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Yggdrasil partners with Snaitech

George Miller

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Yggdrasil partners with Snaitech
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Yggdrasil Gaming has further extended its reach in Italy with a deal to provide content to leading Italian gaming operator Snaitech.

 

The agreement will give Snaitech, leader in betting retail, access to award-winning Yggdrasil titles certified under Italian regulations. Snaitech will receive Yggdrasil’s collection of in-game promotional tools, BOOST™ and social sharing tool BRAG™, enabling the operator to increase and complete its online casino offer.

Yggdrasil CEO Fredrik Elmqvist, said: “To agree a deal with Snaitech, one of the most respected names in European gaming, shows that our approach is being welcomed by both operators and players in Italy.

This partnership with Snaitech is the latest step in Yggdrasil’s ambitious plans for the Italian market.

Snaitech CEO Fabio Schiavolin said: “We always work to offer our customers the best selection of content available. So it is with great pleasure that we are able to add Yggdrasil games to our offering. The new titles, the promotional infrastructure and above all the smart approach of Yggdrasil team, will add a further innovative boost to provide a complete, safe, engaging and entertaining gaming experience to our customers.

Yggdrasil plans to have more than 30 games certified for the Italian market during 2018.

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Eclipse Gaming Chief Executive Officer Tim Minard Participated in 66th Annual National Veterans Day Observance at Arlington National Cemetery

Vlad Poptamas

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Eclipse Gaming Chief Executive Officer Tim Minard participated in the 66th annual National Veterans Day Observance at Arlington National Cemetery on Monday, November 11, 2019.  Honoring those who served and continue to serve in the United States Armed Forces, Minard participated in the wreath-laying ceremony by veterans’ organizations at the Tomb of the Unknown Soldier and presented the American Flag in the Parade of Colors at the Memorial Amphitheater.

“It is a tremendous honor to participate in our national Veterans Day Ceremony,” said Eclipse Gaming Chief Executive Officer Tim Minard.  “I have great respect and admiration for those who serve in the Armed Forces, which includes many Native American service people.  I am grateful to BVL, an inspiring organization that supports our veterans and active duty service personnel, to have been asked to pay tribute to those who serve our country and sacrifice for our freedom.”

The Presidential Armed Forces Full Honor wreath-laying ceremony at the Tomb of the Unknowns was led by Vice President Mike Pence, who commemorated the ceremony with a moving keynote speech at the Memorial Amphitheater.  Also, in attendance at the ceremony was Veterans Affairs Secretary Robert Wilkie, Former Vice President of the United States Dan Quayle, various Defense Department officials and veterans service organization leaders.  As part of the weekend-long trip, Minard visited the White House and then the National Press Club for breakfast prior to the ceremony at the Memorial Amphitheater at Arlington.

Mr. Minard participated in the ceremony as a representative of BVL, where he currently serves on the Board of Directors.  BVL is a national nonprofit organization dedicated to brightening the lives of America’s veterans and active duty men and women through recreational and therapeutic programs.


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Galaxy Gaming Reports Q3 2019 Financial Results

Vlad Poptamas

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Galaxy Gaming, Inc. (OTCQB: GLXZ), a developer and distributor of casino table games and enhanced systems, announced today its financial results for the fiscal quarter and nine months ended September 30, 2019.

Financial Highlights

Q3 2019 vs. Q3 2018

  • Revenue increased 12.5% to $5,372K
  • Adjusted EBITDA increased 23.5% to $2,217K1
  • Net income per share (diluted) increased to $0.03 from $0.02

Nine Months 2019 vs. Nine Months 2018

  • Revenue increased 17.9% to $16,118K
  • Adjusted EBITDA increased 32.9% to $6,654K2
  • Net income per share (diluted) increased to $0.07 from $0.02

Balance Sheet Changes (vs. December 31, 2018)

  • Cash increased 35.9% to $8,577K
  • Total debt (gross) increased 372.4% to $48,192K due to the May 2019 stock redemption
  • Stockholders’ deficit was $(28,379)K vs. stockholders’ equity of $7,457K due to the May 2019 stock redemption

Executive Comments

“We are pleased to continue delivering double-digit growth in both revenue and Adjusted EBITDA,” said Todd Cravens, Galaxy’s President and CEO. “The new licenses we have received and are pursuing should give us the opportunity to offer more of our products in underserved markets.  However, we do not expect to realize meaningful revenue from the new license opportunities until 2020.”

“The third quarter showed our ability to continue to execute,” stated Harry Hagerty, Galaxy’s CFO.  “We paid down $370K in debt and still added to the cash balance.  Most importantly, just after quarter’s end we were able to sign an amendment to our credit agreement with Nevada State Bank that restructured the leverage covenants to allow us to carry the debt incurred in the redemption transaction.  The new covenants will become effective for the December 31, 2019 quarter.  For the third quarter of 2019, we were solidly in compliance with the Free Cash Flow and Senior Leverage covenants and our non-compliance with the Total Leverage covenant was waived as a result of the amendment entered into in May 2019.”

Forward-Looking Statements

Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. Galaxy cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors, including those listed from time to time in reports that Galaxy files with the Securities and Exchange Commission.

 

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Clarification regarding the Control game sales revenue recognition

Vlad Poptamas

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Clarification regarding the Control game sales revenue recognition

Digital Bros S.p.A. – the publishing partner of Remedy Entertainment Plc – released their first quarterly report of the financial year that started in July 2019. The report also covered the revenue recognition regarding sales of the Remedy-developed game Control, which was released on 27th August 2019. Digital Bros S.p.A. disclosed €17.7M of Control game sales recognition during 1.7.–30.9.2019. Also prior to this, Digital Bros S.p.A. had reported a revenue recognition of €9.5M during the financial year 1.7.2018–30.6.2019 based on the exclusive agreement regarding the distribution of Control’s PC version on Epic Games Store.

On May 3rd 2017, Remedy announced the signing of a publishing agreement with Digital Bros S.p.A. regarding the Control game, and disclosed Remedy to receive 45% of game sales net revenue. The revenue share is calculated from net sales, which takes into account deductions such as retail and marketing costs of the game. Once the game starts to sell and before paying the game developer, the publisher is typically allowed to deduct upfront specific costs, such as manufacturing and distribution costs of physical game copies as well as marketing costs.

Additionally, revenue recognition practices differ between Remedy and Digital Bros S.p.A., as Remedy reports based on FAS and Digital Bros S.p.A. reports based on IFRS. Therefore, the figures reported by the companies are not comparable. Based on the aforementioned reasons and especially during the early phases of the game’s sales, Control’s revenue recognition to Remedy takes place with a delay and no direct conclusions can be drawn as to the recognition of net sales share based on the figures reported by Digital Bros S.p.A.

Remedy is commenting this matter with a company announcement as publicly available reports regarding the estimates of Control game sales revenue recognition do not – for the reasons described above – reflect the actual amount or timing of the 45 % net sales revenue to be recognised by Remedy.

Remedy’s outlook remains unchanged as the company expects its revenue and profit to grow during 2019, as mentioned in the half-year report released on August 13th 2019.

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