Tangelo Pre-Announces Q4 Revenue and Provides Corporate Update
Toronto, Ontario, February 5, 2017 – Tangelo Games Corp. (“Tangelo” or the “Company”) (TSX-VENTURE: GEL), a leading developer and operator of social casino games, announced a number of business and corporate updates:
- The Company expects to report revenue for Q4, 2016 of approximately CAD $9.36 million, up from $9.31 million in Q3, 2016.
- Significant progress has been made on the conversion of the Company’s suite of games from Flash to Unity, the major operational initiative of 2016. Management believes that the migration to Unity is essential to both maintaining the broadest possible audience for the Company’s suite of games as well as optimizing the efficiency of the development process going forward. This conversion is expected to be substantially complete by the end of the first quarter of 2017. The Company has taken advantage of the migration process to enhance and upgrade its core games such as Bingo and Slots titles.
- The Company continues to negotiate and evaluate potential alternatives with a number of strategic investors and partners. The Company is unable to provide further updates at this time due to the nature of these ongoing discussions. The Company will notify the market by way of announcement immediately if an agreement is reached.
- As originally disclosed in a press release issued by the Company on February 2, 2015, the Company owed a maintenance fee to its lender of US $1 million that was due by January 31, 2017. The Company has agreed with its lenders to add the US$1 million maintenance fee to the outstanding principal of the credit facility.