Gaming Innovation Group Inc. (GiG) has taken a strategic decision to halt investments in building its proprietary game studio, GiG Games, with immediate effect. The existing proprietary casino games (four) will remain in GiG and continue to be offered to both internal and external operators.
The rationale behind this decision is to reduce OPEX and concentrate focus on key strategic areas, developing the technology and product to enable the full business potential as `The global partner and operator for strong brands in iGaming'. This action will swiftly lead to cash savings building to approximately €250,000 per month once the full effect is realised. Revenues generated from the proprietary games division have been negligible.
The 25 people employed by GiG Games have received termination packages as a consequence of the closure. Three employees are retained to maintain the current game studio until the end of 2019.
GiG started its game studio at the end of 2017, launching its first in-house developed casino game in October 2018. GiG's games IP allows the Company to re-enter the casino games vertical at a later stage should proprietary content be considered strategically more important. GiG will continue to offer casino games to internal and external operators from third party providers.
Richard Brown, acting Chief Executive Officer of GiG commented: "The decision to halt in-house content production is a strategic choice to facilitate full focus and resources on becoming the platform of choice for the iGaming industry. This forms part of recent strategic initiatives taken to reduce non-marketing related OPEX, together with our commitment to execution and bottom line earnings. I would like to thank everyone who has been involved in building our own games for their contribution and dedication to the Company."
For further information, please contact:
Petter Nylander, Chairman of GiG, firstname.lastname@example.org+46 76 525 09 55
Anna-Lena Åström, Head of IR & Corporate Communications email@example.com+356 796 998 48
This information is information that Gaming Innovation Group Inc. (GiG) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, at 12:00 CEST on 23 September 2019.
About Gaming Innovation Group (GiG)
Gaming Innovation Group Inc. is a technology company providing solutions, products and services throughout the entire value chain in the iGaming industry. Founded in 2012, Gaming Innovation Group's vision is `To open up iGaming and make it fair and fun for all'. Through its ecosystem of products and services, GiG is connecting operators, suppliers and users, to create the best iGaming experiences in the world. Gaming Innovation Group operates out of Malta and is dual-listed on the Oslo Stock Exchange under the ticker symbol GIG and on Nasdaq Stockholm under the ticker symbol GIGSEK. www.gig.com
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