VANCOUVER, March 22, 2016 /CNW/ - POYDRAS GAMING FINANCE CORP. (TSX-V: PYD) ("Poydras" or the "Company") announces that the Board of Directors have approved a consolidation of the Company's issued and outstanding common shares on the basis of ten (10) pre-consolidation shares for one (1) post-consolidation share, subject to regulatory approval, which is expected in the coming weeks. The Board proposes to reduce the number of common shares as management believes that given the Company's strong financial and operating performance and momentum, the share consolidation will make investing in shares more attractive to a broader range of institutional and professional investors and other members of the investing public, potentially increasing liquidity. Many brokerage houses and institutional investors have internal policies and practices that either prohibits them from investing in shares under a certain price, or which tend to discourage individual brokers from recommending these shares to their customers.
As stated in the Company's March 17, 2016 press release, with the successful integration of the Integrity Companies Poydras' installed base has grown more than 700% year-over-year to approximately 2,400 machines, and the Company expects FY 16 adjusted EBITDA to approach $10.0 million USD from its existing machine deployments.
About Poydras Gaming Finance Corp.:
Poydras Gaming is a regional slot route operator with approximately 2,400 revenue-generating gaming machines across 25 casinos in Oklahoma and Texas. The Company provides slot machines and related capital expenditures under short- and long-term contracts for existing casinos, new casino developments and gaming machine suppliers in the United States. Additional information about the Company can be found on the SEDAR website at www.sedar.com.
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.
Certain information in this news release is considered forward-looking within the meaning of certain securities laws and is subject to important risks, uncertainties and assumptions. This forward‐looking information includes, among other things, information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward‐looking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release.
The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from such forward-looking information include, among others, risks arising from general economic conditions and adverse industry events.
The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
SOURCE Poydras Gaming Finance Corp.
For further information: Keith Richards, Investor Relations | NATIONAL Equicom, T: 416.848.1599, E: [email protected]; James Kim, VP of Corporate Development, Poydras Gaming Finance Corp., T: (604) 683-8393, E: [email protected]