(Toronto: November 8, 2018) Quantum International Income Corp. (the "Corporation" or "Quantum") (TSXV: QIC) is pleased to announce that its majority-owned subsidiary, Lucky Bucks, LLC ("Lucky Bucks"), has entered into a definitive asset purchase agreement (the "Agreement") to acquire nine gaming contracts from Goldstar Amusement LLC, a digital skill-based gaming terminal operator based in the U.S. State of Georgia (the "Acquisition"). The Acquisition is expected to be completed in approximately one week, the purchase price for which is expected to be funded by Lucky Bucks through the advancement of a loan pursuant to a senior secured credit facility described in more detail in the press release of the Corporation dated April 10, 2018 (the "Acquisition Financing").
Manu K. Sekhri, Chief Executive Officer of Quantum, added the following remarks: "We are very pleased to be back in acquisition mode and to add these high quality locations to our growing business in the Georgia gaming market."
The gaming terminals at the acquired locations are fully licensed and governed by the Georgia State Lottery and offer players a variety of skill-based coin-operated amusement machines.
The Acquisition will be completed pursuant to the Agreement, which contains customary provisions for transactions of this nature, including payment of purchase price, transaction structure, representations, warranties, covenants, closing conditions and indemnities.
The purchase price for the Acquisition is US$4,439,644.
About Quantum International Income Corp.
Quantum International Income Corp. is a gaming company. Quantum's vision is to build a diversified portfolio of world class gaming operations. The Corporation looks to enhance shareholder value by growing organically and through acquisitions. The Corporation has an active acquisition strategy with a particular focus on cash-flows and high margins. Currently, the Corporation is the largest operator of skill-based gaming machines in the State of Georgia.
More information on Quantum is available at www.quantumincomecorp.com.
|For further information please contact Quantum:
Vice President, Corporate Affairs
Tel. (416) 569-3292
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.