NVIDIA to Acquire TransGaming's Cross-Platform Portability Technology
V.TNG | 8 minutes ago
TORONTO, ONTARIO--(Marketwired - June 11, 2015) - TransGaming Inc. (TSX VENTURE:TNG) announced today that it had signed an agreement for NVIDIA to acquire the company's proprietary cross- platform portability technology for US$3.75 million.
The technology is part of the company's Graphics and Portability Group and includes Cider™, its core-enablement or translation and related technologies, along with associated customer relationships. The transaction does not include SwiftShader, the world's fastest pure software 3D rendering technology, and related patents. When closed, the company will report a significant gain in the first quarter of its 2016 fiscal year reflecting the value unlocked from the sale.
The transaction is conditional upon the clearance of certain closing conditions between the parties as well as final TSX-V acceptance.
"This acquisition will allow TransGaming to focus on the rapidly growing opportunities within its Digital Media Group. The company will invest in the continued deployment of GameTree TV with MSO's, as well as the monetization of its Smart TV footprint, to reap the benefits of subscription-based scalable revenue. We also plan to pursue both the launch of new premium content across our network and strategic partnerships or acquisitions to drive the company's revenue growth trajectory," said Dennis Ensing, Chief Operating Officer and Interim CEO of TransGaming.
As part of the transaction, TransGaming also announced that it is becoming an NVIDIA GRID™ preferred partner, so that NVIDIA's cloud gaming technology may be used to power TransGaming's GameTree TV service in the future.
"The NVIDIA partnership gives us access to their industry-leading cloud streaming capabilities for high-performance, scalable, and cost-effective cloud gaming," added Dennis Ensing. "We are excited to add these capabilities to GameTree TV and will continue to work closely with NVIDIA to offer our partners a fully streamed and cross- platform version of GameTree TV."
With the acquisition, NVIDIA will open an office in Toronto, its first in Canada. This office is initially expected to be staffed with approximately 15 employees from TransGaming.
GP Bullhound acted as an exclusive advisor to TransGaming in connection with this transaction.
About TransGaming
TransGaming Inc. (TSX VENTURE:TNG) provides global brands and audiences with the freedom to play. GameTree™ TV, TransGaming's on-demand cloud gaming service, is accessible to the largest connected TV distribution footprint in the world - available to play on over 100 million Smart TV's and set-top boxes. TransGaming's cross-platform capabilities enable PC & console titles with world leading games franchises and development partners for the Smart TV market with ease and efficiency. Headquartered in Toronto, with offices in Tel Aviv and Kiev, TransGaming is a public company listed on Canadian TSX Venture Exchange. Discover more at www.transgaming.com.
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 release.
Ankit Patel CPA, CA
Vice President, Finance
+1 (416) 979-9900, ext. 336
ankit@transgaming.com
Jean-Francois (JF) Dube
Investor Relations - Canada
+1 (855) 630-8475
investors@transgaming.com
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Marketwired
June 11, 2015 - 8:30 AM EDT
Tags: ELECTRONIC GAMING & MULTIMEDIA TECHNOLOGY
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