TORONTO, ONTARIO–(Marketwired – July 6, 2017) – Tangelo Games Corp. (“Tangelo” or the “Company”) (TSX VENTURE:GEL), a leading developer and operator of social casino games, provides the following update regarding operations and organizational development.
Vicenc Marti, Tangelo’s President, commented: “Our migration to Unity, along with our development of new mobile applications is progressing well. In the next 6 weeks, we expect to release a web version (based in Unity) of Bingo Rider, one of Tangelo Spain’s most popular titles, representing 35% of Tangelo Spain’s revenue. By the end of 2017, we expect to release a new Mundijuegos Mobile App with the most popular web titles. Collectively, more than 75% of Tangelo Spain’s revenue will be migrated to Unity by the end of 2017. We believe that the migration initiative, started a year ago, is essential to the long-term health of the business as we see Flash support beginning to decline across our distribution platforms.
In parallel to the migration work, our Israeli-based team are developing two entirely new mobile- first applications, with a goal to publish the games by the end of 2017. These will be new games with new formats and will be tailored specifically for English speaking markets. Development of these games has been led by Dvir Ackerman and Eli Atlas, who were brought into Tangelo from Playtika in order to guide new product development.
In addition, we are developing in-house a new CRM and BI tool, which will be used to support retention activities across our entire suite of games, and which can be utilized easily for any new acquired games. This tool is being developed concurrently with the migration work, and is expected to be released by the end of the year.
James Lanthier, Tangelo’s CEO, added: “Along with our operational progress, we are pleased to announce the extension of Vicenc Marti’s employment agreement as Tangelo President for an additional year. Vicenc’ s leadership and vision are invaluable to Tangelo and his commitment to the Company underscores his confidence in what we are building.”
Tangelo also announced that it has extended its contractual agreement with Pinnacle Capital Markets Ltd. (“Pinnacle”) to develop and provide investor relations services for the Company. The term of the agreement is for a period of one year (the “Term”) and may be extended at any time during the Term for an additional one year by written agreement of the parties. Tangelo will compensate Pinnacle with a monthly retainer of $7,500 and may issue, at the sole discretion of the board of directors of the Company, incentive stock options to be granted pursuant to the Company’s stock option plan and the rules of the TSX Venture Exchange. The agreement is subject to the approval of the TSX Venture Exchange.
The Company and its subsidiaries have entered into a waiver and amendment (the “Amendment”) to its credit agreement with Third Eye Capital Corporation, on behalf of the syndicate of lenders, waiving breaches by the Company of certain covenants and amending the covenant thresholds for future periods. As consideration for these amendments, among other things, the Company agreed to pay to the lenders a fee.
About Pinnacle
Pinnacle Capital Markets LTD. is a Toronto based advisory firm that provides full range of services to publicly- listed companies operating primarily in the mining, oil and gas, technology and renewable energy sectors. They also assist private companies develop and define a capital markets strategy for future public listing. Their objective is to work closely with their clients to achieve key investor relations goals such as: assist in positioning their client in the context of the public markets, enhance visibility within the financial community, increase liquidity through enhanced retail and institutional awareness, attract and increase equity research coverage, and assist in identifying much needed growth capital. PCM believes that a successful investor relations program depends on a multifaceted approach, including an effective strategy, tactical execution, thoughtful advice, and ongoing communication.
About Tangelo Games
Tangelo Games Corp., the parent company of Diwip and Akamon, formerly known as Imperus Technologies Corp., is a developer of social and mobile gaming for PC, Mac, iOS and Android platforms. Diwip and Akamon design, develop and distribute their top ranked social casino- themed games within online social networks (such as Facebook) and mobile platforms (such as Android and iPhone). All of the Diwip and Akamon games are free to play and generate revenue primarily through the in-game sale of virtual coins.
Caution Regarding Forward-Looking Information:
Certain statements in this press release may constitute “forward-looking information” which involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. When used in this press release, such forward-looking information may use such words as “may”, “will”, “expect”, “believe”, “plan” and other similar terminology. Forward-looking information includes, but is not limited to, statements regarding the migration to unity, the development of new applications and CRM tools and the business of the Company. Forward- looking information is provided for the purpose of presenting information about management’s current expectations relating to the future events and the operating performance of the Company, and readers are cautioned that such information may not be appropriate for other purposes. The forward-looking statements involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, regulatory requirements, general economic, market or business conditions and future developments in the sectors of the economy in which the business of Tangelo operates. The foregoing list of factors is not exhaustive. The Company undertakes no obligation to update publicly or revise any forward- looking information, whether a result of new information, future results or otherwise, except as required by law.
NEITHER 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.
