/NOT FOR DISSEMINATION IN THE U.S. OR
THROUGH U.S. NEWSWIRE SERVICES/
EDMONTON, Nov. 4, 2016 /CNW/ - eQube Gaming Limited
(TSXV: EQG) ("eQube" or the "Company") is pleased to announce that
eQube Technology and Software Inc. (the "Subsidiary"), a wholly
owned subsidiary of the Company has entered into a share purchase
agreement (the "Agreement") pursuant to which the Subsidiary will
sell all of its shares in its wholly owned subsidiary, e3 Bingo
Limited ("e3 Bingo") for a total purchase price of €100.00 in cash
(the "Transaction"). The Transaction is expected to close on
November 7, 2016.
The Purchaser, Phillip Purcell,
is a Non-Arm's Length Party to the Company as he is a child of the
Chief Executive Officer of the Company.
e3 Bingo holds the assets of Rock Bingo, a bingo hall in
Cork, Ireland. The Hall Operations
segment of eQube discussed in the Company's audited annual
financial statements for the year ending February 29, 2016 demonstrate the potential that
e3 Bingo has to provide revenue for the Company. In conjunction
with the closing of the Transaction, e3 Bingo and eQube will enter
into an agreement whereby e3 Bingo will be contractually bound as a
customer of the Company for at least five years during which eQube
will continue to use Rock Bingo as a test and demonstration site
for eQube's electronic bingo systems. As a result of the
Transaction, eQube will also realize savings in management,
operation, consulting and hardware expenses previously provided to
e3 Bingo through eQube's other lines of business.
About 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. 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 contains 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 and include, but are not limited to, statements with respect
to acceptance of the transaction by the Exchange, the Company's
ability to close the transaction and the continued engagement of e3
Bingo as a customer of eQube. 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.
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 circumstances that are not known to the
Company including closing of the transaction on the expected
closing date or at all, obtaining final acceptance from the
Exchange in respect of the transaction, and the ability of e3 Bingo
to continue as a customer of eQube. Accordingly, readers should not
place undue reliance on the forward-looking statements contained in
this news release.
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