/NOT FOR DISSEMINATION IN THE U.S. OR THROUGH
U.S. NEWSWIRE SERVICES/
EDMONTON, May 23, 2019 /CNW/ - eQube Gaming Limited (TSX.V:
EQG) ("eQube" or the "Company") today is pleased to
announce that its Canadian subsidiary, eQube Technology and
Software Inc. ("eQube Technology"), has completed a closing
of an aggregate of $1,000,000 CAD
secured non-amortizing loans bearing interest at 9% per annum and
maturing in March 2022 (collectively,
the "Loan"). The Loan was provided by certain Canadian
private companies, two of which are controlled by Andrew Janko and Don
Sutherland, directors of eQube. The proceeds from the Loan
will be used to fund next generation product software development
and for general corporate purposes.
eQube Technology has also reached agreements with all of the
holders (the "Preferred Share Holders") of its Class "F"
preferred shares (the "Preferred Shares"), whereby each
Preferred Share Holder has agreed to redeem each Preferred Share
held by them for $1.00 CAD per
Preferred Share (the "Redemption Amount"). The aggregate
Redemption Amount to each Preferred Share Holder is payable by
eQube Technology by way of an unsecured promissory note issued to
each such Preferred Share Holder with a 3 year term, bearing
interest at 4% per annum, and the total aggregate Redemption Amount
for the Preferred Shares is $2,060,000 CAD.
Certain subsidiaries of eQube have also repaid an interim
finance facility in the aggregate amount of $250,000, initially provided by way of a
combination of short-term related party loans from Mr. Doug Osrow, Director of eQube ($25,000) and Mr. John
Purcell, CEO of eQube ($25,000)) and a bank facility ($100,000).
About eQube Gaming Limited ("eQube")
eQube is a leading provider of electronic bingo (eBingo) systems
for land based gaming operators in commercial and charitable gaming
facilities. eQube has the majority market share in the Canadian
regulated bingo market as well as the Irish market and operates the
linked bingo games in Alberta and
Ireland. Current solutions,
consisting of commercial eBingo, linked wide area bingo,
traditional bingo and automated bingo style electronic games are
complemented by enterprise class accounting and back office
reporting combined with open platform customer management data
tools. eQube's platform provides new and enhanced revenue channels
by enhancing the experience, environment and service to our
clients' customers.
eQube has been offering its eBingo and related gaming solutions
to commercial, tribal, regulatory and charitable customers
worldwide since its inception in 1999. Its registered and head
office is in Edmonton, Alberta.
eQube is listed on the TSX Venture Exchange under the symbol EQG.
For more information visit: www.eqube.com
Disclaimer in Regards to Forward-Looking Statements
This news release may contain forward-looking statements and
information ("forward-looking statements") within the meaning of
applicable securities laws and is based on the expectations,
estimates and projections of management of eQube as of the date of
this news release, unless otherwise stated. The use of any of the
words "expect", "anticipate", "continue", "estimate", "objective",
"ongoing", "may", "will", "project", "should", "believe", "plans",
"intends" and similar expressions are intended to identify
forward-looking statements. Such forward-looking statements
are provided for the purpose of providing information about
management's current expectations and plans relating to the future.
In this news release, forward-looking statements relate, among
other things, the use of proceeds of the Loan and the repayment of
the promissory notes representing the Redemption Amount. Investors
are cautioned that reliance on such information may not be
appropriate for other purposes, such as making investment
decisions. Forward looking information provided in this news
release is also based on certain assumptions regarding expected
growth, results of operations, performance and business prospects
and opportunities. Accordingly, readers should not place undue
reliance on the forward-looking statements contained in this news
release. Since forward-looking statements addresses future events
and conditions, such information by its very nature involves
inherent risks and uncertainties. Actual results could differ
materially from those currently anticipated due to a number of
factors and risks. These risks include unsatisfactory due
diligence, or the inability to negotiate a definitive agreement
and/or obtain necessary regulatory and third party approvals.
Readers are cautioned that the foregoing list of factors is not
exhaustive. Additional information regarding some of these risks,
expectations or assumptions and other factors may be found in
eQube's filings with the Canadian securities regulators, available
at www.sedar.com. The reader is cautioned not to place undue
reliance on these forward-looking statements. The forward-looking
statements contained in this news release are made as of the date
hereof and eQube undertakes no obligations to update publicly or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, unless so required by
applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE eQube Gaming Limited