(Toronto: March 25, 2020) Seven Aces Limited (the "Company") (TSXV: ACES, OTC: ACEXF) 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$1,220,465 (the "Topaz Acquisition") and four location contracts from J & G Amusement, Inc. ("J&G") in exchange for cash consideration of US$2,475,000 on closing (the "J&G Acquisition", together with the Topaz Acquisition, the "Acquisitions")). Pursuant to the terms of the J&G Acquisition, the aggregate purchase price payable to J&G will be adjusted up or down based on the actual performance of the acquired location contracts. In the event that the performance of the acquired location contracts materially differs from historical results, the aggregate purchase price paid for the contracts acquired from J&G may materially increase or decrease.
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:
Chief Financial Officer
Tel. (647) 228-8668
Tel. (416) 477-3411
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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.