Welcome!

PHP Authors: Liz McMillan, Carmen Gonzalez, Hovhannes Avoyan, Lori MacVittie, Trevor Parsons

News Feed Item

TransGaming Reports 2012 Annual Financial Results

Annual revenues increase 22% to more than $6 million

TORONTO, ONTARIO -- (Marketwire) -- 08/29/12 -- TransGaming Inc. (TSX VENTURE:TNG) ("TransGaming" or the "Company") today reported its fourth quarter and fiscal 2012 results and sent notice of its Annual General Meeting of Shareholders, to be held September 25, 2012, at TransGaming's head office in Toronto. The Company's audited consolidated financial statements for the year ended May 31, 2012, Management's Discussion and Analysis, and Annual Information Form, together with the Notice of Meeting and Information Circular have been filed and are available on SEDAR at www.sedar.com.

Highlights

--  The Company acquired the iTV assets of Oberon Media Inc. to strengthen
    and accelerate its market opportunity with GameTree(TM) TV. The
    acquisition brings distribution agreements with several cable,
    satellite, iTV service providers and leading Smart TV manufacturers. 
    
--  During fiscal 2012, the Company added the following distribution
    channels: DISH Network, DIRECTV, Reliance, AirTel, and Select-TV. The
    Company also announced new distributions, one with a major US telco and
    one with an East Asian operator. 
    
--  Annual revenue was $6.2 million, up over 22% from 2011 with annual gross
    margins of more than 60%. 
    
--  Q4 represented a record quarter with $2.4 million in revenue. 
    
--  As part of the iTV acquisition from Oberon, the Company now has licenses
    to major brands for the delivery of games to the connected TV market
    upon which it is building highly engaging connected TV experiences. 
    
--  Multi-screen support was integrated into GameTree TV to create a more
    comprehensive game play experience for consumers and to deliver new
    forms of games with unique and innovative interactions. The first major
    title to showcase this innovative interaction and immersive experience
    is World Poker Tour®, which will be released this fall on GameTree TV.
    
--  Using its Cider technology, the Company enabled some of this year's top
    gaming titles including Skylanders Spyro's Adventure(TM), FIFA Soccer
    12(TM), Darkness II(TM), the RockStar's Grand Theft Auto(TM) franchise,
    Disney-Pixar's BRAVE: The Video Game(TM), and released its own title
    KULA BLOX. 
    
--  The Company announced support for MIPS® Technologies based set-top
    boxes, which increases the GameTree TV addressable market. 

Management Discussion

Commenting on the results, Mr. Vikas Gupta, Chief Executive Officer and President of TransGaming stated, "This last year has been, perhaps, the most transformational in the history of the Company. We have seen both incredible business success and frustrating volatility in the capital markets. In the midst of numerous positive developments, we have also required much patience. While we found ourselves slightly ahead of the curve, our expectations remain high that the connected TV industry will continue to expand rapidly and we are seeing this trend take shape now. We believe TransGaming's business model is solid, our GameTree TV platform to be leading edge, and expect this business will prove itself in the current fiscal year and beyond. As this massive growth opportunity ahead of us materializes, we expect our established products will continue to perform well as is reflected in our record fourth quarter."

Mr. Gupta concluded, "We see amazing promise as we look to the future and this is an exciting time for innovators such as TransGaming. We are working hard to define the next generation connected living room experience and we are at the nexus of what I believe will be explosive growth in the Connected TV and gaming marketplace. Fiscal 2012 enabled us to establish a strong foundation, including new MSOs that are imminently coming online, which should bode well for our Company in fiscal 2013."

Conference Call Details

TransGaming will hold a conference call at 10:00 a.m. ET on August 30th, 2012 to review the fourth quarter and 2012 results. The telephone number for the conference call is 416-340-2216. The call will be recorded and a digital replay will be available on the Company's Investor Relations portion of its website at: http://transgaming.com/investor-relations.

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.

FORWARD-LOOKING STATEMENTS

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.

Contacts:
TransGaming Inc.
Dennis Ensing
Chief Financial Officer
+1 416 979-9900 x321
[email protected]

TransGaming Inc.
Jean-Francois (JF) Dube
Investor Relations - Canada
+1 877 848 8790
[email protected]
www.transgaming.com

Wolfe Axelrod Weinberger Associates LLC
Adam P. Lowensteiner
Investor Relations - United States
+1 212 370 4500
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

IoT & Smart Cities Stories
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
The standardization of container runtimes and images has sparked the creation of an almost overwhelming number of new open source projects that build on and otherwise work with these specifications. Of course, there's Kubernetes, which orchestrates and manages collections of containers. It was one of the first and best-known examples of projects that make containers truly useful for production use. However, more recently, the container ecosystem has truly exploded. A service mesh like Istio addr...
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...
To Really Work for Enterprises, MultiCloud Adoption Requires Far Better and Inclusive Cloud Monitoring and Cost Management … But How? Overwhelmingly, even as enterprises have adopted cloud computing and are expanding to multi-cloud computing, IT leaders remain concerned about how to monitor, manage and control costs across hybrid and multi-cloud deployments. It’s clear that traditional IT monitoring and management approaches, designed after all for on-premises data centers, are falling short in ...
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Dynatrace is an application performance management software company with products for the information technology departments and digital business owners of medium and large businesses. Building the Future of Monitoring with Artificial Intelligence. Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more busine...