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$800,000 loan to fund continued
growth
EDMONTON, Oct. 25, 2017 /CNW/ - eQube Gaming Limited
(TSX-V: EQG) ("eQube" or the "Company") today is pleased to
announce the closing of an $800,000
secured non-amortizing loan bearing interest at 5% per annum and
maturing December 29th, 2021. The
loan was provided by a company controlled by a director of the
Company and is secured by select Company customer contracts.
The proceeds will be used to fund next generation product
software development and general corporate purposes.
"It is always a pleasure to close financing which secures
additional capital, particularly when it is from existing company
shareholders, who continue to demonstrate their support of the
company. This support allows us to focus on customer acquisition,
continuing our efforts to show how current and potential customers
realize the benefits of eQube's product suite to their business. We
are gaining significant traction in new and existing markets with
demonstrable value added to our client locations," commented
eQube's CEO John Purcell. "The
financing further demonstrates confidence investors have in eQube
and the value of its assets as security."
eQube further announced the appointment of Mr. Mark Dineen as CFO of the Company. Mr. Dineen is
the current Interim CFO of eQube Gaming Limited, having joined as
Financial Controller. Mark has extensive accountancy and audit
experience in a wide range of markets, having worked in various
industries from retail to software companies. Mark holds a Bachelor
of Business Studies and Accounting and is also a qualified CPA.
About eQube Gaming Limited ("eQube")
eQube is a leading provider of electronic bingo (eBingo) systems
for land based gaming operators in commercial and charitable gaming
facilities. eQube has the majority market share in the Canadian
regulated bingo market as well as the Irish market and operates the
linked bingo games in Alberta and
Ireland. Current solutions,
consisting of commercial eBingo, linked wide area bingo,
traditional bingo and automated bingo style electronic games are
complemented by enterprise class accounting and back office
reporting combined with open platform customer management data
tools. eQube's platform provides new and enhanced revenue channels
by enhancing the experience, environment and service to our
clients' customers.
eQube has been offering its eBingo and related gaming solutions
to commercial, tribal, regulatory and charitable customers
worldwide since its inception in 1999. Its registered and head
office is in Edmonton, Alberta.
eQube is listed on the TSX Venture Exchange under the symbol EQG.
For more information visit: www.eqube.com
Disclaimer in Regards to Forward-Looking
Statements
This news release may contain forward-looking
statements and information ("forward-looking statements") within
the meaning of applicable securities laws and is based on the
expectations, estimates and projections of management of eQube as
of the date of this news release, unless otherwise stated. The use
of any of the words "expect", "anticipate", "continue", "estimate",
"objective", "ongoing", "may", "will", "project", "should",
"believe", "plans", "intends" and similar expressions are intended
to identify forward-looking statements. Such forward-looking
statements are provided for the purpose of providing information
about management's current expectations and plans relating to the
future. Investors are cautioned that reliance on such information
may not be appropriate for other purposes, such as making
investment decisions. Forward looking information provided in
this news release is also based on certain assumptions regarding
expected growth, results of operations, performance and business
prospects and opportunities. Accordingly, readers should not
place undue reliance on the forward-looking statements contained in
this news release. Since forward-looking statements addresses
future events and conditions, such information by its very nature
involves inherent risks and uncertainties. Actual results
could differ materially from those currently anticipated due to a
number of factors and risks. These risks include
unsatisfactory due diligence, or the inability to negotiate a
definitive agreement and/or obtain necessary regulatory and
third-party approvals.
Readers are cautioned that the foregoing list of factors is not
exhaustive. Additional information regarding some of these risks,
expectations or assumptions and other factors may be found in
eQube's filings with the Canadian securities regulators, available
at www.sedar.com. The reader is cautioned not to place undue
reliance on these forward-looking statements. The forward-looking
statements contained in this news release are made as of the date
hereof and eQube undertakes no obligations to update publicly or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, unless so required by
applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
eQube Gaming Ltd. (EQG:TSX-V)
SOURCE eQube Gaming Limited