Other OTC:GLXZ
Galaxy Gaming Reports Q2 2022 Financial Results
LAS VEGAS, Aug. 15, 2022 (GLOBE NEWSWIRE) — Galaxy Gaming, Inc. (OTCQB: GLXZ), a developer and distributor of casino table games and enhanced systems for land-based casinos and iGaming content, announced today its financial results for the quarter and six months June 30, 2022.
Financial Highlights
Q2 2022 vs. Q2 2021
- Revenue increased 20% to $5,676K
- Adjusted EBITDA increased 10% to $2,358K
- Net loss of $(1,116)K vs. net income of 550K
1H 2022 vs. 1H 2021
- Revenue increased 28% to $11,595K
- Adjusted EBITDA increased 31% to $5,032K
- Net loss of $(1,130)K vs. net income of 639K
Balance Sheet Changes (vs. December 31, 2021)
- Cash increased 7% to $17,250K
- Total long-term debt1 (gross) decreased to $59,868K from $60,500K
- Stockholders’ deficit increased to $(18,0297)K from $(17,286)K
Executive Comments
“The second quarter of 2022 was a perfect storm of rates – foreign exchange rates, inflation rates and interest rates,” said Harry Hagerty, Galaxy’s CFO. “The appreciation of the US Dollar against the Euro and the British Pound cost us $190K in revenue in the quarter (as compared to what we would have realized using the rates that applied in Q2 2021). We have seen very little benefit from the new rates on the expense side, as most of our expenses are denominated in dollars. The increase in inflation has affected us as we have seen significant increases in travel expenses and are having to offer increased salaries and wages to hire new employees and to retain existing ones. Finally, the floating interest rate on which our long-term debt is based has risen by 116 basis points from January to July.”
“The external conditions that Harry described masked what was an excellent quarter and first half,” said Todd Cravens, President and CEO. “On a constant currency basis, revenue increased by 24% in the quarter and the 32% in the first half as compared to the same periods in 2021. And we have some exciting things happening in the second half. In Galaxy Core (our land-based business), one of our high-end UK customers will launch the first three-meter progressive, with a top side bet of £100 – the first in the world. We started installations of our new Triton 1.0 progressive platform in the US in the third quarter and will demonstrate Triton 2.0 at G2E in October. Galaxy Digital (our online business) continues to do well. With our partner SPIN Games, we launched the first online 21+3Ⓡ Progressive, and we will release our own online roulette and baccarat titles in the second half of 2022 to complement our strong position in blackjack side bets. I’m excited about the fundamentals of our business and am confident we’ll manage through the wider macroeconomic issues. We focus on the things we can control.”
“Despite the headwinds, our liquidity and balance sheet remain in good shape,” continued Hagerty. “We had more than $17 million in cash at quarter-end and were comfortably in compliance with the net leverage covenant in the Fortress Credit Agreement.
“Unfortunately, current exchange rates are even lower now than they were in Q2,” Hagerty added. “On the assumption that these rates will be with us for the rest of the year and that the cost and wage pressures will also continue, we are lowering our guidance for the year. We now forecast revenue in a range of $22.5-$23.5 million and Adjusted EBITDA in a range of $10-11 million. This forecast assumes no new lockdowns from COVID-19, no impact to our business from the war in Ukraine, and no economic recession.”
Forward-Looking Statements
This press release contains, and oral statements made from time to time by our representatives may contain, forward-looking statements based on management’s current expectations and projections, which are intended to qualify for the safe harbor of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements identified by words such as “believe,” “will,” “may,” “might,” “likely,” “expect,” “anticipates,” “intends,” “plans,” “seeks,” “estimates,” “believes,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. All forward-looking statements are based on current expectations and projections of future events.
These forward-looking statements reflect the current views, models, and assumptions of Galaxy Gaming, and are subject to various risks and uncertainties that cannot be predicted or qualified and could cause actual results in Galaxy Gaming’s performance to differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, the ability of Galaxy Gaming to enter and maintain strategic alliances, product placements or installations, in land based casinos or grow its iGaming business, garner new market share, secure licenses in new jurisdictions or maintain existing licenses, successfully develop or acquire and sell proprietary products, comply with regulations, have its games approved by relevant jurisdictions, and adapt to changes resulting from the COVID-19 pandemic and other factors. All forward-looking statements made herein are expressly qualified in their entirety by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Readers are cautioned that all forward-looking statements speak only to the facts and circumstances present as of the date of this press release. Galaxy Gaming expressly disclaims any obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise.
About Galaxy Gaming
Headquartered in Las Vegas, Nevada, Galaxy Gaming (galaxygaming.com) develops and distributes innovative proprietary table games, state-of-the-art electronic wagering platforms and enhanced bonusing systems to land-based, riverboat, and cruise ship and casinos worldwide. In addition, through its wholly owned subsidiary, Progressive Games Partners LLC, Galaxy licenses proprietary table games content to the online gaming industry. Connect with Galaxy on Facebook, YouTube and Twitter.
Non-GAAP Financial Information
Adjusted EBITDA includes adjustments to net loss/income to exclude interest, taxes, depreciation, amortization, share based compensation, gain/loss on extinguishment of debt, foreign currency exchange gains/losses, change in estimated fair value of interest rate swap liability and severance and other expenses related to litigation. Adjusted EBITDA is not a measure of performance defined in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). However, Adjusted EBITDA is used by management to evaluate our operating performance. Management believes that disclosure of Adjusted EBITDA allows investors, regulators and other stakeholders to view of our operations in the way management does. Adjusted EBITDA should not be considered as an alternative to net income or to net cash provided by operating activities as a measure of operating results or of liquidity. Finally, Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.
Contact:
| Media: | Phylicia Middleton (702) 936-5216 |
| Investors: | Harry Hagerty (702) 938-1740 |
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
| Adjusted EBITDA Reconciliation: | 2022 | 2021 | 2022 | 2021 | |||||||||
| Net (loss) income | $ | (1,115,641) | $ | 550,455 | $ | (1,129,603) | $ | 639,192 | |||||
| Interest expense | 1,697,435 | 140,142 | 3,384,457 | 321,052 | |||||||||
| Share redemption consideration | – | 195,482 | – | 390,964 | |||||||||
| Interest income | (2,259) | (388) | (4,492) | (771) | |||||||||
| Depreciation and amortization | 725,258 | 720,488 | 1,449,720 | 1,437,742 | |||||||||
| Share-based compensation | 315,408 | 441,444 | 625,410 | 758,084 | |||||||||
| Foreign currency exchange loss (gain) | 174,638 | (11,355) | 234,901 | (2,271) | |||||||||
| Change in fair value of interest rate swap liability | – | (16,187) | – | (66,009) | |||||||||
| Provision for income taxes | 194,977 | 47,136 | 53,003 | 28,186 | |||||||||
| Severance expense | 6,750 | – | 28,477 | 3,750 | |||||||||
| Special project expense (benefit) – Triangulum | – | 79,317 | (86,959) | 296,227 | |||||||||
| Special project expense – Other | 361,821 | 893 | 476,904 | 33,419 | |||||||||
| Adjusted EBITDA | $ | 2,358,387 | $ | 2,147,427 | $ | 5,031,818 | $ | 3,839,565 | |||||
| Currency Reconciliation – Q2 2022 | |||||||||||||
| Realized | Actual | Realized | Pro Forma | ||||||||||
| Revenue in | Exchange | Reporting | Revenue in | Exchange | Reporting | ||||||||
| Local | Rate | Currency | Local | Rate | Currency | ||||||||
| Currency | Q2 2022 | Revenue | Currency | Q2 2021 | Revenue | ||||||||
| EUR | € | 1,351,616 | $ | 1.11 | $ | 1,493,892 | € | 1,351,616 | $ | 1.19 | $ | 1,608,423 | |
| GBP | £ | 598,009 | $ | 1.27 | $ | 761,739 | £ | 598,009 | $ | 1.40 | $ | 837,213 | |
| USD | $ | 3,420,564 | $ | 1.00 | $ | 3,420,564 | $ | 3,420,564 | $ | 1.00 | $ | 3,420,564 | |
| $ | 5,676,195 | $ | 5,866,200 | ||||||||||
| Currency Reconciliation – 1H 2022 | |||||||||||||
| Realized | Actual | Realized | Pro Forma | ||||||||||
| Revenue in | Exchange | Reporting | Revenue in | Exchange | Reporting | ||||||||
| Local | Rate | Currency | Local | Rate | Currency | ||||||||
| Currency | 1H 2022 | Revenue | Currency | 1H 2021 | Revenue | ||||||||
| EUR | € | 2,993,518 | $ | 1.13 | $ | 3,373,581 | € | 2,993,518 | $ | 1.21 | $ | 3,622,157 | |
| GBP | £ | 1,273,821 | $ | 1.31 | $ | 1,671,219 | £ | 1,273,821 | $ | 1.39 | $ | 1,770,611 | |
| USD | $ | 6,549,994 | $ | 1.00 | $ | 6,549,994 | $ | 6,549,994 | $ | 1.00 | $ | 6,549,994 | |
| $ | 11,594,794 | $ | 11,942,762 | ||||||||||
1 Includes current portion.
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Other OTC:GLXZ
Galaxy Gaming® Partners with BetConstruct to Expand Global Distribution of Premium Table Game Content
LAS VEGAS, Dec. 02, 2024 (GLOBE NEWSWIRE) — Galaxy Gaming, Inc. (OTC: GLXZ) today announced an agreement with BetConstruct, a leading platform and content provider, to license Galaxy’s premium table game content across the Live Casino and RNG (Random Number Generator) offerings powered by CreedRoomz and Pascal Gaming respectively.
Under the agreement signed by Galaxy Gaming Inc. and BetConstruct’s parent company SoftConstruct, Galaxy’s popular online brands—including 21+3®, Perfect Pairs®, Buster Blackjack®, Lucky Lucky®, and Three Card Prime® — will enhance BetConstruct’s Blackjack, Baccarat, and Poker offerings, expanding both companies’ presence in the global gaming market.
“We are thrilled to announce that Galaxy games will now be available through BetConstruct,” said Jason McCulloch, Vice President of iGaming at Galaxy Gaming. “As a global leader in table game content, we see strong alignment with BetConstruct’s strong international presence and market reach. We look forward to the opportunities this collaboration will bring as we continue to expand into new markets and deliver exceptional gaming experiences to a broader audience.”
“As we continue to innovate, partnering with Galaxy Gaming allows us to bring some of the world’s most beloved table games to our customers. These exciting titles perfectly complement our game selections and will enhance the offerings from CreedRoomz and Pascal Gaming.” said Sargis Poghosyan, Deputy CPO at SoftConstruct, “Galaxy games are a natural fit for our platform, and help us meet the growing demand for variety and quality across our markets. By adding them, we’re taking another step toward expanding our reach and delivering even more value to our players.”
About Galaxy Gaming
Headquartered in Las Vegas, Nevada, Galaxy Gaming (galaxygaming.com) develops and distributes innovative games, bonusing systems, and technology solutions to physical and online casinos worldwide. Galaxy Gaming offers games proven to perform developed by gaming experts and backed by the highest level of customer support. Galaxy Gaming Digital is the world’s leading licensor of proprietary table games to the online gaming industry. Galaxy Gaming has 131 licenses worldwide, including licenses in 28 U.S. states.
About BetConstruct
BetConstruct is a global technology company that provides innovative digital solutions, primarily focusing on the gaming and IT sectors. Established and headquartered in Armenia, BetConstruct has grown into a diversified group that develops and delivers cutting-edge software and land-based solutions to clients worldwide. The company is known for its expertise in creating platforms for sports betting, casino gaming, fintech, and related industries.
Some of the information contained in this communication includes forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “might,” “expect,” “intend,” “target,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or the negative of these terms or other similar expressions. These forward-looking statements are only predictions. We have based these forward-looking statements on our current expectations, assumptions and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this document and are subject to a number of risks and uncertainties.
These risks and uncertainties include, but are not limited to, the ability to complete the Company’s acquisition by Evolution Malta Holding Limited (“Evolution”), Evolution AB (publ)’s wholly owned subsidiary (the “Merger”) on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to gaming regulatory approvals and satisfaction of other closing conditions to consummate the proposed Merger; the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement (as defined herein) relating to the proposed Merger; risks that the proposed Merger disrupts the Company’s current plans and operations or diverts the attention of the Company’s management or employees from ongoing business operations; the risk of potential difficulties with the Company’s ability to retain and hire key personnel and maintain relationships with customers and other third parties as a result of the proposed Merger, including during the pendency of the Merger; the risk that the proposed Merger may involve unexpected costs and/or unknown or inestimable liabilities; the risk that the Company’s business may suffer as a result of uncertainty surrounding the proposed Merger; the risk that stockholder litigation in connection with the proposed Merger may affect the timing or occurrence of the proposed Merger or result in significant costs of defense, indemnification and liability; effects relating to the announcement of the transaction or any further announcements or the consummation of the transaction on the market price of the Company’s common stock; the ability of Galaxy Gaming to enter and maintain strategic alliances, product placements or installations in land based casinos or grow its iGaming business, garner new market share, secure licenses in new jurisdictions or maintain existing licenses, successfully develop or acquire and sell proprietary products, comply with regulations, including changes in gaming related and non-gaming related statutes and regulations that affect the revenues of our customers in land-based casino and, online casino markets, have its games approved by relevant jurisdictions, unfavorable economic conditions in the US and worldwide, our level of indebtedness, restrictions and covenants in our loan agreement, dependence on major customers, protection of intellectual property and our ability to license the intellectual property rights of third parties, failure to maintain the integrity of our information technology systems, including without limitation, cyber-attacks or other failures in our telecommunications or information technology systems, or those of our collaborators, third-party logistics providers, distributors or other contractors or consultants, could result in information theft, data corruption and significant disruption of our business, and other factors. The events and circumstances reflected in our forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
Additional information concerning these and other risk factors can be found in the Company’s filings with the Securities and Exchange Commission, including in the most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Definitive Proxy Statement.
All forward-looking statements made herein are expressly qualified in their entirety by these cautionary statements. While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance or events and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Readers are cautioned that all forward-looking statements speak only to the facts and circumstances present as of the date of this press release. Galaxy disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other changes.
Contact:
Media:
Phylicia Middleton (702) 938-1753
Investors:
Steve Kopjo (702) 727-8886
LAS VEGAS, Nov. 12, 2024 (GLOBE NEWSWIRE) — Galaxy Gaming, Inc.® (“Galaxy Gaming” or the “Company”) (OTC: GLXZ), the world’s largest independent developer and distributor of casino table games and technology announced today that, at a special meeting of its stockholders held on November 12, 2024 (the “Special Meeting”), Galaxy Gaming stockholders voted to approve the Company’s acquisition by Evolution Malta Holding Limited (“Evolution”), Evolution AB (publ)’s wholly owned subsidiary (the “Merger”).
Galaxy Gaming will file a Form 8-K with the U.S. Securities and Exchange Commission reporting the final voting results of the Special Meeting.
The transaction is expected to close mid-2025 and is subject to customary closing conditions, including the receipt of regulatory approvals. Upon completion of the transaction, Galaxy Gaming will become a privately held company and shares of Galaxy Gaming common stock will no longer be listed on any public market.
About Galaxy Gaming
Headquartered in Las Vegas, Nevada, Galaxy Gaming (galaxygaming.com) develops and distributes innovative games, bonusing systems, and technology solutions to physical and online casinos worldwide. Galaxy Gaming offers games proven to perform developed by gaming experts and backed by the highest level of customer support. Galaxy Gaming Digital is the world’s leading licensor of proprietary table games to the online gaming industry. Galaxy Gaming has 131 licenses worldwide, including licenses in 28 U.S. states.
About Evolution
Evolution AB (publ) (“Evolution”) develops, produces, markets and licenses fully-integrated B2B Live Casino solutions to gaming operators. Since its inception in 2006, Evolution has developed into a leading B2B provider with 800+ operators among its customers. The group currently employs 20,500+ people in studios across Europe and in North America. The parent company is based in Sweden and listed on Nasdaq Stockholm with the ticker EVO. Visit www.evolution.com for more information.
Evolution is licensed and regulated by the Malta Gaming Authority under license MGA/B2B/187/2010. Evolution is also licensed and regulated in many other jurisdictions, including the United Kingdom, Belgium, Canada, Romania, South Africa.
SAFE HARBOR
Some of the information contained in this document includes forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “might,” “expect,” “intend,” “target,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or the negative of these terms or other similar expressions. These forward-looking statements are only predictions. We have based these forward-looking statements on our current expectations, assumptions and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this document and are subject to a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, the ability to complete the Merger on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary gaming regulatory approvals and satisfaction of other closing conditions to consummate the proposed Merger; the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement relating to the proposed Merger; risks that the proposed Merger disrupts the Company’s current plans and operations or diverts the attention of the Company’s management or employees from ongoing business operations; the risk of potential difficulties with the Company’s ability to retain and hire key personnel and maintain relationships with customers and other third parties as a result of the proposed Merger, including during the pendency of the Merger; the risk that the proposed Merger may involve unexpected costs and/or unknown or inestimable liabilities; the risk that the Company’s business may suffer as a result of uncertainty surrounding the proposed Merger; the risk that stockholder litigation in connection with the proposed Merger may affect the timing or occurrence of the proposed Merger or result in significant costs of defense, indemnification and liability; effects relating to the announcement of the transaction or any further announcements or the consummation of the transaction on the market price of the Company’s common stock; the ability of Galaxy Gaming to enter and maintain strategic alliances, product placements or installations in land based casinos or grow its iGaming business, garner new market share, secure licenses in new jurisdictions or maintain existing licenses, successfully develop or acquire and sell proprietary products, comply with regulations, including changes in gaming related and non-gaming related statutes and regulations that affect the revenues of our customers in land-based casino and, online casino markets, have its games approved by relevant jurisdictions, unfavorable economic conditions in the US and worldwide, our level of indebtedness, restrictions and covenants in our loan agreement, dependence on major customers, protection of intellectual property and our ability to license the intellectual property rights of third parties, failure to maintain the integrity of our information technology systems, including without limitation, cyber-attacks or other failures in our telecommunications or information technology systems, or those of our collaborators, third-party logistics providers, distributors or other contractors or consultants, could result in information theft, data corruption and significant disruption of our business, and other factors. The events and circumstances reflected in our forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
Additional information concerning these and other risk factors can be found in the Company’s filings with the Securities and Exchange Commission, including in the most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Definitive Proxy Statement.
All forward-looking statements made herein are expressly qualified in their entirety by these cautionary statements. While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance or events and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Readers are cautioned that all forward-looking statements speak only to the facts and circumstances present as of the date of this press release. Galaxy Gaming disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other changes.
Contact:
Media:
Phylicia Middleton (702) 938-1753
Investors:
Steve Kopjo (702) 727-8886
Other OTC:GLXZ
Carnival Corporation & PLC® Fleet Go “All-In” With Galaxy Gaming’s Galaxy Table Games Progressives
LAS VEGAS, Oct. 29, 2024 (GLOBE NEWSWIRE) — Galaxy Gaming, Inc.® (OTC: GLXZ), the world’s largest independent developer and distributor of casino table games and technology announced today that the Galaxy Operating System® (GOS) is now live on over 50 ships worldwide with Carnival Corporation & PLC (NYSE/LSE: CCL; NYSE: CUK), the world’s largest leisure travel company. Since the installation, tables powered by GOS have awarded over $5 million in jackpot payouts to players.
GOS is the jackpot progressive system for all Carnival Corporation ships, including Carnival Cruise Line®, Holland America Line®, and Princess Cruises®. Launched in 2024, GOS is the next-generation game management system developed by the industry’s leading table game experts. Featuring innovative progressive jackpot options, eye-catching Nebula sensors, and groundbreaking digital tracking capabilities, GOS shines in casinos across the Carnival Corporation fleet.
“Carnival Corporation is a global leader in delivering exceptional experiences for its guests, and our ongoing collaboration reflects our shared commitment to excellence,” said Matt Reback, President and CEO of Galaxy Gaming. “We are thrilled that the deployment of our GOS system, along with our joint efforts to create engaging player experiences, has brought a best-in-class table games experience to their casino players across the entire fleet.”
“Our collaboration with Galaxy Gaming is a testament to our commitment to enhancing the onboard experience for our guests. The innovative GOS technology not only elevates the quality of our gaming offerings but also ensures that our customers enjoy a seamless and engaging experience throughout their voyage,” stated Dave Thomas, Vice President for North American Gaming Operations for Carnival Corporation.
Those interested in learning more about GOS are encouraged to visit www.galaxygaming.com.
About Galaxy Gaming
Headquartered in Las Vegas, Nevada, Galaxy Gaming (galaxygaming.com) develops and distributes innovative games, bonusing systems, and technology solutions to physical and online casinos worldwide. Galaxy Gaming offers games proven to perform developed by gaming experts and backed by the highest level of customer support. Galaxy Gaming Digital is the world’s leading licensor of proprietary table games to the online gaming industry. Galaxy Gaming has 131 licenses worldwide, including licenses in 28 U.S. states.
About Carnival Corporation & plc
Carnival Corporation & plc is the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines – AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises (Australia), P&O Cruises (UK), Princess Cruises, and Seabourn.
This press release contains, and oral statements made from time to time by our representatives may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions.
These forward-looking statements reflect the current views, models, and assumptions of Galaxy Gaming, Inc. (the “Company”) and are subject to various risks and uncertainties that cannot be predicted or qualified and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances, many of which are beyond the control of the Company that may cause actual results in the Company’s performance to differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to:
- the ability to complete the proposed merger transaction with Evolution AB (publ) on the proposed terms or on the anticipated timeline, or at all, including securing the necessary stockholder and regulatory approvals and satisfaction of other closing conditions; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; risks that the proposed merger transaction disrupts the Company’s current plans and operations or diverts the attention of the Company’s management or employees from ongoing business operations; the risk of potential difficulties with the Company’s ability to retain and hire key personnel and maintain relationships with customers and other third parties as a result of the proposed merger transaction; the risk that the proposed merger transaction may involve unexpected costs and/or unknown or inestimable liabilities; the risk that the Company’s business may suffer as a result of uncertainty surrounding the proposed merger transaction; the risk of stockholder litigation; effects relating to the announcement or the consummation of the proposed merger transaction on the market price of the Company’s common stock; and
- the ability of Galaxy Gaming to enter and maintain strategic alliances, product placements or installations in land based casinos or grow its iGaming business; garner new market share; secure licenses in new jurisdictions or maintain existing licenses; successfully develop or acquire and sell proprietary products; comply with regulations, changes in gaming related and non-gaming related statutes and regulations and/or self-imposed restrictions imposed on and by our customers that affect their revenues in land-based casino and online casino markets; have its games approved by relevant jurisdictions; and adapt to changes resulting from the COVID-19 or other pandemics including without limitation, government imposed shut downs, travel restrictions and supply chain interruptions; and other factors.
Additional information concerning these and other risk factors can be found in the Company’s filings with the Securities and Exchange Commission, including in the most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Definitive Proxy Statement.
All forward-looking statements made herein are expressly qualified in their entirety by these cautionary statements. While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance or events and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Readers are cautioned that all forward-looking statements speak only to the facts and circumstances present as of the date of this press release. Galaxy disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other changes.
Contact:
Media:
Phylicia Middleton (702) 938-1753
Investors:
Steve Kopjo (702) 727-8886
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