Jackpot Digital and Yo Eleven Announce Closing of Arrangement
Jackpot Digital Inc. has successfully completed the spinout of its iGaming assets to Yo Eleven Gaming Inc. on November 4, 2021. This strategic move, executed through a Plan of Arrangement under British Columbia's Business Corporations Act, aims to enhance both companies' growth potential. Jackpot shareholders will receive one Yo Eleven share for every five Jackpot shares held as of November 1, 2021. This transaction simplifies the Jackpot brand and aligns both organizations for future opportunities, as stated by CEO Jake Kalpakian.
- Completion of the spinout of iGaming assets to Yo Eleven strengthens brand focus.
- Shareholders receive Yo Eleven shares, potentially increasing value.
- None.
VANCOUVER, BC / ACCESSWIRE / November 4, 2021 / Jackpot Digital Inc. (the "Company" or "Jackpot") (TSXV:JJ)(TSXV:JJ.WT.A)(TSXV:JJ.WT.B)(TSXV:JJ.WT.C)(OTCQB:JPOTF)(Frankfurt:LVH3)(Berlin:LVH3) and Yo Eleven Gaming Inc. ("Yo Eleven") are pleased to announce that they have completed the previously announced transaction pursuant to which the Company's iGaming assets have been spun out to Yo Eleven by way of a Plan of Arrangement (the "Spinout") under the Business Corporations Act of British Columbia.
Jake Kalpakian, CEO for Jackpot and Yo Eleven, stated, "With the completion of the Spinout, we have simplified and strengthened the Jackpot brand and are actively positioning both organizations for strategic growth in their respective arenas. We thank our shareholders for their overwhelming support and look forward to what the future holds."
Under the terms of the Spinout, Yo Eleven receives Jackpot's iGaming assets and in consideration Jackpot shareholders will receive one (1) Yo Eleven common share for every five (5) Jackpot common shares held as of the record date November 1, 2021. No further action is required by Jackpot shareholders of record in order to receive the Yo Eleven consideration shares.
If you wish more information regarding the Spinout and Yo Eleven, please refer to the Company's Management Information Circular dated August 13, 2021 which is available under the Company's profile on SEDAR at www.sedar.com and also on the Company's website at www.jackpotdigital.com.
About Jackpot Digital Inc.
Jackpot Digital Inc. is a leading electronic table games manufacturer for the cruise ship industry and regulated land-based casino industry. The Company specializes in multiplayer gaming products, including poker and casino games, which are complimented by a robust suite of backend tools for operators to efficiently control and optimize their gaming business.
About Yo Eleven Gaming Inc.
Yo Eleven Gaming Inc. is a sports and entertainment company developing an omni channel technology platform for the B2B and B2C markets that are seeking online casinos, sports book betting and unique specialized type of games. Yo Eleven's mission is to bring people together in a fun and engaging environment while supporting gaming operators with a streamlined platform to manage their businesses.
For more information on Jackpot and Yo Eleven, please contact Jake H. Kalpakian, President and CEO, at (604) 681-0204 ext. 6105.
On behalf of the Boards of
Jackpot Digital Inc. and Yo Eleven Gaming Inc.
"Jake H. Kalpakian"
Jake H. Kalpakian
President & CEO
Trading in the securities of the Company should be considered speculative.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
Neither the 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 news release.
Certain statements contained herein are "forward-looking". Forward-looking statements may include, among others, statements regarding future plans, costs, objectives, economic or technical performance, or the assumptions underlying any of the foregoing. In this News Release, words such as "may", "would", "could", "will", "likely", "enable", "feel", "seek", "project", "predict", "potential", "should", "might", "objective", "believe", "expect", "propose", "anticipate", "intend", "plan", "estimate", and similar words are used to identify forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied. Although management believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, projections and estimations, there can be no assurance that these assumptions, expectations, projections or estimations are accurate. Readers, Shareholders and Investors are therefore cautioned not to place reliance on any forward-looking statements as the plans, assumptions, intentions or expectations upon which they are based might not occur.
SOURCE: Jackpot Digital Inc.
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FAQ
What happened on November 4, 2021, with Jackpot Digital (JPOTF)?
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What is the purpose of the spinout for Jackpot Digital (JPOTF)?
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