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EDMONTON, Feb. 19, 2019 /CNW/ - eQube Gaming Limited
(TSX.V: EQG) ("eQube" or the 'Company") today announced an update
to trading activities.
eQube has finished repayments of a three-year term loan and
repaid, in full, the $4m borrowed
from the lender. Mr. Mitch Debelser
retained a board seat, as a condition of provision of the debt, and
has resigned his board position as the debt is now repaid, in full
and on time. eQube was also provided with an interim finance
facility, provided by way of a combination of short-term related
party loans (provided by Mr. Andrew
Janko ($100,000), Mr.
Doug Osrow ($25,000) and Mr. John
Purcell, CEO ($25,000)) and a
bank facility ($100,000) to make
available up to $250,000 of working
capital to facilitate critical short term initiatives, if required,
while awaiting benefits of new free cashflow. As the repayment of
the $4m loan frees up over
$145,000 per month in cash, the board
are instigating a principal and interest repayment plan for other
debt that has been interest only to date. This translates to a net
$93k per month cashflow positive
benefit to the management accounts of the company.
eQube has also participated in and showed the next generation
products under the 'DigiBingo' brand at the ICE show in
London, attended by over 30,000
gaming professionals from over 150 countries. The targeted
marketing of the show will enhance eQube's ability to offer product
to a larger prospective market. With the cloud-based software
products now on offer, eQube can sell to a global audience, with a
scalable range of products, unlike previous product versions.
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.
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.
eQube Gaming Ltd. (EQG:TSX-V)
SOURCE eQube Gaming Limited