(Toronto: April 30, 2020) Seven Aces Limited (the "Company" or "Aces") (TSXV: ACES, OTC: ACEXF) is pleased to announce the filing of its financial results for the year ending December 31, 2019. For more information, please see the consolidated financial statements of the Corporation for the year ended December 31, 2019 and the related management's discussion and analysis, which are available electronically on SEDAR (www.sedar.com) under Aces' issuer profile at. All figures are in U.S. dollars unless otherwise noted.
"2019 was a year of growth through acquisition," said Manu K. Sekhri, Chief Executive Officer of Aces. "We continued with our acquisition strategy in Georgia and we purchased over 4.6 million shares as part of our NCIB at attractive prices, which is accretive to all shareholders".
Highlights – Year Ended December 31, 2019(1)
• Generated gaming revenues of approximately $79.3 million for year ended December 31, 2019, compared to approximately $59.7 million for the 10-month period ended December 31, 2018(2), representing an increase of approximately 33% (approximately 11% on an annualized basis).
• Generated Adjusted EBITDA of approximately $26.9 million for the year ended December 31, 2019, compared to approximately $22.7 million for the 10-month period ended December 31, 2018.
• Generated positive cash flow from operations of approximately $15.3 million for the year ended December 31, 2019, compared to approximately $14.0 million for the 10-month period ended December 31, 2018.
• Repurchased over 4.6 million shares through the Company's normal course issuer bid at an average price of $0.91 per share.
• Closed nine acquisitions for a total purchase price of approximately $13.2 million during the year ended December 31, 2019.
(2) These reported figures are based on consolidated results and do not reflect the impact of the non-controlling interest.
The Company changed its financial year-end from February 28th to December 31st, as announced by the Corporation on January 14, 2019.
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
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.