TANGELO REPORTS 2016 THIRD QUARTER FINANCIAL RESULTS
Toronto, Ontario, November 30th, 2016.- Tangelo Games Corp. (“Tangelo” or the “Company”) (TSX-VENTURE: GEL) reports its financial results for the third quarter of 2016 (the three and nine-month period ended September 30, 2016).
All figures CAD
· Tangelo generated revenue of $9.31 million and $30.22 million for the three and nine months ended September 30, 2016 compared to revenue of $5.90 million and $15.70 million for the three and nine months ended September 30, 2015. Adjusted EBITDA of $2.96 million and $8.72 million was realized for the three and nine months ended September 30, 2016 compared to $1.90 million and $2.67 millions for the three and nine months ended September 30 2015 (see Non-IFRS measures).
· On the back of our integration efforts, Adjusted EBITDA grew quarter over quarter from $2.76 million in Q2 2016 to $2.96 million in Q3 2016
·In September 2016, the Company entered into a partnership agreement with Leap Gaming (“Leap”), whereby Leap will be providing its virtual sports turnkey product to Tangelo’s social gaming platform. The resulting product, a 3D virtual sports game adapted to fit social casino players, is currently being developed and is planned to be released by the end of the year.
·In October 2106, Tangelo was included as best ‘Social Slots Operator’, ‘Affiliate Programme’ and ‘Slots Operator’ in the shortlist of nominees of the EGR Operator Awards 2016, one of the most prestigious recognitions in the online gaming industry.