. As an added benefit to our existing network of international clients, NYX will be able to leverage the games portfolio already developed by Game360."
"We are very excited about this opportunity to be an important part of NYX Gaming Group," said Andrea Guzzon, Chief Executive Officer of Game360 Limited. "This transaction immediately increases Game360's portfolio of content deliverable to our existing client base, which allows us to leverage our top performing games titles in the international market."
As a result of this Acquisition, NYX will have increased its global reach to Italy, acquired a local presence for NYX in Rome, and further strengthened its core operations and leadership position in the content development space. Through its strategic partnerships, NYX continues to grow its geographic presence in regulated markets while expanding its reach to a growing customer base.
Elmcore Securities LLC served as exclusive financial advisor for NYX with respect to the Acquisition. Ficom Leisure served as exclusive financial advisor for Game360 with respect to the Acquisition.
About NYX Gaming Group Limited
NYX Gaming Group Limited is headquartered in Las Vegas with development out of Stockholm and Sydney. The group provides market leading content and technology to some of the largest lotteries, casinos and gaming operators across the globe. Through its recent acquisition of Ongame Network Ltd., a real money poker provider since 2001, NYX now offers a B2B poker network in both Europe and the United States. NYX offers a market leading suite of diversified gaming content including casino, poker, bingo and lottery games that players can enjoy on desktop, web and mobile. NYX Gaming Group Limited is listed on the Toronto TSX Venture Exchange (TSX-V: NYX).
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "potential" or the negative of these terms or other similar expressions. Forward-looking statements in this news release include, but are not limited to, statements with respect to accretive earnings, anticipated revenue and costs synergies associated with the Acquisition. In particular, there can be no assurance that the Acquisition will be completed on terms satisfactory the Company, if at all. Forward looking statements are based on certain assumptions about the Business regarding expected growth, results of operations, performance, industry trends and growth opportunities. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements.
Forward-looking statements by their nature necessarily involve risks and uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future events, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to: credit, market, currency, operational, liquidity and funding risks, including changes in economic conditions, interest rates or tax rates, the impact of government regulation on the on-line gaming industry and the risk that such regulation is subject to change, competition from other providers of online gaming services, the possibility that the Company be unable to successfully integrate the Business as described herein, the risks associated with international and foreign operations, the impact of consolidations in the online gaming industry and the other risks discussed under the heading "Risk Factors" in the Company's final long form prospectus dated December 18, 2014. The foregoing factors are not intended to represent a complete list of the factors that could affect the Company or the Acquisition. The Company does not intend or undertake to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE NYX Gaming Group Ltd.
For further information: Matt Davey, Chief Executive Officer, NYX Gaming Group Limited, +1 (702) 586-8428, www.nyxgg.com; Renée Lam, Investor Relations, TMX Equicom, +1 (416) 815-0700 or +1 (800) 385-5451 ext. 258, [email protected]