Vancouver, BC, March 13, 2019 — GLOBAL GAMING TECHNOLOGIES CORP. (CSE: BLOC.U) (FSE: BWSP) (OTC: BLKCF) ("BLOC", or the "Company") announces that its Board of Directors has authorized the implementation of a share consolidation of the Company’s common shares (“Common Shares”) on the basis of one (1) post-consolidation Common Share for every ten (10) pre-consolidation Common Shares, effective March 19, 2019 (the “Effective Date”).
The Company currently has 1,187,486,963 Common Shares issued and outstanding, following the consolidation there will be approximately 118,748,696 Common Shares issued and outstanding. No fractional shares will be issued and any fractions of a share will be rounded down to the nearest whole number of Common Shares. The exercise or conversion price and the number of Common Shares issuable under any of the Company’s outstanding convertible securities will be proportionately adjusted upon consolidation.
The Common Shares will start to be traded on the CSE under the symbol “GGAM.U” on a post-consolidation basis, under a new CUSIP number – CA37959M2031. The Company’s Common Shares are expected to begin trading on a post-consolidation basis on the CSE when markets open on March 19, 2019.
The share consolidation was pursued by the Company following the optimization of portfolio assets, addition of new management and a shift to gaming and eSports focused businesses. Nolan Bushnell, the Chairman and CEO of the Company, said: “As the release of our first game title, St. Noire, approaches, we wanted to show our shareholders that we are committed to creating shareholder value not only by a strong pipeline of games but also by changing the profile of our stock”.
Shareholders of record as at the Effective Date will receive a letter of transmittal providing instructions for the exchange of their Common Shares as soon as practicable following the Effective Date.
On behalf of the Company:
Theo van der Linde, Director and CFO of the Company
For more information, please contact:
Global Gaming Technologies Corp.
Global Gaming Technologies Corp. is a gaming industry holding company that provides investment exposure to digital interactive entertainment in emerging technologies, such as Augmented Reality, Virtual Reality, and Artificial Intelligence, in addition to eSports and traditional game platforms, such as mobile and console. It is focused on gamifying content using visual cinematics across all platforms. The Company's strategy is to publish games and content that are immersive in storytelling, bold in design, and technologically innovative. The Company is managed by game and film industry pioneers. It is headquartered in Toronto, Canada with its primary game studio in Los Angeles, California. GGAM is listed on the Canadian Securities Exchange (“CSE”) and its common shares trade under the ticker symbol "GGAM.U" Additional information relating to GGAM is available on SEDAR at www.sedar.com, the CSE at www.theCSE.com, as well as on the Company's website at globalgaming.tech
This news release contains “forward-looking information” within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or indicates that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, “occur” or “be achieved”. Forward-looking information includes, but is not limited to the Company’s goal of streamlining the current arduous, lengthy and complicated process that interested investors need to undergo in order to gain exposure to the digital interactive entertainment space. The Company’s business plan is conceptual in nature and there is no assurance that it will be implemented as set out herein, or at all. Forward-looking information is based on certain factors and assumptions the Company believes to be reasonable at the time such statements are made, including but not limited to: statements and expectations regarding the ability of the Company to (i) successfully engage senior management with appropriate industry experience and expertise, (ii) gain access to and acquire a basket of digital interactive entertainment assets and to participate in relevant financings on favourable terms or at all, (iii) successfully publish its own games and content, and (iv) execute on future M&A opportunities in the digital interactive entertainment space; receipt of required regulatory approvals;
the availability of necessary financing; permitting and such other assumptions and factors as set out herein. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to fluctuating popularity of eSports titles; the estimation of personnel and operating costs; general global markets and economic conditions; risks associated with uninsurable risks; risks associated with currency fluctuations; competition faced in securing experienced personnel with appropriate industry experience and expertise; risks associated with changes in the financial auditing and corporate governance standards applicable to gaming companies; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalization and liquidity risks including the risk that the financing necessary to fund continued development of the Company’s business plan may not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of the Company; the risk of litigation. Although the Company has attempted to identify important factors that could cause actual results to differ materially from the forward-looking information set out in this presentation, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.