TANGELO REPORTS 2016 SECOND QUARTER FINANCIAL RESULTS WITH STRONG MOBILE REVENUE GROWTH
Toronto, Ontario – August 29, 2016 – Tangelo Games Corp. (“Tangelo” or the “Company“) (TSX-VENTURE: GEL) reports its financial results for the second quarter of 2016 (the three and six-month period ended June 30, 2016).
All figures CAD
Strong Business Fundamentals
Revenue from the Company’s mobile games continued to grow at a rate that significantly outpaces the industry average, with 13% growth in Q2 2016 from Q1 2016, while performing in-line with industry averages for Facebook / Web. According to Eilers research, mobile revenue for the entire social casino space grew 3.4% quarter-over-quarter. Tangelo’s mobile games growth was, in particular, driven by strong performance from its Old Vegas game, which offers players a classic-style slot machine experience.
The Company is continuing to press forward on accelerating its mobile growth by leveraging its broad game library, creating a multi-game environment for its Spanish-language leading game title “Mundijuegos” and creating a common infrastructure that will allow Tangelo to develop new games faster. Additionally, Tangelo has begun integrating Akamon game content into the Best Casino App.