Vancouver, British Columbia–(June 9, 2022) – FansUnite Entertainment Inc. (CSE: FANS) (OTCQX: FUNFF) (“FansUnite” or the “Company”) is pleased to announce its intention to initiate a normal course issuer bid (the “NCIB”) with respect to its common shares (“Shares”) through the facilities of the Canadian Securities Exchange (the “CSE”).
Under the terms of the NCIB, the Company may purchase up to 16,115,728 Shares, representing 5% of the issued and outstanding shares of that class as of the date of this news release, through the facilities of the CSE and other applicable exchanges. The NCIB will commence on June 15, 2022, (the “Commencement Date”) and may extend for a period of up to 12 months from the Commencement Date.
The actual number of Shares purchased under the NCIB, the timing of the purchases, and the price per share will depend on market conditions and shall be in compliance with CSE policy and National Instrument 62-104 Take-Over Bids and Issuer Bids. All purchases by the Company under the NCIB will be made through Research Capital Corporation, as broker dealer of the Company, and all Shares purchased under the NCIB will be canceled.
“We are pleased to commence the NCIB and cancel all shares that will be repurchased,” said Scott Burton, CEO of FansUnite. “The NCIB reflects our confidence in FansUnite’s growth outlook and we would like to showcase to investors that our company is well-capitalized to the extent of having the financial capability to initiate this share repurchasing program.”
The Company proposes to commence the NCIB because it believes that the market price of the Shares may not, from time to time, fully reflect their value and accordingly, the purchase of the Shares would be in the best interest of the Company and an attractive and appropriate use of available funds. It is expected that any purchases made by the Company could also enhance value and liquidity for its shareholders.
About FansUnite Entertainment Inc.
FansUnite is a global sports and entertainment company, focusing on technology related to regulated and lawful online gaming. FansUnite’s one-of-a-kind iGaming platform Chameleon offers operators a full suite of gaming solutions with a sports and esports focus geared for the next generation of online bettors and casino players. Along with providing B2B technology solutions, FansUnite operates multiple B2C brands, such as Scottish sportsbook McBookie and Brazilian esportsbook VamosGG, and produces casino style slot games under its Askott Games subsidiary. FansUnite is the parent company of North American-focused American Affiliate, which operates leading affiliate brands such as Betting Hero, Props.com, Wagers.com and BetPrep.
For further information, please contact:
Prit Singh, Investor Relations at FansUnite
Scott Burton, Chief Executive Officer of FansUnite
Darius Eghdami, President of FansUnite
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that FansUnite anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking statements in this news release include, but are not limited to, the availability of cash for repurchases of outstanding Shares under the NCIB; compliance of third parties with their contractual obligations related to the NCIB; the existence of alternative uses for the Company’s cash resources which may be superior to effecting repurchases under the NCIB; compliance with applicable laws and regulations pertaining to the NCIB; failure to obtain approval of the NCIB from any regulatory authorities or stock exchanges; failure to realize the anticipated benefits of the NCIB; the Company’s strategic objectives, goals, growth strategy and focus including growing revenue and free cash flow through improved operations, accretive acquisitions, internal expansion, integrating and innovating operations and revenue management;.
Forward-looking statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, including, but not limited to, expectations and assumptions concerning: interest and foreign exchange rates; capital efficiencies, cost saving and synergies; growth and growth rates; the success in the online gambling and sports betting industry; the regulatory environment applicable to online gambling and sports betting; the technological infrastructure and support needed to host the Company’s online gambling and sports betting platforms and applications; any cryptocurrency applications to the Company’s business; and the Company’s growth plan. While FansUnite considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; audit-risks; risks associated with the regulatory environments in the jurisdictions the Company operates in; technology-related risks that could adversely affect the Company’s ability to operate its online gambling and sports betting platforms and applications, risks related to the novel coronavirus (COVID-19) global pandemic and any effects it might have on the Company’s business thereto. Readers are cautioned that the foregoing list is not exhaustive. For more information on the risk, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of FansUnite which are available on SEDAR at www.sedar.com. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. FansUnite disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.