VANCOUVER, BC / ACCESSWIRE / November 19, 2018 / Jackpot Digital Inc. (the "Company" or "Jackpot") (TSX-V: JP) (TSX-V: JP. WT) (US OTCQB: JPOTF) (Frankfurt & Berlin Exchanges: LVH1). The Company is pleased to announce that it has entered into an amendment to the previously executed debt settlement agreement (the "New Debt Settlement Agreement") with Everi Games Inc. ("Everi").
Pursuant to the New Debt Settlement Agreement, the Company's current outstanding debt to Everi in the amount of US $3,805,355.29 shall be reduced to U$1,355,355.29 which shall bear simple interest at the rate of 8% per annum and which shall be payable eighteen months after the effective date of the New Debt Settlement Agreement.
In consideration to eliminate and reduce the debt by a total of US$2,450,000 the Company shall grant to Everi 1,000,000 common share warrants in the capital of the Company exercisable at the price of $0.35 per common share for a period of two years, and the Company shall issue to Everi 2,276,225 common shares in the capital of the Company at a deemed price of $0.20 per share. The issuance of the Company's common shares and warrants shall be subject to the approval of the TSX Venture Exchange.
President and CEO Mr. Jake Kalpakian states "This is an extremely positive development as the Company's debt is being significantly reduced, and as a result, it will positively reflect in the Company's financial statements. This transaction alone has eliminated a substantial portion of our long-term debt".
About Jackpot Digital Inc.
Jackpot Digital Inc. is a leading electronic table games manufacturer and mobile gaming provider for the cruise ship industry and regulated casino industry. The Company specializes in multiplayer gaming products, including poker and casino games, which are complimented by a robust suite of backend tools for operators to efficiently control and optimize their gaming business.
For more information on the Company, please contact Jake H. Kalpakian, President and CEO, at (604) 681-0204 ext. 6105, or visit the Company's website at www.jackpotdigital.com.
On behalf of the Board of
Jackpot Digital Inc.
"Jake H. Kalpakian"
_____________________________
Jake H. Kalpakian
President & CEO
Trading in the securities of the Company should be considered speculative.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
Neither the 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 news release.
SOURCE: Jackpot Digital Inc.