TORONTO, CANADA — (Marketwired) — 09/02/15 — TransGaming Inc. (TSX VENTURE: TNG) (“TransGaming” or the “Company”) today reported its fourth quarter and fiscal 2015 results after the close of markets. Tomorrow it will send notice of its Annual General Meeting of Shareholders, to be held September 24, 2015, at 4:00 p.m. at the offices of Norton Rose Fulbright Canada, LLP, Royal Bank Plaza, South Tower, Suite 3800, Toronto. The Company–s audited consolidated financial statements for the year ended May 31, 2015 and Management–s Discussion and Analysis together with Notice of Meeting and Information Circular have been filed and are available on SEDAR at .
Highlights
2015 saw a number of transformative changes, most notably, the sale of the Company–s cross-platform portability technology to NVIDIA subsequent to year-end for $3.75 million. With the proceeds from the NVIDIA transaction, the Company repaid its CA$1.8 million debt to BEST Funds in full and meaningfully improved its financial position.
The Company–s other highlights for the 2015 fiscal year included:
As a result of NVIDIA–s acquisition, the Company has presented the financial results of its former Graphics and Portability Group (excluding SwiftShader) as discontinued operations in the consolidated statements of operations for both fiscal years 2015 and 2014. Therefore the revenue presented above reflects the financial results of the continuing operations only.
Commenting on the results, Dennis Ensing, CEO of TransGaming stated:
“We believe the addressable market for family fun video games delivered directly to TV is growing at a rapid rate. So, we are now only focused on expanding our GameTree TV distribution footprint directly and through strategic partnerships, supported by an ever-growing catalogue of games people will love to play and enjoy together. We are also extremely excited about the upcoming launch of GameTree TV GOLD that will bring us a new and scalable subscription-based revenue stream from more than 100 million Smart TVs worldwide. “
In other news, effective August 25, 2015, the Company appointed Dennis Ensing as Chief Executive Officer, removing the “Interim” status. Tamir Goren, who had been leading the GameTree TV efforts as Vice President of the Digital Media Group, was appointed the Company–s Chief Operating Officer.
Conference Call Details
TransGaming will host an analyst and investor conference call at 10:00 a.m. EST on Thursday September 3, 2015 to review the fourth quarter and fiscal 2015 results. The telephone number for the conference call is +1 (416) 340-2216. The call will be recorded and a digital replay will be available on the Company–s Investor Relations portion of its website at: .
About TransGaming Inc.
TransGaming Inc. (TSX VENTURE: TNG) provides global brands and audiences with the freedom to play. GameTree TV, TransGaming–s on-demand cloud gaming service, is accessible to the largest connected TV distribution footprint in the world – available to play on over 100 million Smart TV–s and set-top boxes. TransGaming–s cross-platform capabilities enable PC & console titles with world leading games franchises and development partners for the Smart TV market with ease and efficiency. Headquartered in Toronto, with offices in Tel Aviv and Kiev, TransGaming is a public company listed on Canadian TSX Venture Exchange. Discover more at .
FORWARD-LOOKING STATEMENTS
Certain statements in this document may constitute “forward-looking” statements, which involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this document, such statements use words like “may”, “will”, “expect”, “continue”, “believe”, “plan”, “intend”, “would”, “could”, “should”, “anticipate” and other similar terminology. These statements reflect current assumptions and expectations regarding future events and operating performance and speak only as of the date of this document. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the “Risk Factors” section of the Company–s the most recently filed Management–s Discussion and Analysis which is available on SEDAR at .
Although the forward-looking statements contained in this document are based upon what we believe are reasonable assumptions, we cannot assure investors that our actual results will be consistent with these forward-looking statements. We assume no obligation to update or revise these forward-looking statements to reflect new events or circumstances, except as required by securities law.
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.
Contacts:
Ankit Patel
Vice President, Finance
+1 416 979-9900 x336
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