TORONTO, March 24, 2021 (GLOBE NEWSWIRE) — Bragg Gaming Group (TSX:BRAG, OTC: BRGGF) (“Bragg” or the “Company“) announced today that Founder and interim CEO Adam Arviv has appointed Richard Carter to the role of CEO of Bragg Gaming, effective May 1, 2021.
Mr. Arviv is a Founder of Bragg and remains among the largest shareholders in the Company. In early 2020, disappointed with the negative effects of continued underperformance and missteps on the share price of the Company, Mr. Arviv elected to take on an activist role in the Company and petitioned the Board to place him in the role of CEO in September 2020. At this time, the company was trading at approximately C$.30, with a market cap of C$19.5M and carrying $50M of debt.
Mr. Arviv strategically recruited prominent gaming industry executive Richard Carter as Board Chair. Mr. Arviv led the negotiations and settlement of the ORYX earn-out and guided the team in the raise of C$58M, including forcing the conversion of all warrants. Now boasting a strong balance sheet with recurring positive cash flow and no debt, Bragg graduated recently from the TSX Venture Exchange to the Toronto Stock Exchange.
“We’ve made significant progress in our strategic goals over the past months, and Richard is the ideal person to advance our plans – expanding our current market overseas and aggressively moving into the U.S. market,” said Mr. Arviv. “Richard is a recognized authority in the online sports and casino betting industry, with a proven record helping launch SBTech in the U.S. market, before the successful sale of the company to DraftKings. We’re working together to make the necessary adjustments as we transform Bragg into a major player.”
“I’m excited to lead Bragg on our mission to become a significant force in the B2B gaming space,” Mr. Carter responded. “2020 has been a very successful year for the Company and we are well positioned to maintain this momentum into 2021 and beyond. We will continue to grow and broaden the business in our core European markets, while at the same time starting to accelerate our investment and focus on the fast-growing North American iGaming market. Now is the right time to break into this market, and we look forward to building our cutting-edge technology, data insights and exclusive casino gaming content to the market.”
Previous to joining the Board of Bragg, Richard Carter held the role of CEO of interactive sports betting solutions and services provider SB Tech for the past five years, until the company’s merger with digital sports entertainment and gaming company DraftKings through a three-way deal with Diamond Eagle Acquisition Corp in April 2020. The transaction was valued at US $3.3 billion, and the combined entity has a current market cap of US $27.5 billion.
“On behalf of Richard and the other members of the Board of Directors, I would like to thank Adam for his continued commitment to Bragg,” said Bragg Board Member Paul Godfrey. “As the founder and largest strategic investor in the Company, Adam stepped into the CEO role and led the transformation of Bragg to date. He’s now handing over a company perfectly positioned to win under Richard Carter’s leadership. Adam will continue on in his capacity as chief advisor to the board and CEO.”
About Bragg Gaming Group
Bragg Gaming Group (TSX:BRAG, OTC: BRGGF) is a global B2B gaming technology platform provider. With operations across Europe and North America, Bragg is expanding into an international force within the burgeoning global online gaming market. Bragg’s main brand is ORYX Gaming, an innovative business-to-business iGaming platform, casino content aggregator, managed sportsbook and managed services provider, offering cutting-edge content from leading studios.
For Bragg Gaming Group, contact:
Yaniv Spielberg, CSO, Bragg Gaming Group
info@bragg.games
For U.S. media enquiries or interviews, please contact:
Jeanine C. Morgan, River Communications, Inc.
jmorgan@riverinc.com
1.914.686.5599
For Canadian media enquiries or interviews, please contact:
Keera Hart, Kaiser & Partners Communications
keera.hart@kaiserpartners.com
1.905.580.1257
For investor enquiries, please contact:
David Gentry
dgentry@bragg.games
1-800-733-2447
407-491-4498
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 nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this news release.
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