NYX Announces £15 million Debt Add-On to Increase Flexibility and to Fund the Company's Ongoing Consolidation
LAS VEGAS, NV, Dec. 21, 2016 /CNW/ - NYX Gaming Group Limited (TSXV:NYX) ("NYX Gaming Group" or "Company") announced today that its wholly owned subsidiary, NYX Digital Gaming (OB SPV) Limited, amended its Senior Facilities Agreement with ARES Management to increase the term facility commitment by £15 million at the same rate as its existing term debt. Under the terms of the amended agreement, the Company has the ability to utilize the incremental £15mm in any of the Company's wholly-owned subsidiaries.
The Company plans to use the additional capital for working capital purposes, various organic growth initiatives in its casino business, and the continued integration of the Company's operating businesses. "This add-on term debt substantially enhances our financial flexibility. It will allow for an acceleration of our consolidation strategy with OpenBet and provide an additional working capital cushion. This is the first step of the Company's initiative to improve its capital structure." said CEO Matt Davey.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is definite in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements and Non-IFRS Financial Measures
Certain statements included herein, including those that express management's expectations or estimates of our future performance, constitute "forward-looking statements" within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "potential" or the negative of these terms or other similar expressions. Forward-looking statements are based on certain assumptions regarding the Company's expected growth, results of operations, performance, industry trends and growth opportunities. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies that could cause actual results to differ materially from those expressed or implied in such statements. Investors are cautioned not to put undue reliance on forward-looking statements. Applicable risks and uncertainties include, but are not limited to: credit, market, currency, operational, liquidity and funding risks, including changes in economic conditions, interest rates or tax rates, the impact of government regulation on the on-line gaming industry and the risk that such regulation is subject to change, competition from other providers of online gaming services, the possibility that the Company be unable to successfully integrate the B2B Business as described herein, the risks associated with international and foreign operations, the impact of consolidations in the online gaming industry and the other risks identified under the heading "Risk Factors" in the Company's final long form prospectus dated December 18, 2014, as filed on SEDAR at www.sedar.com, and in other filings that NYX Gaming Group may make with applicable securities authorities in the future. The forward-looking statements contained herein reflect NYX Gaming Group's current views with respect to future events, and except as required by law, NYX Gaming Group does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events, or otherwise.
This release contains Non-IFRS financial measures and are noted where used. These financial measures are used by many investors to compare companies and management believes they are important measures in evaluating NYX Gaming Group. However, they are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS. Therefore, they may not be comparable to similar measures presented by other issuers. Investors are cautioned that such measures should not be construed as alternatives to comparable IFRS measures determined in accordance with IFRS.
Neither the 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.
NYX Gaming Group Limited is listed on the TSX Venture Exchange under the symbol (NYX.V).
About NYX Gaming Group Limited
NYX Gaming Group Limited is a leading digital gaming provider headquartered in Las Vegas, USA with a staff of more than 1,000 employees based in over a dozen countries across Europe, North America, Asia, and Australia. The Company provides one of the world's largest portfolios of leading content and technology to some of the foremost gaming operators, lotteries and casinos across the globe. NYX also has one of the broadest distribution bases in the industry with over 200 unique customers and the widest portfolio of content available from their own global studios and broad partner network. The diversified game catalogue delivers content across web and mobile formats, focusing on Bingo, Casino, Lottery and Sportsbook verticals.
NYX's Open Gaming System (OGS™) was recently named 2016 Platform of the Year in acknowledgement of its position as the industry's market-leading gaming offering, which allows licensees to leverage the best-of-breed multi-vendor casino content from around the world.
NYX Gaming Group Limited is listed on the TSX Venture Exchange under the symbol (TSXV: NYX).
SOURCE NYX Gaming Group Limited