Other OTC:GLXZ
Galaxy Gaming Reports Q3 2023 Financial Results
LAS VEGAS, Nov. 13, 2023 (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 nine months ended September 30, 2023.
Financial Highlights
Q3 2023 vs. Q3 2022
- Revenue increased 3% to $6,104K
- Adjusted EBITDA decreased 36% to $1,510K
- Net loss of $(1,455)K vs. net loss of $(699)K
Nine months 2023 vs. Nine Months 2022
- Revenue increased 20% to $21,052K
- Adjusted EBITDA increased 6% to $7,807K
- Net loss of $(988)K vs. net loss of $(1,828)K
Balance Sheet Changes (vs. December 31, 2022)
- Cash decreased 13% to $15,938K
- Total long-term debt1 (gross) decreased to $58,673K from $59,740K
- Stockholdersâ deficit increased to $(18,077)K from $(17,885)K
Executive Comments
âDespite some challenges in the third quarter, 2023 is shaping up to be a record year for Galaxy,â said Todd Cravens, President and CEO. âWe had a sequential decline in revenue in Q3 principally because sales of perpetual licenses were lower in Q3 than in Q1 and Q2. We expect that future sales of these perpetual licenses will make our quarterly results lumpier than in the past. However, we will continue to pursue these sales as they result in substantial increases to our installed base and offer additional recurring revenue opportunities.
âGalaxy became the distributor of EZ BaccaratTM on September 9 and added approximately 500 tables in approximately 120 casinos to our installed base. This is a significant step in our strategic plan of penetrating other table games families in addition to blackjack. Based on the existing installed base, we believe that the distribution of EZ Baccarat could add more than $3 million to our EBITDA on an annual basis, with upside coming from new installs both in the land-based and online markets.
âFinally, we had our best G2E show ever, setting us up for increased revenue in fiscal 2024,â concluded Cravens.
âPerpetual license sales were $0.5 million in Q3 as compared to $1.3 million and $1.6 million in Q1 and Q2, respectively,â said Harry Hagerty, CFO. âExcluding those sales, revenue in GG Core was $3.8 million in Q3 â23 as compared to $3.9 million in Q3 â22. In GG Digital, revenue (net) was $1.8 million in Q3 â23 as compared to $2.0 million in Q3 â22. GG Digital revenues in Q3 â23 exclude approximately $69,000 of deferred revenue that will be realized no later than April of 2024. Gross revenues were flat at $2.5 million in Q3 â23 as compared to the same period in 2022, which is a positive result given the reduced license rate we now have with a large customer. Royalty expense (which is a contra revenue item in GG Digital) increased from approximately $516,000 in Q3 â22 as compared to approximately $734,000 in Q3 â23, reflecting the growth of a game that we license from a third party.
âOur expenses increased year over year due to several factors. Cost of sales and sales commissions increased by almost $200,000, largely related to the perpetual license revenue in Q3 â23. Compensation costs increased by approximately $236,000 due to headcount and salary increases which were offset by $103,000 decrease in share-based compensation expense. Legal and regulatory expenses increased due to our continuing efforts to protect our IP worldwide and to increased jurisdictional filings in connection with our EZ Baccarat distribution agreement. Finally, our allowance for doubtful accounts increased by $107,000 in Q3 â23 as compared to Q3 â22, principally related to financial uncertainties affecting a single customer in the state of Washington.
âOur cash position declined as we purchased over $1 million in equipment to fulfill demand for GoS and EZ Baccarat placements, we prepaid $644,000 in royalty expenses, and cash interest paid on principal payments exceeded Adjusted EBITDA by $413,000â Hagerty continued. âOur loan from Fortress Credit Corp. requires our net leverage not to exceed 6.0x at any of the quarter-ends in 2023, and at the end of Q3 we were at 3.7x, comfortably in compliance. It remains our intention to reduce our net leverage and to pursue refinancing opportunities.
âWith respect to the fourth quarter of fiscal 2023, we are forecasting revenue in a range of $7.0-$7.5 million and Adjusted EBITDA in a range of $2.8-$3.2 million. This forecast assumes around $200,000 in perpetual license sales and around $800,000 in net revenues from EZ Baccarat distribution. This forecast assumes no impact to our business from the wars in Ukraine and the Middle East, and no economic recession. Finally, the forecast is based on currency exchange rates that we experienced in the third quarter.â
The company will update its investor deck to reflect the results this quarter. Investors are encouraged to send questions to management at [email protected] by Wednesday, November 15, 2023. Management will post their answers to investors on November 22.
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. Â 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 (âU.S. GAAPâ). 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 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: | Â |
| Â | Â |
| Media: | Phylicia Middleton (702) 936-5216 |
| Investors: | Harry Hagerty (702) 938-1740 |
| Â | Â |
1 Includes current portion.
Â
LAS VEGAS, Nov. 12, 2024 (GLOBE NEWSWIRE) — Galaxy Gaming, Inc.ÂŽ (âGalaxy Gamingâ or the âCompanyâ) (OTC: GLXZ), the worldâs 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 âSpecial Meetingâ), Galaxy Gaming stockholders voted to approve the Companyâs acquisition by Evolution Malta Holding Limited (âEvolutionâ), Evolution AB (publ)âs wholly owned subsidiary (the âMergerâ).
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 worldâs 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) (âEvolutionâ) 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 âmay,â âwill,â âshould,â âcould,â âmight,â âexpect,â âintend,â “target,” âplan,â âanticipate,â âbelieve,â âestimate,â âpredict,â âpotential,â âcontinue,â 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 Companyâs current plans and operations or diverts the attention of the Companyâs management or employees from ongoing business operations; the risk of potential difficulties with the Companyâs 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 Companyâs 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 Companyâs 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 Companyâs 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 Companyâs 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 & PLCÂŽ Fleet Go âAll-Inâ With Galaxy Gamingâs Galaxy Table Games Progressives
LAS VEGAS, Oct. 29, 2024 (GLOBE NEWSWIRE) — Galaxy Gaming, Inc.ÂŽ (OTC: GLXZ), the worldâs largest independent developer and distributor of casino table games and technology announced today that the Galaxy Operating SystemÂŽ (GOS) is now live on over 50 ships worldwide with Carnival Corporation & PLC (NYSE/LSE: CCL;Â NYSE:Â 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 LineÂŽ, Holland America LineÂŽ, and Princess CruisesÂŽ. Launched in 2024, GOS is the next-generation game management system developed by the industryâs 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.
âCarnival Corporation is a global leader in delivering exceptional experiences for its guests, and our ongoing collaboration reflects our shared commitment to excellence,â said Matt Reback, President and CEO of Galaxy Gaming. âWe 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.â
âOur 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,â stated Dave Thomas, Vice President for North American Gaming Operations for Carnival Corporation.Â
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 worldâs 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 â 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 âmay,â âwill,â âshould,â âexpects,â âintends,â âplans,â âanticipates,â âbelieves,â âestimates,â âpredicts,â or âpotentialâ 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 âCompanyâ) 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 Companyâs 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 Companyâs current plans and operations or diverts the attention of the Companyâs management or employees from ongoing business operations; the risk of potential difficulties with the Companyâs 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 Companyâs 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 Companyâs 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 Companyâs 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 Companyâs 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:Â
Phylicia Middleton (702) 938-1753Â
Investors:Â Â Â Â Â Â Â Â Â
Steve Kopjo (702) 727-8886
LAS VEGAS, Oct. 01, 2024 (GLOBE NEWSWIRE) — Galaxy Gaming, Inc. (OTC: GLXZ), the worldâs largest independent developer and distributor of casino table games and technology, will showcase its innovative new table game operating system, brand-new table games, and extensive online content portfolio at this yearâs Global Gaming Expo (G2E), taking place from October 7-10 at booth #4016.
Matt Reback, President and CEO of Galaxy Gaming, shared his excitement, stating, âWe are thrilled to showcase our category-leading collection of table game brands that resonate with players. By combining these with our cutting-edge technology, we deliver enhanced table gaming experiencesâboth in the casino or card room and online. This powerful combination not only enhances player engagement but also drives exceptional results for operators.â
This year’s booth will feature their standout table games collection alongside the latest in gaming technology. Highlights include:
Galaxy Operating System⢠Sapphire – The Jewel of the Casino Floor
Upgrade your table with Galaxy Operating System (GOS) Sapphire, the next-generation game management system developed by the industryâs leading table game experts. Featuring innovative progressive jackpot options, eye-catching Nebula sensors, and groundbreaking digital tracking capabilities, GOS Sapphire is at the forefront of table game technology.
GOSâ flexible electronic bonusing platform powers the worldâs first Dynamic Progressive. Unlike any other progressive, Dynamic Progressive adds an electrifying twist to Galaxyâs most popular progressives and paytables, with random pays multiplied by up to 10x each round! GOS Sapphire also features enhanced TableVisions with a fully customizable screen and integrated min/max table limits.
The Smart Bet â The Worldâs Greatest Collection of Table Games
Boasting the most robust table games library in the industry, Galaxy Gaming fuses established classics with exciting novelties. Level up your casino floor with player favorites like 21+3ÂŽ, Perfect PairsÂŽ, and Lucky LadiesÂŽ, or amp up the excitement with fresh additions like Roulette UP⢠and Dynamic Progressiveâ˘, both powered by GOSâ˘.
Making its debut at G2E, EZ BaccaratÂŽ is now enhanced with Galaxy Gamingâs Golden Talons⢠and Divine 9⢠side betsâat no additional cost. For the first time in gaming history, these popular side bets are available as enhancements to EZ Baccarat, delivering an even more thrilling experience for players. These titles, along with the ever-popular Heads UpÂŽ Holdâem, Playerâs EdgeÂŽ 21, Deuces Wild Xtremeâ˘, High Card FlushÂŽ, and more, will be available to play at the booth.
Galaxy Gaming Digital â Over Three Billion Wagers & Counting
Galaxy Gaming is the premier licensor of exclusive casino table games for live dealer and RNG online gaming. Renowned titles like 21+3ÂŽ, Lucky LadiesÂŽ, Perfect Pairsâ˘, Caribbean Stud Pokerâ˘, Buster Blackjackâ˘, and numerous others are available on over 3,000 of the most popular iGaming sites worldwide. Galaxy’s online titles accounted for over 3.5 billion wagers in the last calendar year alone, a testament to their widespread popularity.
Operators are invited to explore the possibilities at booth #4016 and discover how Galaxy can elevate their gaming operations. To stay up-to-date or for complimentary registration visit www.galaxygaming.com/G2E
About Galaxy GamingÂ
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 that are proven to perform, developed by gaming experts, and backed by the highest level of customer support. Galaxy Gaming Digital is the worldâs leading licensor of proprietary table games to the online gaming industry. Connect with Galaxy Gaming on Facebook, YouTube, Instagram, and Twitter.Â
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 âmay,â âwill,â âshould,â âexpects,â âintends,â âplans,â âanticipates,â âbelieves,â âestimates,â âpredicts,â or âpotentialâ 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 âCompanyâ) 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 Companyâs 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 Companyâs current plans and operations or diverts the attention of the Companyâs management or employees from ongoing business operations; the risk of potential difficulties with the Companyâs 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 Companyâs 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 Companyâs 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 Companyâs 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 Companyâs 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:Â
Media:Â
Phylicia Middleton (702) 938-1753Â
Investors:Â Â Â Â Â Â Â Â Â
Steve Kopjo (702) 727-8886
This press release was published by a CLEARÂŽ Verified individual.
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