Playgon Games - Maker of VegasLounge Announces Third Quarter Player Activity Milestones

Rhea-AI Summary

Playgon Games Inc. announces key milestones for Q3 2023 with increased player activity and wagering turnover. The company's quarterly wagering turnover increased by 10% to $449 million, and average daily wagering turnover increased by 9% to $4.9 million. Year over year, Playgon's live dealer tables have seen a 72% increase in wagers, reaching $1.2 billion in 2023. The completion of the shares for debt transaction involved the issuance of 32,045,130 common shares of the company in settlement of $2.2 million in debt.

Positive

• Playgon Games Inc. experienced a 10% increase in quarterly wagering turnover to $449 million and a 9% increase in average daily wagering turnover to $4.9 million. The company's live dealer tables have seen a significant year over year increase of 72% in wagers, reaching $1.2 billion in 2023.

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - October 24, 2023) - Playgon Games Inc. (TSXV: DEAL) (OTC Pink: PLGNF) (FSE: 7CR) ("Playgon" or the "Company"), a SaaS technology company delivering innovative mobile live dealer technology to online gaming operators globally, is pleased to announce key milestones for Q3 2023 ending in September.

Playgon's player activity continues to scale at our live dealer tables since our last quarter. Our quarterly wagering turnover increased to $449,000,000 in Q3 2023 from $409,000,000 in Q2 2023, representing a 10% increase. Our average daily wagering turnover increased to $4,879,000 in Q3 2023 from $4,483,000 in Q2 2023 representing a 9% increase.

Through three quarters of player wagering activity in 2023 Playgon's live dealer tables have accommodated approximately $1.2 billion in wagers compared to the same period in 2022 of $697,000,000, representing a 72% year over year increase.

"Our sales and integration pipeline continues to be strong, and our business continues to scale. The industry remains strong and Playgon is well postioned to participate in the ongoing growth. We look forward to announcing, new games, new markets and new partnerships soon," commented Darcy Krogh, CEO of Playgon Games Inc.

Completion of Shares for Debt Transaction

The Company further announces that it has completed its shares for debt transaction as previously announced by way of press release dated July 12, 2023. As part of the transaction, the Company issued an aggregate of 32,045,130 common shares of the Company in full and final settlement of $2,243,159.04 in aggregate debt representing short term loans to the Company, various trade payables and certain board fees that were due and payable by the Company. Of the 32,045,130 common shares of the Company that were issued, an aggregate of 10,347,494 common shares were issued to related parties of the Company. All of the common shares were issued at a deemed price of $0.07 per share. A portion of this transaction may constitute a "related party transaction" pursuant to Multilateral Instrument 61-101 ("MI 61-101") and TSXV Policy 5.9. The Company is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves interested parties, exceeds 25% of the Company's market capitalization. The Shares will be subject to a hold period of four months and one day from the date of issuance.

About Playgon Games Inc.

Playgon is a SaaS technology company focused on developing and licensing digital content for the growing iGaming market. The Company provides a multi-tenant gateway that allows online operators the ability to offer their customers innovative iGaming software solutions. Its current software platform includes Live Dealer Casino, E-Table games, which, through a seamless integration at the operator level, allows customer access without having to share or compromise any sensitive customer data. As a true business-to-business digital content provider, the Company's products are ideal turn-key solutions for online casinos, sportsbook operators, land-based operators, media groups, and big database companies. For further information, please visit the Company's website at www.playgon.com.

For further information, contact:
Mike Marrandino, Director
Tel: (604) 722-5225
Email: mikem@playgon.com

Forward-Looking Statements

This release contains forward-looking statements. Forward-looking statements, without limitation, may contain the words believes, expects, anticipates, estimates, intends, plans, or similar expressions. Forward-looking statements are not guaranteeing of future performance. They involve risks, uncertainties and assumptions and actual results could differ materially from those anticipated. Forward looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Except for historical facts, the statements in this news release, as well as oral statements or other written statements made or to be made by Playgon, are forward-looking and involve risks and uncertainties. In the context of any forward-looking information please refer to risk factors detailed in, as well as other information contained in the Company's audited financial statements for the year ended December 31, 2022 and Management Discussion and Analysis for the year ended December 31, 2022 and other filings with Canadian securities regulators (www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this press release represents Playgon's current expectations. Playgon disclaims any intention and assumes no obligation to update or revise any forward-looking information, except if required by applicable securities laws.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/184966

FAQ

What were Playgon Games Inc.'s key milestones for Q3 2023?

Playgon Games Inc. experienced increased player activity and wagering turnover in Q3 2023. The company's quarterly wagering turnover increased by 10% to $449 million, and average daily wagering turnover increased by 9% to $4.9 million. Year over year, Playgon's live dealer tables have seen a 72% increase in wagers, reaching $1.2 billion in 2023.

What was the completion of the shares for debt transaction?

The completion of the shares for debt transaction involved the issuance of 32,045,130 common shares of Playgon Games Inc. in settlement of $2.2 million in debt.