13 September, 2017

Reference is made to Gaming Innovation Group Inc.’s (GIG) announcement 11 September 2017 regarding the acquisition of the Danish performance marketing company Rebel Penguin ApS. Below are some additional information in accordance with section 3.4 of the Continuing Obligations for companies listed on the Oslo Stock Exchange.

Image result for rebel penguin

GIG’s subsidiary Innovation Labs Ltd. has acquired 100% of the shares in Rebel Penguin ApS from the holding company Rebel Penguin Holding ApS, which is owned by the founder Jonas Warrer (44.6%), the two Danish investors Morten Strømsted (22.3%) and Peter Korsholm (22.3%), as well as key employees (10.8%).

The purchase price is EUR 13 million, which will be settled with EUR 9.1 million in cash and the balance in 7,165,000 GIG treasury shares. The shares will have 12 months lock-up. Closing is expected ultimo September 2017.

Rebel Penguin (RP) is a marketing company founded by Jonas Warrer in 2007, specializing in online marketing combined with proprietary technology and a focus on iGaming – generating paying customers to sports betting clients in UK & the Nordics over the last ten years. Recently, RP expanded its focus to include an online marketing agency, catering to a variety of clients.

With the highly competitive and proprietary technology of Rebel Penguin, GIG will enter the paid media space through the acquisition, reaching distribution channels such as Facebook and Google. It is expected that RP will provide an increased volume of new players into GIG’s eco-system and benefit all of GIG’s business areas. RP’s in-house affiliate agency will also add valuable technological and strategical knowledge to GIG’s B2C and B2B gaming operators. RP has during the last years focused on building a large customer base on revenue share instead of up front CPA, and is currently doing 84% on revenue share, 12% on CPA and 4% on agency deals for operators. RP has so far not approached the casino market where GIG has a leading and rapidly growing presence. Thus, the casino segment represents an attractive and untapped potential. In addition to revenue synergies, the cost synergies are estimated to be at least EUR 1 million per year.

RP is based in Copenhagen has 36 employees. Jonas Warrer is founder, CEO and board member and the board consists of Morten Strømsted (chairman), Peter Korsholm, Jakob Eggert Roed Jakobsen, Lars Kristian Runov, and Tobias Christopher Arroyave Købke.

The financial information below is from RP’s audited annual accounts, and only presented for information purposes. RP do not publish any interim reports (DKK 1000):

2016                                    2015

Revenue                                                         26,968                                 25,952

Cost of sales                                                  14,815                                 10,121

Operating expenses                                       10,864                                   9,758

Depreciation                                                     1,284                                      803

Operating result                                                  603                                    4,788

Other income/expense                                      -302                                       131

Result before tax                                                301                                    4,925

Net result                                                            210                                     3,777

Key balance sheet items:                                 2016                                    2015

Non-current assets                                          7,235                                   6,850

Current assets                                                 5,266                                   3,682

Cash and cash equivalents                                  21                                      412

Total assets                                                   12,522                                 10,944

Capital and reserves                                       4,172                                    5,961

Current liabilities                                             6,495                                    3,485

Long term liabilities                                         1,328                                    1,061

Total equity and liabilities                              12,522                                  10,944

There are no agreements entered into with any members of the board or executive management in GIG or RP except for the SPA.

For further information, contact:
Robin Reed, CEO, +356 9999 0382,
([email protected])

About GIG:
Gaming Innovation Group Inc. is an emerging gambling solutions and interactive entertainment provider. The Company offers cutting-edge cloud-based services and B2B performance marketing, and owns B2C gambling operators offering games from the best-of-breed suppliers across the online sports betting and casino industry. Gaming Innovation Group operates out of Malta and is listed on the Oslo Stock Exchange under the ticker symbol “GIG”.

For more information about the Company and our services:

©2019-2023 Gaming Innovation Group.
All rights reserved | Company Registration Number: C44319

The B2B services, including GIG Core (online gaming platform), and GIG Sports (proprietary sportsbook), are licensed and regulated by the Malta Gaming Authority (licence number: MGA/CRP/330/2016 issued on the 1st August 2018) and the UK Gambling Commission (44073).

The licences are held by iGamingCloud Limited (Company Reg. No. C48466 of @GIG Beach, Triq id-Dragunara, St. Julians, STJ3148, Malta.)

©2019-2023 Gaming Innovation Group. All rights reserved | Company Registration Number: C44319