Oryx CEO Matevž Mazij joins with Carter & Arviv and recommits to Bragg’s future.
TORONTO, September 30, 2020 – Bragg Gaming Group (TSXV: BRAG, OTC: BRGGF) (“Bragg” or the “Company“) is pleased to announce today that gaming industry veteran and former SB Tech CEO Richard Carter has been appointed to the Board of Directors of the Company (“Board“) as the Non-executive Chair.
Mr. Carter will advise and provide support to Chief Executive Officer Adam Arviv on developing a global strategy focused on partnerships with best-in-class brands, continued growth of their organic business and consideration of all accretive M&A opportunities.
“Richard is a recognized authority in the online sport betting industry who was heavily involved in the merger between DraftKings and SB Tech,” noted Adam Arviv, Interim CEO of Bragg Gaming Group. “This appointment fits my mission as Interim CEO – to build a championship team that will execute on our plans to expand our current market overseas and to aggressively move into the U.S. market. We continue to be focused on recruiting additional top talent.”
Mr. Carter held the role of CEO of interactive sports betting solutions and services provider SB Tech for the past five years, until the company’s merger with digital sports entertainment and gaming company DraftKings through a three-way deal with Diamond Eagle Acquisition Corp in April 2020. The transaction was valued at US $3.3 billion and the combined entity has a current market cap of US $20 billion. SB Tech is the gaming engine behind DraftKings and transformed DraftKings from a daily fantasy site into the digital sports entertainment and gaming company that it is today.
“I’m excited to join Adam’s mission to make Bragg a major player in the gaming space,” Mr. Carter responded. “2020 has been an unbelievably successful year and we are eager to grow the business in the world’s largest gaming market, the U.S. Now is the right time to break into this market, and my priority is to make those connections that will lead to success.”
The current Board Chair of Bragg will now serve on the Board as the Vice-chair and Lead Director.
Oryx Earn-Out Extension
The Company also announces today that it has entered into an amending agreement with K.A.V.O. Holdings Limited, as vendor (the “Oryx Vendor“). Matevž Mazij will remain a Managing Director of Oryx Gaming International and its subsidiaries. The Amending Agreement provides that, among other things, the first earn-out payment of €10.55 million in cash, which was otherwise due to the Oryx Vendor on September 30, 2020 has been extended to January 31, 2021. The second and final earn-out payment owing to the Oryx Vendor with today’s fair market value of €22M will be converted into common shares of the Company by January 31, 2021, with the price of conversion being set in the range of $.68 – $.71, for 45.5M – 47M shares, subject to certain conditions, including the approval of the TSX Venture Exchange.
“I am thrilled to remain committed to the company’s people and operations,” said Mr. Mazij. “With Adam’s leadership and Richard’s expertise and vitality, I’m enthusiastic about the Company’s long-term growth and the continued creation of shareholder value.”
Pursuant to an investor rights agreement to be executed by the Company and the Oryx Vendor upon the satisfaction of certain conditions, the Oryx Vendor will receive nomination rights to appoint up to two additional nominees to the Board. In addition, effective immediately, Matevž Mazij will become an observer to the Board.
About Bragg Gaming Group
Bragg Gaming Group Inc. is a next generation gaming group with cutting-edge technology, leading brands and world-class management expertise, developing into a global gaming force. Formed by a team of gaming industry experts, Bragg’s main portfolio asset is ORYX Gaming, an innovative business-to-business i-gaming platform, product aggregator, casino content, managed sportsbook and managed services provider.
Through this brand and targeted acquisitions, Bragg is focused on becoming a leader within the evolving global gaming industry. Learn more at https://www.bragg.games.
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