More acquisitions Seven Aces Limited Acquires Three Additional Gaming Contracts
Wednesday, June 3, 2020 5:45 PM EDT
TORONTO, ON / ACCESSWIRE / June 3, 2020 / Seven Aces Limited (the "Company") (TSXV:ACES) (OTC:ACEXF) is pleased to announce that its 70% owned subsidiary, Lucky Bucks, LLC ("Lucky Bucks"), has acquired three additional gaming contracts from digital skill-based gaming terminal operators based in the U.S. State of Georgia. Lucky Bucks acquired three location contracts from J & G Amusement, Inc. ("J&G") in exchange for cash consideration of US$2,640,000 on closing (the "J&G Acquisition"). Pursuant to the terms of the J&G Acquisition, the aggregate purchase price payable to J&G will be adjusted up or down based on the actual performance of the acquired location contracts. In the event that the performance of the acquired location contracts materially differs from historical results, the aggregate purchase price paid for the contracts acquired from J&G may materially increase or decrease.
Manu Sekhri, Chief Executive Officer of Seven Aces Limited, added the following remarks: "Having finalized our settlement with the Georgia Lottery Corporation and the amendment to our credit facility, we look forward to continued growth and are excited to add these three locations to our current portfolio."
The purchase price for the J&G Acquisition was funded by Lucky Bucks through an advance under the credit facility described in the press release of the Company dated January 29, 2020 and titled "Seven Aces Limited Announces New US$165 Million Credit Facility and Acquisition of Additional Gaming Contracts". The gaming contracts that have been acquired are fully licensed and governed by the Georgia Lottery Corporation, and offer players a variety of skill-based coin-operated amusement machines.
About Seven Aces Limited
Seven Aces Limited is a gaming company, with a vision of building a diversified portfolio of world class gaming operations. The Company looks to enhance shareholder value by growing organically and through acquisitions. Currently, the Company is the largest route operator of skill-based gaming machines in the State of Georgia, United States of America.
For more information about the Company is available online at www.sevenaces.com.
For further information please contact:
Ryan Bouskill
Chief Financial Officer
Tel. (647) 228-8668
ryan@sevenaces.com
Stephanie Lippa
Office Manager
Tel. (416) 477-3411
stephanie@sevenaces.com