Eclipse Gaming Chief Executive Officer Tim Minard participated in the 66^th 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.

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.