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Bragg Gaming Closes Earn-out Conversion

Bragg Gaming Group
·5-min read

ORYX CEO Matevž Mazij recommits to Bragg’s future with conversion of earn-out to equity

TORONTO, Jan. 20, 2021 (GLOBE NEWSWIRE) -- Bragg Gaming Group (TSXV: BRAG, OTC: BRGGF) ("Bragg" or the "Company") announces today that, further to its news releases of September 30, 2020, November 7, 2020, and November 18, 2020, it has satisfied its earn-out payment obligations owed to K.A.V.O. Holdings Limited, as vendor (the "KAVO").

“We’re pleased that Matevž has demonstrated such strong conviction in Bragg’s future,” said Adam Arviv, CEO of Bragg Gaming. “His unparalleled knowledge of gaming technology and content will be invaluable to Bragg as we continue our global expansion.”

“I’m excited to continue to play a role in Bragg’s growth,” said Mr. Mazij. “With our market-leading technology and strong pipeline, I’m confident that the Company is on track to be a leader in the rapidly expanding global gaming market.”

Immediately prior to the completion of the Transaction, Matevž Mazij had beneficial ownership of and exercised control or direction over 1.49 per cent of the issued and outstanding Common Shares. Following the completion of the Transaction, Matevž Mazij will become a "control person" of the Company, and, as of this news release, exercise control or direction over 27.02 per cent of the outstanding Common Shares on a non-diluted basis. The Transaction is subject to final approval by the TSX Venture Exchange, and the common shares of the Company issued to satisfy the second earn-out payment will be subject to a statutory 4-month hold period.

The head office of the Company is located at 130 King Street West, Suite 1955 Toronto, Ontario. Matevž Mazij will file an early warning report under the SEDAR profile of the Company at www.sedar.com.

K.A.V.O. Holdings Limited
149E Strovolou Avenue
Strovolos 2049
Nicosia, Cyprus

About Bragg Gaming Group
Bragg Gaming Group (TSXV: BRAG, OTC: BRGGF)is a next generation gaming group with cutting-edge technology, leading brands and world-class management expertise, developing into a global gaming force. Formed by a team of gaming industry experts, Bragg's main portfolio asset is ORYX Gaming, an innovative business-to-business i-gaming platform, product aggregator, casino content, managed sportsbook and managed services provider.

Through this brand and targeted acquisitions, Bragg is focused on becoming a leader within the evolving global gaming industry. Learn more at https://www.bragg.games.

For Bragg Gaming Group, contact:
Yaniv Spielberg, CSO, Bragg Gaming Group
info@bragg.games

For media enquiries or interviews, please contact:
Kelly Morgan
kelly.morgan@kaiserpartners.com

For investor inquiries, please contact:
Tim Dawson, Bragg Gaming Group
tim@bragg.games

Cautionary Statement Regarding Forward-Looking Information

This news release may contain forward-looking statements or "forward-looking information" within the meaning of applicable Canadian securities laws ("forward-looking statements"). Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

All forward-looking statements reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements. The key assumptions that have been made in connection with the forward-looking statements include the following: the impact of COVID-19 on the business of Bragg; the countercyclical growth of the business of Bragg; the regulatory regime governing the business of Bragg; the operations of the Company; the products and services of the Company; Bragg's customers; acquisition opportunities; the growth of Bragg's business, which may not be achieved or realized within the time frames stated or at all; and the anticipated size and/or revenue associated with the gaming market globally.

Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the following: risks associated with general economic conditions; adverse industry events; future legislative and regulatory developments; the inability to access sufficient capital from internal and external sources; the inability to access sufficient capital on favorable terms; realization of growth estimates, income tax and regulatory matters; the ability of Bragg to implement its business strategies; competition; economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices; the estimated size of the gaming market globally; changes in customer demand; disruptions to our technology network including computer systems and software; natural events such as severe weather, fires, floods and earthquakes; and risks related to health pandemics and the outbreak of communicable diseases, such as the current outbreak of COVID-19.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.