TORONTO, ONTARIO — (Marketwired) — 03/09/16 — The Intertain Group Limited (“Intertain” or the “Company”) (TSX: IT)(OTCQX: ITTNF) today announced its financial results for the three month period and year ended December 31, 2015. All amounts are stated in Canadian dollars unless otherwise noted.
Q4 and Subsequent Financial and Corporate Highlights
Intertain Dedicated to Enhancing Shareholder Value
Intertain–s Board of Directors (the “Board”) believes that the Company–s share price is misaligned with its fundamental business results. The Board has therefore initiated a process to identify, examine and consider a range of strategic options available to the Company, with the objective of delivering shareholder value. A Special Committee of three directors, David Danziger, John Fielding and Paul Pathak, has been appointed to lead this process. The Special Committee has retained Canaccord Genuity as its financial advisor and Osler, Hoskin & Harcourt LLP as its legal advisor.
The Company has received many expressions of interest in acquiring all or material parts of its business. The Special Committee will consider a broad range of alternatives, including strategic transactions providing for a sale of the Company, one or more business units or partial offers and recapitalizations. Canaccord Genuity has a mandate to continue discussions with current interested parties and to contact a wide range of parties who could have interest in exploring value-creating alternatives.
“As a company, we have delivered quarter after quarter,” said John Kennedy FitzGerald, President and CEO of Intertain. “Business results continue to show growing value from the assets that have been acquired. Q4 again demonstrates the quality and performance of Intertain–s business segments, and proves that the fundamentals of our business are strong and our prospects are very encouraging. The results show that our business is sound, that our customer base is stable and growing, and that our market position is unchanged – we are the largest online bingo-led operator in the world.”
2016 Full Year Financial Guidance
The following represents forward-looking information and users are cautioned that actual results may vary.
Board Renewal
Further to the Board renewal process announced in the Company–s press release dated February 22, 2016, the Company is pleased to announce the appointment of Jim Ryan as an independent director, effective immediately. Mr. Ryan is currently CEO of Pala Interactive, LLC and brings extensive experience in the online gaming industry, having previously served as Co-CEO of bwin.party digital entertainment plc and as CEO of PartyGaming plc. Mr. Ryan also sits on the boards of Gaming Realms plc and Duke Royalty plc. Mr. Ryan obtained professional qualifications as a Chartered Accountant from the Canadian Institute of Chartered Accountants and a degree in business from the Goodman School of Business at Brock University.
In addition, Intertain is pleased to announce that David Danziger has been appointed Chairman of the Board, effective immediately. “Jim brings a wealth of industry experience and professional qualifications to the Board. This is a strong step in fulfilling our commitment to Board renewal, with highly qualified candidates. We will continue to strengthen the Board with additional new directors before or in connection with our Annual Meeting,” said Mr. Danziger.
Stan G. Dunford and Mark Redmond have stepped down as directors of the Company, effective immediately. Intertain would like to thank Messrs. Dunford and Redmond for their hard work and substantial contributions to the Company over the past two years.
Intertain to Allow Shareholder Rights Plan to Lapse
The Board has determined to allow the Company–s shareholder rights plan agreement dated September 22, 2015 to expire, in accordance with its terms, at the close of business on March 22, 2016.
2015 Fourth Quarter and Year End Financial Statements and Management–s Discussion and Analysis
The financial statements, notes to the financial statements and Management–s Discussion and Analysis for the three month period and year ended December 31, 2015 will be available on SEDAR at as well as Intertain–s website at .
2015 Fourth Quarter Conference Call
A conference call to discuss Intertain–s fourth quarter 2015 results will be held on March 9, 2016, at 5:30pm ET. John Kennedy FitzGerald, President and CEO of Intertain, and Keith Laslop, CFO of Intertain, will host the call. A question-and-answer session will follow the presentation.
To participate, interested parties are asked to dial (647) 788-4919 or (877) 291-4570 10 minutes prior to the scheduled start of the call. A replay of the conference call will be available until March 23, 2016 by dialing (800) 585-8367 or (416) 621-4642 and using reference number 65286941. A transcript will also be made available on Intertain–s website.
About The Intertain Group Limited
Intertain is an online gaming holding company that, through its operating subsidiaries, provides entertainment to global consumer base in which such subsidiaries operate. Intertain currently offers bingo-led gaming and casino to its customers using the InterCasino , Costa , Vera&John , Jackpotjoy and jackpotjoy.se, and Botemania brands. For more information about Intertain, please visit .
Cautionary Note Regarding Forward-Looking Information
This release contains certain information and statements that may constitute “forward-looking information” within the meaning of Canadian securities laws. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “estimates”, “projects”, “predicts”, “targets”, “seeks”, “intends”, “anticipates”, or “believes” or the negative of such words or other variations of or synonyms for such words, or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance, achievements or developments to be materially different from those anticipated by the Company and expressed or implied by the forward-looking statements. Forward-looking information contained in this release includes, but is not limited to, statements with respect to the Company–s future financial performance (including guidance regarding revenues, adjusted EBITDA, adjusted net income and diluted adjusted net income per share), the future prospects of the Company–s business and operations, the strategic review process, the Company–s growth opportunities and the execution of its growth strategies.
These statements reflect the Company–s current expectations related to future events or its future results, performance, achievements or developments, and future trends affecting the Company. All such statements, other than statements of historical fact, are forward-looking information. Such forward-looking information is based on a number of assumptions which may prove to be incorrect, including, but not limited to, the ability of the Company to secure, maintain and comply with all required licenses, permits and certifications to carry out business in the jurisdictions in which it currently operates or intends to operate; governmental and regulatory actions, including the introduction of new laws or changes in laws (or the interpretation thereof) related to online gaming; general business, economic and market conditions; the competitive environment; the expected growth of the online gaming market and potential new market opportunities; anticipated and unanticipated costs; the protection of the Company–s intellectual property rights; the Company–s ability to successfully integrate and realize the benefits of its completed acquisitions; and the ability of the Company to obtain additional financing, if, as and when required. Such statements could also be materially affected by risks relating to the lack of available and qualified personnel or management; stock market volatility; taxation policies; competition; foreign operations; the Company–s limited operating history; and the Company–s ability to access sufficient capital from internal or external sources. The foregoing risk factors are not intended to represent a complete list of factors that could affect the Company. Additional risk factors are discussed in the Company–s annual information form dated March 31, 2015 under the heading “Risk Factors”.
Although the Company has attempted to identify important factors that could cause actual results, performance, achievements or developments to differ materially from those described in forward-looking statements, there may be other factors that cause actual results, performance, achievements or developments not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results, performance, achievement or developments are likely to differ, and may differ materially, from those expressed in or implied by the forward-looking information contained in this release. Accordingly, readers should not place undue reliance on forward-looking information. While subsequent events and developments may cause the Company–s expectations, estimates and views to change, the Company does not undertake or assume any obligation to update or revise any forward-looking information, except as required by applicable securities laws. The forward-looking information contained in this release should not be relied upon as representing the Company–s expectations, estimates and views as of any date subsequent to the date of this release. The forward-looking information contained in this release is expressly qualified by this cautionary statement.
Contacts:
The Intertain Group Limited
Amanda Brewer
Vice President, Corporate Communications
+1 416 720-8150
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