Vancouver, British Columbia--(Newsfile Corp. - January 22, 2024) - Playgon Games Inc. (TSXV: DEAL) (OTC Pink: PLGNF) (FSE: 7CR) ("Playgon" or the "Company"), a propriety SaaS technology company delivering 'state of the art' mobile live dealer technology and eTable games to online gaming operators globally, is pleased to announce it has successfully received GLI game certification for its live dealer games in accordance with the Alcohol and Gaming Commission Ontario ("AGCO") technical requirements. Completing this certification, along with the previous GLI certification for the Las Vegas studio, positions the Company for the commercial launch into the growing Ontario online gaming market. Additional jurisdictions will be completed over time and in stages as required when the Company gets closer to customer launches; Currently they include Colombia, Italy and Mexico.
Last year, iGaming Ontario reported that Ontarians wagered about $35.6 billion (CAD) in the first year of the market, https://igamingontario.ca/en/news/ontario-emerges-one-north-americas-largest-igaming-markets-first-year, a massive figure for the debut of online gaming in the province. It resulted in approximately $1.4 billion in total gaming revenue over that period, a figure that places the province in the top five of all North American jurisdictions, according to iGaming Ontario. Recently iGaming Ontario just released record breaking number through three quarters of their 2023 year, beating the 2022 numbers with wagering surpassing $45.4 billion, up 27.5%, and gaming revenues at $1.74 billion, up 24%, https://igamingontario.ca/en/news/igaming-ontarios-fy-2023-24-q3-market-performance-report.
"We are excited to be part of this growing North American market," comments Darcy Krogh, CEO of Playgon Games Inc. "We have a number of commitments to take our VegasLounge live dealer offering into Ontario and this GLI certification, was the last step we needed prior to the launch in this market." Mr. Krogh adds, "Casino gaming represents over 70% of wagering and revenues in Ontario so this gaming jurisdiction is absolutely a key market for us."
Completion of Shares for Debt Transaction
The Company further announces that it has completed its previously announced shares for debt transactions. As part of the transactions, the Company issued an aggregate of 10,645,000 common shares of the Company in full and final settlement of $532,250 in aggregate debt representing interest owed as at December 31, 2023 on the previously issued unsecured convertible debentures of the Company. Of the 10,645,000 common shares of the Company that were issued, an aggregate of 6,000,000 common shares were issued to a related party of the Company. All of the common shares were issued at a deemed price of $0.05 per share. The portion of the transaction involving the related party constitutes a "related party transaction" pursuant to Multilateral Instrument 61-101 ("MI 61-101") and TSXV Policy 5.9. The Company is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves interested parties, exceeds 25% of the Company's market capitalization.
About Playgon Games Inc.
Playgon is a SaaS technology company focused on developing and licensing digital content for the growing iGaming market. The Company provides a multi-tenant gateway that allows online operators the ability to offer their customers innovative iGaming software solutions. Its current software platform includes Live Dealer Casino, E-Table games and Daily Fantasy Sports, which, through a seamless integration at the operator level, allows customer access without having to share or compromise any sensitive customer data. As a true business-to-business digital content provider, the Company's products are ideal turn-key solutions for online casinos, sportsbook operators, land-based operators, media groups, and big database companies. For further information, please visit the Company's website at www.playgon.com.
For further information, contact:
Mike Marrandino, Director
Tel: (604) 722-5225
Email: mikem@playgon.com
Forward-Looking Statements
This release contains forward-looking statements, including with respect to the Company's intended use of proceeds from the Non-Brokered Offering, the final approval of the TSXV and the proposed shares for debt transaction. Forward-looking statements, without limitation, may contain the words believes, expects, anticipates, estimates, intends, plans, or similar expressions. Forward-looking statements are not guaranteeing of future performance. They involve risks, uncertainties and assumptions and actual results could differ materially from those anticipated. Forward looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Except for historical facts, the statements in this news release, as well as oral statements or other written statements made or to be made by Playgon, are forward-looking and involve risks and uncertainties. In the context of any forward-looking information please refer to risk factors detailed in, as well as other information contained in the Company's audited financial statements for the year ended December 31, 2022 and Management Discussion and Analysis for the year ended December 31, 2022 and other filings with Canadian securities regulators (www.sedarplus.ca). Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this press release represents Playgon's current expectations. Playgon disclaims any intention and assumes no obligation to update or revise any forward-looking information, except if required by applicable securities laws.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/195105
SOURCE: Playgon Games Inc.
