NEW YORK, June 25, 2020 /PRNewswire/ -- Inspired
Entertainment, Inc. ("Inspired" or the "Company") (NASDAQ: INSE)
today announced that it has entered into an agreement with its
lenders to amend its Senior Facilities Agreement dated September 27, 2019 (the
"Amendment"). The Amendment modifies the financial
covenants and does not require Inspired to raise any additional
capital.
"We are pleased to have entered into this agreement following a
highly-constructive dialogue with our lenders. Further, we
are gratified at the support shown by our lenders for the successes
that Management has achieved in significantly lowering our
operating costs in the face of the global Covid-19 pandemic while
navigating the Company to this point. At the same time,
Inspired has further benefitted from the expansion of our
Interactive business during the pandemic," said Lorne Weil, Executive Chairman of Inspired.
Mr. Weil continued, "As a result of these efforts, as of
June 22, 2020, we had over
$46 million1 in cash on
hand, providing what we believe to be an appropriate level of
liquidity for the business. Given our current liquidity and
minimal operating cash burn, we believe we are well-positioned as
our land-based customers have begun the process of reopening."
Mr. Weil concluded, "While early in the process, we have been
pleased with initial reports of business volumes in the land-based
markets in which our customers have reopened, and we expect to
provide additional detail as to the level of business volumes in
these markets over the coming weeks."
Further details regarding the Amendment will be contained in a
Current Report on Form 8-K that the Company will be filing with the
Securities and Exchange Commission (the "SEC"). This filing
will be available on the SEC's website at www.sec.gov and in the
Investors section of the Company's corporate website at
www.inseinc.com.
About Inspired Entertainment, Inc.
Inspired offers an expanding portfolio of content, technology,
hardware and services for regulated gaming, betting, lottery, and
leisure operators across retail and mobile channels around the
world. The Company's gaming, virtual sports, interactive and
leisure products appeal to a wide variety of players, creating new
opportunities for operators to grow their revenue. The Company
operates in approximately 35 jurisdictions worldwide,
supplying gaming systems with associated terminals and content
for more than 50,000 gaming machines located in betting shops,
pubs, gaming halls and other route operations; virtual sports
products through more than 44,000 retail channels; digital games
for 100+ websites; and a variety of amusement entertainment
solutions with a total installed base of more than 19,000
devices. Additional information can be found
at www.inseinc.com.
Forward-Looking Statements
This news release contains "forward-looking statements" within
the meaning of the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"anticipate," "believe," "expect," "estimate," "plan," "will,"
"would" and "project" and other similar expressions that indicate
future events or trends or are not statements of historical
matters. These statements are based on Inspired's management's
current expectations and beliefs, as well as a number of
assumptions concerning future events.
Forward-looking statements are subject to known and unknown
risks, uncertainties, assumptions and other important factors, many
of which are outside of Inspired's control and all of which could
cause actual results to differ materially from the results
discussed in the forward-looking statements. Accordingly,
forward-looking statements should not be relied upon as
representing Inspired's views as of any subsequent date, and
Inspired does not undertake any obligation to update
forward-looking statements to reflect events or circumstances after
the date they were made, whether as a result of new information,
future events or otherwise, except as required by law. You are
advised to review carefully the "Risk Factors" section of
Inspired's annual report on Form 10-K for the fiscal year ended
December 31, 2019, which is
available, free of charge, on the U.S. Securities and Exchange
Commission's website at www.sec.gov.
Contact:
Aimee Remey
aimee.remey@inseinc.com
+1 646 565-6938
For Press and Sales
inspiredsales@inseinc.com
www.inseinc.com
@Inspired_News
____________________________
1 Using prevailing foreign exchange rates as of
market close on June 22, 2020.
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SOURCE Inspired Entertainment, Inc.