VANCOUVER, BC / CRWEPRESSRELEASE / August 14, 2015 / Jackpot Digital Inc.(formerly Las Vegas From Home.com Entertainment Inc.) (the “Company” or “Jackpot”) (CVE:JP) (OTCMKTS:JPOTF) (Frankfurt & Berlin Exchanges: LVH). Further to the Company’s News Releases dated July 2 and August 4, 2015, the Company is pleased to announce that it has closed its transaction with MultiMedia Games, Inc. (“MultiMedia”), whereby the Company has purchased the assets of the PokerTek business unit of MultiMedia, including domain names, inventory, marketing materials, patents, software, trade dress, trademarks and, all the licensing contracts with third parties related to the PokerTek business unit which includes, amongst others, the Carnival Cruiseline brands and the Ontario Lottery Corporation. MultiMedia is a wholly-owned subsidiary of Global Cash Access Holdings Inc. which is listed on the New York Stock Exchange (NYSE: GCA)
The assets and business acquired by the Company from MultiMedia have generated approximately US $3,500,000 during the past 12 months. Pursuant to the Asset Purchase Agreement, as amended between the Company and MultiMedia the consideration payable to MultiMedia consists of a cash component, and a share purchase warrant component. The cash component is US $5,400,000 of which US $2,000,000 was paid to MultiMedia on the closing of the transaction, and the balance is payable through an earn-out formula which may increase the consideration payable up to US $7,500,000. The Company has issued to MultiMedia 7,500,000 share purchase warrants exercisable at 20 cents per common share for a period of 5 years which represents the share purchase warrant component of the transaction.
President & CEO Mr. Jake Kalpakian states “This was a very important and strategic acquisition for our Company. We believe the synergies are absolutely perfect for us. With the development and introduction of our new software, we feel we can significantly increase revenues. Furthermore, with approximately 82 venues, including 70+ cruise ships, hosting the e-tables which we just acquired, we believe this transaction, with its strategic synergies, will be a major catalyst for the growth of our HTML 5 wireless business which is currently deployed on five vessels.”
About Jackpot Digital Inc.(formerly Las Vegas From Home.com Entertainment Inc.)
Since 1999, Jackpot has been a reputable provider of innovative gaming software offering a multitude of multiplayer games, including poker and casino, and is committed to bringing an enjoyable experience to players and delivering great results to operators. Our lengthy track record in gaming software development, financial accountability, and cardroom operations have made us one of the leading software developers in the industry.
For more information on the Company, please contact Jake H. Kalpakian, President, at (604) 681-0204 ext 6105, or visit the Company’s website at www.jackpotdigital.com.
On behalf of the Board of
Jackpot Digital Inc.
“Jake H. Kalpakian”
Jake H. Kalpakian
President & CEO
Trading in the securities of the Company should be considered speculative.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
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 news release.
This news release contains forward-looking information that involve various risks and uncertainties regarding future events. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information.
SOURCE:Jackpot Digital Inc.