Post by
willis888 on Jul 06, 2017 9:02am
News/Update!!! we still have a pulse!
Where the hell did this come from??Actual info! TORONTO, ONTARIO--(Marketwired - July 6, 2017) - Tangelo Games Corp. ("Tangelo" or the "Company") (TSX VENTURE:GEL), a leading developer and operator of social casino games, provides the following update regarding operations and organizational development. Vicenc Marti, Tangelo's President, commented: "Our migration to Unity, along with our development of new mobile applications is progressing well. In the next 6 weeks, we expect to release a web version (based in Unity) of Bingo Rider, one of Tangelo Spain's most popular titles, representing 35% of Tangelo Spain's revenue. By the end of 2017, we expect to release a new Mundijuegos Mobile App with the most popular web titles. Collectively, more than 75% of Tangelo Spain's revenue will be migrated to Unity by the end of 2017. We believe that the migration initiative, started a year ago, is essential to the long-term health of the business as we see Flash support beginning to decline across our distribution platforms. In parallel to the migration work, our Israeli-based team are developing two entirely new mobile- first applications, with a goal to publish the games by the end of 2017. These will be new games with new formats and will be tailored specifically for English speaking markets. Development of these games has been led by Dvir Ackerman and Eli Atlas, who were brought into Tangelo from Playtika in order to guide new product development. In addition, we are developing in-house a new CRM and BI tool, which will be used to support retention activities across our entire suite of games, and which can be utilized easily for any new acquired games. This tool is being developed concurrently with the migration work, and is expected to be released by the end of the year. James Lanthier, Tangelo's CEO, added: "Along with our operational progress, we are pleased to announce the extension of Vicenc Marti's employment agreement as Tangelo President for an additional year. Vicenc' s leadership and vision are invaluable to Tangelo and his commitment to the Company underscores his confidence in what we are building." Tangelo also announced that it has extended its contractual agreement with Pinnacle Capital Markets Ltd. ("Pinnacle") to develop and provide investor relations services for the Company. The term of the agreement is for a period of one year (the "Term") and may be extended at any time during the Term for an additional one year by written agreement of the parties. Tangelo will compensate Pinnacle with a monthly retainer of $7,500 and may issue, at the sole discretion of the board of directors of the Company, incentive stock options to be granted pursuant to the Company's stock option plan and the rules of the TSX Venture Exchange. The agreement is subject to the approval of the TSX Venture Exchange. The Company and its subsidiaries have entered into a waiver and amendment (the "Amendment") to its credit agreement with Third Eye Capital Corporation, on behalf of the syndicate of lenders, waiving breaches by the Company of certain covenants and amending the covenant thresholds for future periods. As consideration for these amendments, among other things, the Company agreed to pay to the lenders a fee.