Bragg to embark on strategic review of the
overall organization
TORONTO, Nov. 15, 2021 /CNW/ - Global gaming technology
and content provider Bragg Gaming Group (NASDAQ: BRAG) (TSXV:
BRAG), ("Bragg" or the "Company") announces today
that Paul Godfrey, Chair of the
Board of Directors, has been appointed to the role of Interim CEO
of Bragg Gaming, effective November 15,
2021. Bragg founder and former Interim CEO Adam Arviv will take on the role of Special
Advisor to the Chair and CEO. Oryx founder and Vice Chair of the
Board of Directors of Bragg Matevž Mazij will also play an integral
role in the organization. Richard
Carter will step down from the CEO role, effective
immediately.
The Board of Bragg Gaming has made the decision to embark upon a
strategic review of the overall Company, including the immediate
restructuring of the CEO role. The Company's exceptional
performance over the past six quarters includes consistently
exceeding revenue and growth targets. While peers continue to trade
and transact at significantly higher multiples, Bragg's continued
strong growth has yet to be reflected in the Company's public
market performance, and the Board has determined that a search for
new CEO is required.
Paul Godfrey, Chair of the Board
of Bragg, has agreed to take on the role of CEO until a replacement
is named. Mr. Godfrey is a renowned business leader and Canadian
politician, recently holding the role of President and CEO of
Postmedia Network and continuing to act as Chair of Postmedia, a
company he founded. Mr. Godfrey also previously held the roles of
Publisher and CEO of Sun Media and President and CEO of the Toronto
Blue Jays. He is a recipient of the Order of Canada and of the Order of Ontario.
"While the global online gaming industry continues to grow
exponentially, the North American opportunity is a game changer,"
said Mr. Godfrey. "Bragg's technology and content is
well-positioned to take advantage of this new market's potential
and although Bragg's operations have continued to outperform over
recent quarters, the capital markets strategy has not translated
into shareholder value. Developing this alignment will be our top
priority and absolutely requires a strategic review."
About Bragg Gaming Group
Bragg Gaming Group (NASDAQ:
BRAG, TSX: BRAG) is a growing global gaming technology and
content group and owner of leading B2B companies in the iGaming
industry. Since its inception in 2018, Bragg has grown to include
operations across Europe,
North America and Latin America and is expanding into an
international force within the global online gaming market.
Through its wholly-owned subsidiary ORYX Gaming, Bragg delivers
proprietary, exclusive and aggregated casino content via its
in-house remote games server (RGS) and ORYX Hub distribution
platform. ORYX offers a full turnkey iGaming solution, including
its Player Account Management (PAM) platform, as well as managed
operational and marketing services.
Nevada-based Wild Streak Gaming
is Bragg's wholly owned premium US gaming content studio. Wild
Streak has a popular portfolio of casino games that are offered
across land-based, online and social casino operators in global
markets including the U.S. and U.K.
In May 2021, Bragg announced its
planned acquisition of Nevada-based Spin Games, B2B gaming technology
and content provider currently servicing the U.S. market. Spin
holds licenses in key iGaming-regulated U.S. states and supplies
Tier 1 operators in the region. Find out more.
Cautionary Statement Regarding Forward-Looking
Statements
This release contains certain "forward looking statements" and
certain "forward-looking information" as defined under applicable
Canadian securities laws. Forward-looking statements and
information can generally be identified by the use of
forward-looking terminology such as "may", "will", "should",
"expect", "intend", "estimate", "anticipate", "believe",
"continue", "plans" or similar terminology. The forward-looking
information contained herein is provided for the purpose of
assisting readers in understanding management's current
expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes.
Forward-looking information is necessarily based on a number of
opinions, assumptions and estimates that, while considered
reasonable by the Company as of the date of this press release, are
subject to known and unknown risks, uncertainties, assumptions and
other factors that may cause the actual results, level of activity,
performance or achievements to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to the factors described in greater detail in the
"Risk Factors" section of the Company's Annual Information Form
dated March 25, 2021, which is
available at www.sedar.com. These factors are not intended to
represent a complete list of the factors that could affect the
Company; however, these factors should be considered carefully.
There can be no assurance that such estimates and assumptions will
prove to be correct. The forward-looking statements contained in
this press release are made as of the date of this press release,
and the Company expressly disclaims any obligation to update or
alter statements containing any forward-looking information, or the
factors or assumptions underlying them, whether as a result of new
information, future events or otherwise, except as required by
law.
SOURCE Bragg Gaming Group