Turismo
Intertain Announces Fourth Quarter and Fiscal 2015 Financial Results, Commencement of Review to Enhance Shareholder Value, and Board Renewal
TORONTO, ONTARIO--(Marketwired - Mar 9, 2016) - ("Intertain" or the "Company") (TSX:IT)(OTCQX:ITTNF) today announced its financial results for the three month period and year ended December 31, 2015. All amounts are stated in Canadian dollars unless otherwise noted.
Intertain's Board of Directors (the "Board") believes that the Company's share price is misaligned with its fundamental business results. The Board has therefore initiated a process to identify, examine and consider a range of strategic options available to the Company, with the objective of delivering shareholder value. A Special Committee of three directors, David Danziger, John Fielding and Paul Pathak, has been appointed to lead this process. The Special Committee has retained Canaccord Genuity as its financial advisor and Osler, Hoskin & Harcourt LLP as its legal advisor.
The Company has received many expressions of interest in acquiring all or material parts of its business. The Special Committee will consider a broad range of alternatives, including strategic transactions providing for a sale of the Company, one or more business units or partial offers and recapitalizations. Canaccord Genuity has a mandate to continue discussions with current interested parties and to contact a wide range of parties who could have interest in exploring value-creating alternatives.
"As a company, we have delivered quarter after quarter," said John Kennedy FitzGerald, President and CEO of Intertain. "Business results continue to show growing value from the assets that have been acquired. Q4 again demonstrates the quality and performance of Intertain's business segments, and proves that the fundamentals of our business are strong and our prospects are very encouraging. The results show that our business is sound, that our customer base is stable and growing, and that our market position is unchanged - we are the largest online bingo-led operator in the world."
The following represents forward-looking information and users are cautioned that actual results may vary.
Further to the Board renewal process announced in the Company's press release dated February 22, 2016, the Company is pleased to announce the appointment of Jim Ryan as an independent director, effective immediately. Mr. Ryan is currently CEO of Pala Interactive, LLC and brings extensive experience in the online gaming industry, having previously served as Co-CEO of bwin.party digital entertainment plc and as CEO of PartyGaming plc. Mr. Ryan also sits on the boards of Gaming Realms plc and Duke Royalty plc. Mr. Ryan obtained professional qualifications as a Chartered Accountant from the Canadian Institute of Chartered Accountants and a degree in business from the Goodman School of Business at Brock University.
In addition, Intertain is pleased to announce that David Danziger has been appointed Chairman of the Board, effective immediately. "Jim brings a wealth of industry experience and professional qualifications to the Board. This is a strong step in fulfilling our commitment to Board renewal, with highly qualified candidates. We will continue to strengthen the Board with additional new directors before or in connection with our Annual Meeting," said Mr. Danziger.
Stan G. Dunford and Mark Redmond have stepped down as directors of the Company, effective immediately. Intertain would like to thank Messrs. Dunford and Redmond for their hard work and substantial contributions to the Company over the past two years.
The Board has determined to allow the Company's shareholder rights plan agreement dated September 22, 2015 to expire, in accordance with its terms, at the close of business on March 22, 2016.
The financial statements, notes to the financial statements and Management's Discussion and Analysis for the three month period and year ended December 31, 2015 will be available on SEDAR at www.sedar.com as well as Intertain's website at www.intertain.com .
A conference call to discuss Intertain's fourth quarter 2015 results will be held on March 9, 2016, at 5:30pm ET. John Kennedy FitzGerald, President and CEO of Intertain, and Keith Laslop, CFO of Intertain, will host the call. A question-and-answer session will follow the presentation.
To participate, interested parties are asked to dial (647) 788-4919 or (877) 291-4570 10 minutes prior to the scheduled start of the call. A replay of the conference call will be available until March 23, 2016 by dialing (800) 585-8367 or (416) 621-4642 and using reference number 65286941. A transcript will also be made available on Intertain's website.
Intertain is an online gaming holding company that, through its operating subsidiaries, provides entertainment to global consumer base in which such subsidiaries operate. Intertain currently offers bingo-led gaming and casino to its customers using the InterCasino www.intercasino.com , Costa www.costabingo.com , Vera&John www.verajohn.com , Jackpotjoy www.jackpotjoy.com and jackpotjoy.se, and Botemania www.botemania.es brands. For more information about Intertain, please visit www.intertain.com .
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