Berlin:3UW
Elys Completes Installation of North American Hub Infrastructure
NEW YORK, Oct. 02, 2023 (GLOBE NEWSWIRE) — Elys Game Technology, Corp. (“Elys” or the “Company”) (Nasdaq: ELYS) (BER:3UW), an interactive gaming and sports betting technology company, today announced the successful installation of its North American server infrastructure located at the Continent 8 Data Center in Cincinnati, Ohio. The multimillion-dollar technology footprint establishes the hub of Elys’ platform in Ohio and extends its network across multiple spokes throughout North America.
Elys’ technology hardware and database equipment serve as the backbone of the Company’s mission-critical applications. The newly installed server infrastructure is equipped with intelligent storage, which allows autonomous operation to ensure predictable, scalable performance while delivering instant data access, all backed by a 100% availability guarantee. Meanwhile, the Company is working on obtaining regulatory approvals for the launch of tribal distribution in Michigan, North Dakota and New Mexico. Additionally, the Company plans to expand its non-tribal commercial operations in Washington D.C. and establish commercial operations in Ohio, Maryland and New Jersey. The Company is also exploring opportunities for future mobile operations in multiple U.S. states and Canadian provinces over the next six to eight months.
“Our strategic decision to host our infrastructure within Continent 8’s ISO 27001 & PCI certified iGaming Data Centers demonstrates our commitment to meeting the highest standards in colocation and compliance with regulatory requirements,” stated Michele Ciavarella, Executive Chairman of Elys Game Technology, Corp. “Each of these data centers is licensed and approved by local state regulators where necessary. This move is integral to the expansion of the Company’s Elys America brand and our leading-edge sportsbook products throughout the U.S. and Canada.”
“Our network has been purposefully designed for robust, redundant performance, tailored to meet the dynamic bandwidth needs of our applications and clients. This ensures seamless handling of high volumes of data traffic while ensuring uninterrupted service, even in the event of equipment failure. Such resilience is critical for online gaming platforms that demand real-time responsiveness.”
In response to recent cyberattacks on various industry players, Elys’ expert cybersecurity team has proactively prioritized safeguarding the Company’s applications. This includes the implementation of Web Application Firewall (“WAF”) services that strictly adhere to industry best practices, providing robust defense against a wide range of threats, including Distributed Denial-of-Service (“DDoS”) attacks, Structured Query Language (“SQL”) injections, and other vulnerabilities. Furthermore, Elys has developed rigorous measures to detect and prevent viruses, vulnerabilities, data loss, and spyware, ensuring that the highest level of security is consistently maintained.
The Company’s dedicated team of specialists regularly participates in advanced training programs and continually works to harness cutting-edge technologies. This proactive stance enhances the Company’s mobile operations, enables the delivery of exceptional services, and ensures the security and reliability of Elys’ systems. The primary goal is to remain vigilant for any new events that could impact the availability, confidentiality, and integrity of any system within the Company’s purview. Through this proactive approach, the exemplary incident and threat detection rates show the Company’s commitment to safeguarding its assets and customer data.
About Elys Game Technology, Corp.
Elys Game Technology, Corp. is a global gaming technology company operating in multiple countries worldwide. Elys offers its clients a full suite of omnichannel leisure gaming products and services, such as online sports betting, e-sports, virtual sports, online casino, poker, bingo, interactive games and online slots on a B2C basis in Italy and has B2B operations in five states as well as the District of Columbia in the U.S. market. Elys’ vision is to become a global leader in the gaming industry through the development of pioneering and innovative online casino software.
The Company provides sports betting software, online casino software, services for commercial and tribal casinos, retail betting establishments and franchise distribution networks. Additional information is available on our corporate website at www.elysgame.com.
Investors may also find us on Twitter @ELYS5D; Instagram @elys5d; LinkedIn Elys America; Youtube @Elys5D; and on Facebook @Elys5D.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements and include statements regarding Elys. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and its subsequent filings with the U.S. Securities and Exchange Commission, including subsequent periodic reports on Form 10-Q and current reports on Form 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.
Investor Contact:
Tom Colton and Alec Wilson
Gateway Group, Inc.
949-574-3860
[email protected]
NEW YORK, Nov. 20, 2023 (GLOBE NEWSWIRE) — Elys Game Technology, Corp. (“Elys” or the “Company”) (OTC:ELYS) (BER:3UW), an interactive gaming and sports betting technology company, today provided a business update and reported financial results for the third quarter ended September 30, 2023.
Third Quarter and Recent Operational Highlights
- Established a multiyear market access agreement with Caesars Entertainment, unlocking access to the Colorado sports betting market. The strategic agreement signals Elys’ first entry into the North American mobile sports betting landscape. Pending regulatory approvals, the Company expects to launch its U.S. mobile sportsbook operations in Colorado in 2024.
- Introduced www.SportBet.com, the Company’s new online and mobile sports betting brand for the United States market. The “5D by Elys” mobile app is included under the brand, forming a comprehensive sports betting platform with cross-platform compatibility. This development positions Elys’ online sports betting launch under a highly recognizable, consumer-friendly brand.
- Completed installation of its North American hub infrastructure, successfully establishing a robust technology footprint for the expansion of Elys’ platform.
- Multigioco, an Elys subsidiary, unveiled its enhanced offerings in Italy with a revamped online casino, sports betting site, and mobile app. The significant relaunch in the Italian market improves player experience with optimized performance, speed, and a robust security profile while also setting the stage for meaningful cost savings by eliminating expenses associated with trading and risk management, platform development, and iGaming aggregation.
- Secured a third sportsbook location in Washington, D.C., expanding the Company’s footprint in the city and building upon the success of its small business sportsbook business model.
Third Quarter 2023 Financial Results
Results compare 2023 fiscal third quarter end (September 30, 2023) to 2022 fiscal third quarter end (September 30, 2022) unless otherwise indicated.
- Total revenue decreased 11.8% to $8.5 million from $9.6 million in the prior year. The change is primarily attributable to higher payouts benefiting Elys’ sportsbook customers as well as a decrease in web-based turnover due to a reduction in online casino and poker offerings during the third quarter, thereby reducing our blended revenue conversion. At the end of September 2023, a historically quiet period for sports betting, the Company underwent a platform switchover that provides significantly enhanced online casino and poker offerings for our Italian operations. The switchover had an immaterial impact on online sportsbook revenue that was partially offset by an increase in land-based sportsbook revenue due to the activation of new physical locations. For the first nine months of 2023, total revenue increased by approximately $0.06 million.
- Total handle (turnover) decreased 2.4% to $162.6 million from $166.5 million in the prior year period. The decrease in handle in the third quarter was due to the reduction in web-based turnover caused by the aforementioned online casino and poker reduction ahead of the platform switchover. For the first nine months of 2023, the total handle increased 2.4% to $585.8 million consistent with the Company’s growth expectations.
- Operating expenses decreased 10.2% to $11.4 million from $12.7 million in the prior year period. The change is primarily attributable to decreases in general and administrative costs as well as a reduction in technology development costs. For the first nine months of 2023, overall operating costs continued to downtrend, with a reduction of $0.13 million, reflecting management’s commitment to profitability, despite the additional expenses incurred for U.S. and Canadian facing investments during the first nine months of 2023.
- Net loss from continuing operations was $(3.2) million, or $(0.10) per share, compared to $(3.8) million, or $(0.14) per share, in the prior year period. The change is primarily attributable to the decrease in loss from operations, despite lower revenues and a reduction in other non-operating expenses of $0.3 million compared to the prior year period. For the first nine months of 2023, net loss was $(9.1) million, or $(0.27) per share, compared to $(11.1) million, or $(0.41) per share, in the prior year period.
- Cash and cash equivalents were $2.6 million at September 30, 2023, compared to $3.4 million at December 31, 2022.
Management Commentary
“In Q3, we laid critical foundations for a large-scale expansion into the rapidly growing online sports betting market in the United States and Canada,” said Mike Ciavarella, Executive Chairman of Elys Game Technology Corp. “Over the past few years, we have executed our go-to-market strategy by making significant investments related to our product platform and infrastructure development for our future commercial operations in North America. Elys now stands at the inflection point where these investments begin to convert into revenues in 2024.
“Our www.SportBet.com website, complemented by our advanced platform and recent market access partnership with Caesars Entertainment, equips us to attract players nationwide over the coming quarters. The impending launch in Colorado serves as our initial online sports betting market entry point, and we regard our partnership with Caesars as a gateway to future opportunities in other states. At the same time, we are maintaining our solid and stable operations in the Italian market, where we recently introduced a revamped platform and all-new product lineup. This platform not only enhances the overall player experience but also incorporates changes that significantly reduce expenses and puts our Multigioco subsidiary on track to meet the Company’s profit goals through 2024.
“As we begin our strategic rollout into the vast addressable online sports betting market in the United States, we are confident in our ability to replicate our Italian success story. The U.S. sports betting opportunity contains decades of pent-up demand, and we expect to carve out significant market share with our ‘best odds’ approach and user-friendly platform as our experience in Italy demonstrates. Our measured and strategic approach to this vast market sets us apart. Through meticulous study of player behavior and regulatory dynamics, we aim to emerge as a responsible and formidable operator in the budding U.S. market, extracting long-term value for Elys shareholders.”
Update on the Listing of Common Shares
On October 13, 2023, Elys Game Technology received written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) informing the Company that trading of its common shares would be suspended as of the opening of business on October 17, 2023. As a result, Elys’ common shares began trading on the OTC markets in October, where they continue to trade today.
To prioritize the value for its shareholders, the Company will remain listed on the OTC Markets until further analysis of the exchange listing of our common shares is completed. Elys’ management team and board of directors are diligently assessing various major listing venues to determine the most strategic path forward, one that will ultimately offer the best opportunity to maximize shareholder value in the long term.
About Elys Game Technology, Corp.
Elys Game Technology, Corp. is a global gaming technology company operating in multiple countries worldwide. Elys offers its clients a full suite of omnichannel leisure gaming products and services, such as online sports betting, e-sports, virtual sports, online casino, poker, bingo, interactive games, and online slots on a B2C basis in Italy and has B2B operations in five states as well as the District of Columbia in the U.S. market. The Company provides sports betting software, online casino software, services for commercial and tribal casinos, retail betting establishments, and franchise distribution networks.
Elys’ vision is to become a global gaming industry leader by developing pioneering and innovative online casino software. Additional information is available on our corporate website at www.elysgame.com.
Investors may also find us on Twitter @ELYS5D; Instagram @elys5d; LinkedIn Elys America; YouTube @Elys5D; and on Facebook @Elys5D.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project,” and similar expressions that are intended to identify forward-looking statements and include statements regarding Elys. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and its subsequent filings with the U.S. Securities and Exchange Commission, including subsequent periodic reports on Form 10-Q and current reports on Form 8-K. The information in this release is provided only as of the date of this release. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.
Investor Contact:
Tom Colton and Alec Wilson
Gateway Group, Inc.
949-574-3860
[email protected]
-Financial Tables to Follow-
| ELYS GAME TECHNOLOGY, CORP. Consolidated Balance Sheets (Unaudited) |
||||||||
| September 30, 2023 |
December 31, 2022 |
|||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 2,551,000 | $ | 3,400,166 | ||||
| Accounts receivable | 735,725 | 731,962 | ||||||
| Gaming accounts receivable | 1,841,921 | 1,431,497 | ||||||
| Prepaid expenses | 2,637,882 | 900,205 | ||||||
| Related party receivable | 22,511 | 22,511 | ||||||
| Other current assets | 379,781 | 338,871 | ||||||
| Total Current Assets | 8,168,820 | 6,825,212 | ||||||
| Non – Current Assets | ||||||||
| Restricted cash | — | 364,701 | ||||||
| Property and equipment | 975,211 | 610,852 | ||||||
| Right of use assets | 1,471,190 | 1,498,703 | ||||||
| Intangible assets | 10,069,843 | 10,375,524 | ||||||
| Goodwill | 1,662,016 | 1,662,278 | ||||||
| Marketable securities | — | 19,999 | ||||||
| Total Non – Current Assets | 14,178,260 | 14,532,057 | ||||||
| Total Assets | $ | 22,347,080 | $ | 21,357,269 | ||||
| Current Liabilities | ||||||||
| Accounts payable and accrued liabilities | $ | 8,917,952 | 6,790,523 | |||||
| Gaming accounts payable | 3,492,128 | 2,213,532 | ||||||
| Taxes payable | 61,187 | 179,720 | ||||||
| Related party payable | 46,916 | 422,129 | ||||||
| Promissory notes payable – related parties | 411,939 | 752,000 | ||||||
| Operating lease liability | 381,439 | 369,043 | ||||||
| Financial lease liability | 1,895 | 6,831 | ||||||
| Bank loan payable – current portion | 2,987 | 3,151 | ||||||
| Total Current Liabilities | 13,316,443 | 10,736,929 | ||||||
| Non-Current Liabilities | ||||||||
| Deferred tax liability | 1,391,102 | 1,696,638 | ||||||
| Operating lease liability | 1,059,970 | 1,157,979 | ||||||
| Financial lease liability | 1,244 | 2,288 | ||||||
| Bank loan payable | 152,643 | 148,169 | ||||||
| Convertible notes payable, net of discount of $169,003 | 209,347 | — | ||||||
| Convertible notes payable – related parties, net of discount of $2,039,673 | 2,936,049 | — | ||||||
| Other long-term liabilities | 577,725 | 464,851 | ||||||
| Total Non – Current Liabilities | 6,328,080 | 3,469,925 | ||||||
| Total Liabilities | 19,644,523 | 14,206,854 | ||||||
| Stockholders’ Equity | ||||||||
| Common stock, $0.0001 par value, 80,000,000 shares authorized; 35,794,381 and 30,360,810 shares issued and outstanding as of September 30, 2023 and December 31, 2022 | 3,579 | 3,036 | ||||||
| Additional paid-in capital | 78,952,510 | 74,249,244 | ||||||
| Accumulated other comprehensive loss | (609,554 | ) | (600,619 | ) | ||||
| Accumulated deficit | (75,643,978 | ) | (66,501,246 | ) | ||||
| Total Stockholders’ Equity | 2,702,557 | 7,150,415 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 22,347,080 | $ | 21,357,269 | ||||
| ELYS GAME TECHNOLOGY, CORP. Consolidated Statements of Changes in Stockholders’ Equity Nine months ended September 30, 2023 and September 30, 2022 (Unaudited) |
||||||||||||||||
| For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Revenue | $ | 8,464,591 | $ | 9,591,294 | $ | 32,233,378 | $ | 32,175,015 | ||||||||
| Costs and Expenses | ||||||||||||||||
| Selling expenses | 6,724,275 | 6,874,581 | 26,158,349 | 24,029,532 | ||||||||||||
| General and administrative expenses | 4,318,720 | 5,385,407 | 13,498,145 | 14,273,817 | ||||||||||||
| Depreciation and amortization | 354,334 | 423,361 | 1,043,432 | 1,315,593 | ||||||||||||
| Restructuring and severance expenses | — | — | — | 1,205,689 | ||||||||||||
| Total Costs and Expenses | 11,397,329 | 12,683,349 | 40,699,926 | 40,824,631 | ||||||||||||
| Loss from Operations | (2,932,738 | ) | (3,092,055 | ) | (8,466,548 | ) | (8,649,616 | ) | ||||||||
| Other (Expenses) Income | ||||||||||||||||
| Interest expense, net of interest income | (162,474 | ) | (9,104 | ) | (273,701 | ) | (22,641 | ) | ||||||||
| Amortization of debt discount | (142,381 | ) | — | (215,651 | ) | — | ||||||||||
| Other income | 9,994 | 21,931 | 13,521 | 90,783 | ||||||||||||
| Changes in fair value of contingent purchase consideration | — | (482,059 | ) | — | (1,397,833 | ) | ||||||||||
| Other expense | — | (45,528 | ) | (7,017 | ) | (56,539 | ) | |||||||||
| Gain (loss) on marketable securities | — | (49,250 | ) | (19,999 | ) | 43,250 | ||||||||||
| Total Other (Expenses) Income | (294,861 | ) | (564,010 | ) | (502,847 | ) | (1,342,980 | ) | ||||||||
| Loss Before Income Taxes | (3,227,599 | ) | (3,656,065 | ) | (8,969,395 | ) | (9,992,596 | ) | ||||||||
| Income tax provision | 4,240 | (167,574 | ) | 67,199 | (200,518 | ) | ||||||||||
| Net Loss from continuing operations | (3,223,359 | ) | (3,823,639 | ) | (8,902,196 | ) | (10,193,114 | ) | ||||||||
| Discontinued operations | ||||||||||||||||
| Operating loss | (34,690 | ) | — | (198,335 | ) | — | ||||||||||
| Loss on recission | (42,201 | ) | — | (42,201 | ) | — | ||||||||||
| Net loss from discontinued operations | (76,891 | ) | — | (240,536 | ) | — | ||||||||||
| Net loss | $ | (3,300,250 | ) | $ | (3,823,639 | ) | $ | (9,142,732 | ) | $ | (10,193,114 | ) | ||||
| Other Comprehensive (Loss) Income | ||||||||||||||||
| Foreign currency translation adjustment | (102,111 | ) | (367,765 | ) | (8,935 | ) | (877,996 | ) | ||||||||
| Comprehensive Loss | $ | (3,402,361 | ) | $ | (4,191,404 | ) | $ | (9,151,667 | ) | $ | (11,071,110 | ) | ||||
| Loss per common share – basic and diluted | ||||||||||||||||
| Continuing operations | $ | (0.10 | ) | $ | (0.14 | ) | $ | (0.27 | ) | $ | (0.41 | ) | ||||
| Discontinued operations | (0.00 | ) | 0.00 | (0.00 | ) | 0.00 | ||||||||||
| (0.10 | ) | (0.14 | ) | (0.27 | ) | (0.41 | ) | |||||||||
| Weighted average number of common shares outstanding – basic and diluted | 31,886,832 | 26,942,389 | 32,758,530 | 24,871,319 | ||||||||||||
| ELYS GAME TECHNOLOGY, CORP. Consolidated Statements of Cash Flows (Unaudited) |
||||||||
| For the nine months ended September 30, |
||||||||
| 2023 | 2022 | |||||||
| Net Loss | $ | (9,142,732 | ) | $ | (10,193,114 | ) | ||
| Net loss from discontinued operations | 240,536 | — | ||||||
| Net loss from continuing operations | (8,902,196 | ) | (10,193,114 | ) | ||||
| Adjustments to reconcile net loss to net cash used in operating activities | ||||||||
| Depreciation and amortization | 1,043,431 | 1,315,593 | ||||||
| Gain on disposal of property and equipment | (5,136 | ) | — | |||||
| Amortization of debt discount | 215,651 | — | ||||||
| Restricted stock awards | 685,688 | 2,012,600 | ||||||
| Stock-based compensation expense | 1,611,635 | 2,381,974 | ||||||
| Non-cash interest | 268,320 | 17,637 | ||||||
| Loss on dissolution of subsidiary | 325 | — | ||||||
| Change in fair value of contingent purchase consideration | — | 1,397,833 | ||||||
| Unrealized loss (gain) on marketable securities | 19,999 | (43,250 | ) | |||||
| Movement in deferred taxation | (124,437 | ) | (238,616 | ) | ||||
| Changes in Operating Assets and Liabilities, net of assets acquired and liabilities assumed | ||||||||
| Prepaid expenses | (1,757,254 | ) | (2,043,015 | ) | ||||
| Accounts payable and accrued liabilities | 1,307,024 | (1,013,194 | ) | |||||
| Accounts receivable | 1,957 | (282,002 | ) | |||||
| Gaming accounts receivable | (440,090 | ) | 981,478 | |||||
| Gaming accounts liabilities | 1,339,804 | 693,455 | ||||||
| Taxes payable | (122,333 | ) | 391,339 | |||||
| Due from related parties | 31,279 | (8,026 | ) | |||||
| Other current assets | (39,764 | ) | (19,838 | ) | ||||
| Long term liability | 122,022 | 76,916 | ||||||
| Net Cash Used in Operating Activities – continuing operations | (4,744,075 | ) | (4,572,230 | ) | ||||
| Net Cash Used in Operating Activities – discontinued operations | (76,697 | ) | — | |||||
| NET CASH USED IN OPERATING ACTIVITIES | (4,820,772 | ) | (4,572,230 | ) | ||||
| Cash Flows from Investing Activities | ||||||||
| Acquisition of property and equipment and intangible assets | (1,112,830 | ) | (355,939 | ) | ||||
| Net Cash Used in Investing Activities – continuing operations | (1,112,830 | ) | (355,939 | ) | ||||
| Net Cash Provided by Investing Activities – discontinued operations | 76,459 | — | ||||||
| NET CASH USED IN INVESTING ACTIVITIES | (1,036,371 | ) | (355,939 | ) | ||||
| Cash Flows from Financing Activities | ||||||||
| Proceeds from convertible notes | 350,000 | — | ||||||
| Proceeds from convertible notes, related parties | 4,400,000 | — | ||||||
| Proceeds from Subscriptions – Net of Fees | — | 2,616,679 | ||||||
| Proceeds from pre-funded warrants | — | 512,813 | ||||||
| Proceeds from related party promissory notes | — | 665,000 | ||||||
| Repayment of bank overdraft | — | (7,043 | ) | |||||
| Repayment of bank loan | — | (33,041 | ) | |||||
| Repayment of financial leases | (5,996 | ) | (5,926 | ) | ||||
| NET CASH PROVIDED BY FINANCING ACTIVITIES | 4,744,004 | 3,748,482 | ||||||
| Effect of change in exchange rate | (100,728 | ) | (1,504,030 | ) | ||||
| Net decrease in cash | (1,213,867 | ) | (2,683,717 | ) | ||||
| Cash, cash equivalents and restricted cash – beginning of the period | 3,764,867 | 7,706,357 | ||||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH – END OF THE PERIOD | $ | 2,551,000 | $ | 5,022,640 | ||||
| ELYS GAME TECHNOLOGY, CORP.
Consolidated Statements of Cash Flows |
||||||||
| Reconciliation of cash, cash equivalents and restricted cash within the Balance Sheets to the Statement of Cash Flows | ||||||||
| Cash and cash equivalents | $ | 2,551,000 | $ | 4,690,034 | ||||
| Restricted cash included in non-current assets | — | 332,606 | ||||||
| $ | 2,551,000 | $ | 5,022,640 | |||||
| Supplemental disclosure of cash flow information | ||||||||
| Cash paid during the period for: | ||||||||
| Interest | $ | 5,735 | $ | 5,855 | ||||
| Income tax | $ | 199,745 | $ | 84,988 | ||||
| Supplemental cash flow disclosure for non-cash activities | ||||||||
| Fair value of common stock issued on acquisition of Engage IT Services Srl | $ | 1,735,615 | $ | — | ||||
| Fair value of common stock returned on recission of acquisition of Engage IT Services Srl | $ | (1,938,456 | ) | |||||
| Fair value of warrant issued with convertible debt | $ | 2,424,327 | $ | — | ||||
| Fair value of restricted stock issued to settle liabilities | $ | 60,000 | $ | — | ||||
| Fair value of options issued to settle liabilities | $ | 125,000 | $ | — | ||||
NEW YORK, Nov. 08, 2023 (GLOBE NEWSWIRE) — Elys Game Technology, Corp. (“Elys” or the “Company”) (OTC:ELYS) (BER:3UW), an interactive gaming and sports betting technology company, provides an update for its 2023 Annual Meeting of Stockholders to be held at the Company’s corporate head office at Suite 701, 130 Adelaide St. W., Toronto, Ontario, Canada M5H 2K4 on Thursday, November 9, 2023 at 10:00 a.m. Eastern time (the “Meeting”).
Due to continuing concerns over the transmission COVID-19 infections, Elys intends to take precautions for social distancing for those that attend the Meeting in person. The Company urges all shareholders to vote by proxy in advance of the Meeting at www.proxyvote.com by entering the code provided with the proxy materials. For those who cannot attend the Meeting, they can listen to the Meeting through the live conference call coordinates as follows:
Conference Call Dial-In Information:
Canada and US: 1-833-353-8610
Italy, Austria, U.K. and Switzerland: 00 800 0066 8888 (Includes San Marino & Vatican City)
Participant Code: 3739385 #
Participants should dial in approximately 5 to 10 minutes prior to the scheduled start time. Registered Shareholders or duly appointed proxyholders who will attend the Meeting will be permitted to vote at the Meeting. Those listening by telephone will not be able to vote.
About Elys Game Technology, Corp.
Elys Game Technology, Corp. is a global gaming technology company operating in multiple countries worldwide. Elys offers its clients a full suite of omnichannel leisure gaming products and services, such as online sports betting, e-sports, virtual sports, online casino, poker, bingo, interactive games, and online slots on a B2C basis in Italy and has B2B operations in five states as well as the District of Columbia in the U.S. market. The Company provides sports betting software, online casino software, services for commercial and tribal casinos, retail betting establishments, and franchise distribution networks.
Elys’ vision is to become a global leader in the gaming industry through the development of pioneering and innovative online casino software. Additional information is available on our corporate website at www.elysgame.com.
Investors may also find us on Twitter @ELYS5D; Instagram @elys5d; LinkedIn Elys America; YouTube @Elys5D; and on Facebook @Elys5D.
Investor Contact:
Tom Colton and Alec Wilson
Gateway Group, Inc.
949-574-3860
[email protected]
Berlin:3UW
Elys Game Technology Secures Multiyear Market Access Agreement with Caesars Entertainment Commencing in Colorado
NEW YORK, NY, Nov. 07, 2023 (GLOBE NEWSWIRE) — Elys Game Technology, Corp. (“Elys” or the “Company”) (OTC:ELYS) (BER:3UW), an interactive gaming and sports betting technology company, today announced a market access agreement with Caesars Entertainment that unlocks immediate access to the lucrative Colorado sports betting market. This strategic agreement signals Elys’ first entry into the North American mobile sports betting landscape.
With the introduction of the Company’s “5D by Elys” mobile app under the recently unveiled SportBet.com brand, the Company presents a comprehensive sports betting platform enriched with advanced features and seamless cross-platform compatibility. This agreement potentially positions Elys for a strategic launch of its North American online sports betting aspirations.
“We are focused on converting recent investments in technology and infrastructure into revenue-generating business in the United States. Our meticulous market analysis, conducted before our entry into the U.S. B2C online segment, has allowed us to create an effective go-to-market strategy along with a cutting-edge product that we believe will be rapidly adopted by North American sports bettors,” said Mike Ciavarella, Executive Chairman of Elys Game Technology Corp. “We look forward to bringing our unique mobile sports betting experience to U.S. customers through our market access agreement with Caesars Entertainment.”
While the commencement of online operations is contingent upon pending regulatory approvals, the agreement with Caesars Entertainment allows Elys to launch its online sportsbook operations in Colorado. Elys intends to expand its market position by offering its new “5D by Elys” mobile app to sports bettors across multiple states through future market access partnerships. This initial agreement empowers Elys to deliver a personalized and captivating gaming experience, firmly establishing its leadership in the industry.
About Elys Game Technology, Corp.
Elys Game Technology, Corp. is a global gaming technology company operating in multiple countries worldwide. Elys offers its clients a full suite of omnichannel leisure gaming products and services, such as online sports betting, e-sports, virtual sports, online casino, poker, bingo, interactive games, and online slots on a B2C basis in Italy and has B2B operations in five states as well as the District of Columbia in the U.S. market. The Company provides sports betting software, online casino software, services for commercial and tribal casinos, retail betting establishments, and franchise distribution networks.
Elys’ vision is to become a global leader in the gaming industry through the development of pioneering and innovative online casino software. Additional information is available on our corporate website at www.elysgame.com.
Investors may also find us on Twitter @ELYS5D; Instagram @elys5d; LinkedIn Elys America; YouTube @Elys5D; and on Facebook @Elys5D.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project,” and similar expressions that are intended to identify forward-looking statements and include statements regarding Elys. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and its subsequent filings with the U.S. Securities and Exchange Commission, including subsequent periodic reports on Form 10-Q and current reports on Form 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.
Investor Contact:
Tom Colton and Alec Wilson
Gateway Group, Inc.
949-574-3860
[email protected]
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