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Investment News


SEVEN ACES LIMITED ANNOUNCES FINANCIAL RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2019

(Toronto: November 28, 2019) Seven Aces Limited (formerly Quantum International Income Corp.) (the "Corporation" or "Aces") (TSXV: ACES) is pleased to announce the filing of its financial results for the third quarter of fiscal 2019. For more information, please see the condensed interim consolidated financial statements of the Corporation for the third quarter ended September 30, 2019 and the related management's discussion and analysis, which are available electronically on SEDAR (www.sedar.com) under Aces' issuer profile. All figures are in U.S. dollars unless otherwise noted.

"We are pleased with the revenues generated in the third quarter despite the seasonally slow summer months in our COAM business" said Manu K. Sekhri, Chief Executive Officer of Aces.

Highlights – Quarter Ended September 30, 2019 (1)

  • The Corporation increased its ownership interest in Lucky Bucks, LLC from 60% to 70%.
  • Generated gaming revenues of $19.4 million for the quarter ended September 30, 2019, compared to $17.0 million for the quarter ended August 31, 2018.
  • Generated Adjusted EBITDA of $6.4 million for the quarter ended September 30, 2019, compared to $7.1 million for the quarter ended August 31, 2018.
  • Generated positive cash flow from operations of $2.48 million for the quarter ended September 30, 2019, compared to $5.16 million for the quarter ended August 31, 2018. Prior to non-cash changes to operating working capital the Corporation generated $3.18 million for the quarter ended September 30, 2019, compared to $5.15 million for quarter ended August 31, 2018.
  • Closed five acquisitions in Georgia, U.S. deploying capital of ~$7.5 million.
  • Basic and diluted loss per share for continuing operations of $0.030, for the quarter ended September 30, 2019, compared to an basic and diluted earnings per share of $0.021 and $0.018 respectively for the quarter ended August 31, 2018.

    Note: (1) These reported figures are based on consolidated results and do not reflect the impact of the non-controlling interest.

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

For further information please contact Seven Aces:

Hassan Ijaz

Controller

Tel. (416) 477-3419

hassan@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.