(416).477.3400
info@quantumincomecorp.com
79 Wellington Street West
Suite 1630, PO Box 138
Toronto, Ontario M5K 1H1
Share Price: $15.51
Change: +0.07
Today’s Volume: 118,798

Investment News


SEVEN ACES LIMITED COMPLETES 25th ACQUISITION AND ACQUIRES SEVEN GAMING CONTRACTS

(Toronto: February 27, 2020) Seven Aces Limited (the "Company") (TSXV: ACES) is pleased to announce that its 70% owned subsidiary, Lucky Bucks, LLC ("Lucky Bucks"), has acquired seven additional gaming contracts from digital skill-based gaming terminal operators based in the U.S. State of Georgia. Lucky Bucks acquired three location contracts from Topaz Amusement LLC in exchange for cash consideration of US$1,850,135 (the "Topaz Acquisition") and four location contracts from J&G Amusement Inc. ("J&G") in exchange for cash consideration of US$1,527,488 on closing (the "J&G Acquisition", together with the Topaz Acquisition, the "Acquisitions")). Pursuant to the terms of the J&G Acquisition, J&G is entitled to additional consideration payable in the event of the satisfaction of certain conditions related to post-closing revenue generation. The amount of the additional consideration, if any, which may become payable to J&G will be determined by reference to the actual performance of the acquired location contracts. In the event that the acquired location contracts materially outperform historical results, the additional consideration payable may materially increase the aggregate purchase price paid for the contracts acquired from J&G.

Manu K. Sekhri, Chief Executive Officer of Seven Aces Limited, added the following remarks: "These acquisitions are consistent with our strategy of adding high performing locations in the state of Georgia. These acquisitions represent an important milestone in our company’s history being the 24th and 25th transactions we have completed."

The purchase price for the Acquisitions was funded by Lucky Bucks through an advance under the credit facility described in the press release of the Company dated January 29, 2020 and titled "Seven Aces Limited Announces New US$165 Million Credit Facility and Acquisition of Additional Gaming Contracts". The gaming contracts that have been acquired are fully licensed and governed by the Georgia Lottery Corporation, and offer players a variety of skill-based coin-operated amusement machines.

About Seven Aces Limited

Seven Aces Limited is a gaming company, with a vision of building a diversified portfolio of world class gaming operations. The Company looks to enhance shareholder value by growing organically and through acquisitions. Currently, the Company is the largest route operator of skill-based gaming machines in the State of Georgia, United States of America.

More information on ACES is available at www.sevenaces.com.

For further information please contact Seven Aces:

Ryan Bouskill

Chief Financial Officer

Tel. (647) 228-8668

ryan@sevenaces.com

 

Stephanie Lippa

Office Manager

Tel. (416) 477-3411

stephanie@sevenaces.com

 

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.

Cautionary Statement Regarding Forward-Looking Information

This release contains certain information which, as presented, constitutes “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information involves statements that relate to future events and often addresses expected future business and financial performance, containing words such as “expect” and “intend”, statements that an action or event “may” or “will” be taken or occur, or other similar expressions. These statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Corporation to control or predict, and which may cause Quantum’s actual results, performance or achievements to be materially different from those expressed or implied thereby, including, but not limited to, risks related to the inability by Quantum to complete the Acquisition, as well as other factors discussed in the Corporation’s annual information form dated July 23, 2015, (the “Annual Information Form”) which is available on SEDAR under Quantum’s profile at www.sedar.com. Forward-looking information is developed based on assumptions about such risks, uncertainties and other factors set out herein, in the Annual Information Form, and as otherwise disclosed from time to time on SEDAR under Quantum’s profile at www.sedar.com.

Unless otherwise specified in this release, information contained in this release is current as of the date of this release. Unless otherwise specified, all dollar amounts herein refer to Canadian dollars. The Corporation undertakes no obligation to update forward-looking statements except as may be required by applicable Canadian securities laws. Readers are cautioned against attributing undue certainty to forward-looking statements.