TORONTO, ONTARIO--(Marketwire - Sept. 12, 2012) -
NOT FOR DISSEMINATION IN THE UNITED STATES
TransGaming Inc. (TSX VENTURE:TNG) ("TransGaming" or the "Company") today announced that it had applied to the TSX Venture Exchange and received approval to amend the exercise price of the warrants to purchase up to 1,750,000 common shares granted to Business, Engineering, Science & Technology Discoveries Fund and three affiliate funds ("Best Funds") in connection with a debt financing of $3.5 million announced on January 6, 2012. The original exercise price was $0.75 per common share and the proposed amended exercise price is $0.53, equal to the market price of the Company's shares on the date the warrants were issued.
The amendment to the exercise price for the warrants relates to the renegotiation of certain covenants in the promissory notes issued to Best Funds in connection with the debt financing. The Company did not meet a product related revenue financial covenant during its 2012 fiscal year that was too narrowly defined. The covenants were renegotiated to include more products in the particular revenue covenant and align other covenants with the growth of the business. The Company is in compliance with its debt covenants and continues to repay the promissory notes on the original payment terms.
About TransGaming Inc.
TransGaming Inc. (TSX VENTURE:TNG) is the global leader in the multiplatform deployment of interactive entertainment. TransGaming works with the industry's leading developers and publishers to enable and distribute games for Smart TVs, next-generation set-top boxes, Mac computers, and Linux/CE platforms. TransGaming is headquartered in Toronto, Canada.
TransGaming has recently updated its website to provide a range of information from company news to industry articles, commentary, and insight. Please visit www.transgaming.com to learn more.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
This news release contains forward-looking statements. Actual events or results may differ materially from those described in the forward-looking statements due to a number of risks and uncertainties, including changes in financial and product market conditions. Forward-looking statements are based on management's estimates, beliefs, and opinions. The Company assumes no obligation to update forward-looking statements, other than as may be required by applicable law.
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.