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    GAN   BMG3728V1090

GAN LIMITED

(GAN)
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GAN : Announces Multi-Year Agreement with Incredible Technologies for Exclusive U.S. Online Rights to Leading Casino Portfolio

06/17/2021 | 08:04am EDT

Second major agreement for exclusive content solidifies GAN platform's industry leadership and operations across all U.S. iGaming States for multiple clients

GAN Limited (the "Company" or "GAN") (NASDAQ: GAN), a leading full-service internet gaming software-as-a-service provider to the real money internet gaming, online sports betting, and simulated gaming industries, today announced it has reached an agreement with Illinois-based Incredible Technologies, Inc. ("Incredible Technologies" or "IT") to obtain the exclusive online rights to all current and future Incredible Technologies' online games, which will grow to over 110 games during the term of the contract.

Incredible Technologies is a leading designer and manufacturer of U.S. electronic gaming machines with evergreen slot machines such as Crazy Money® and Money Rain® present on the majority of retail casino gaming floors across America and available online in New Jersey since 2014 and 2016, respectively.

For GAN, this deal adds to the content acquisition strategy devised to increase the Company's overall 'take rate' on B2B Gross Operator Revenue derived from iGaming as well as securing a fast-growing share of existing iGaming revenues from B2C Operators who are not already clients of GAN. GAN will immediately begin deriving online content licensing fees from Incredible Technologies' existing online operations in New Jersey. As a result of this long-term deal, GAN's combined exclusive online slot partners content represented approximately 7% of all slots sold in the U.S during 2020.

For IT, which possesses a strong library of proven casino games and other out-of-home entertainment games in tens of thousands of establishments, this deal enables them to work with a single long-term partner with an existing major online distribution network in the U.S. while focusing resources to increase their online portfolio rapidly. IT will provide GAN's Platform and Super RGS clients with an exclusive and substantial portfolio of online casino slot gaming experiences today and over the coming years. IT will now distribute their entire online games library only through the GAN's Platform or Super RGS in the U.S.

Jeff Berman, Chief Commercial Officer of GAN, commented:

"We welcome this partnership with Incredible Technologies as another validation of our market-leading presence in the regulated intra-State markets of America. Today's announcement is another exciting step toward building upon our strategy of establishing exclusive online access rights to the most popular retail U.S. slot games. Few content providers in the U.S. market have established a reputation for innovation and creativity as well as the operational excellence of Incredible Technologies. The popularity of IT's slot games, including the player-favorite Ultra Rush themes, will be a critical addition to our portfolio as we commit ourselves to becoming a leading provider of exclusive online content."

Daymon Ruttenberg, SVP of Gaming of Incredible Technologies, added:

"Our partnership with a proven and premier partner like GAN advances the online U.S. distribution of our leading portfolio of gaming content. Since our company's founding, we have been committed to creating innovative and exciting ways to engage players with new technologies and capabilities. We know that GAN shares this commitment, and we look forward to bringing new online experiences to our players through GAN's extensive online distribution network. Together, we will be drivers of the U.S. iGaming market as it continues to grow."

About GAN Limited

GAN is a leading business-to-business supplier of internet gambling software-as-a-service solutions predominantly to the U.S. land-based casino industry. Coolbet, a division of GAN, is a market-leading operator of proprietary online sports betting technology with market leadership positions in selected European and Latin American markets. GAN has developed a proprietary internet gambling enterprise software system, GameSTACK™, which it licenses to land-based casino operators as a turnkey technology solution for regulated real money internet gambling, encompassing internet gaming, internet sports gaming, and virtual Simulated Gaming. Additional information about GAN can be found online at www.GAN.com.

About Incredible Technologies

Incredible Technologies (IT) is an amusement and gaming manufacturer focused on delivering compelling entertainment to casino floors and amusement locations across the world. The company headquarters are located in the Chicago suburb of Vernon Hills, IL, with remote offices in Lincolnshire, IL, and Las Vegas. IT products represent the very best in innovation, serviceability, and entertainment. IT is the largest manufacturer of coin-operated video games in the United States, with its flagship product, Golden Tee® Golf, recognized as the most successful pay-to-play video game in history. Since their introduction to casino floors in 2011, IT slots have been become known for their industry-leading and award-winning innovation. Incredible Technologies is an associate member of the National Indian Gaming Association, California Nations Indian Gaming Association, Washington Indian Gaming Association, American Gaming Association, Association of Gaming Equipment Manufacturers, and is a certified Women's Business Enterprise.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding future business opportunities as well as statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate" and similar statements of a future or forward-looking nature. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties, and other important factors that may cause actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.


ę Business Wire 2021
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Financials (USD)
Sales 2021 129 M - -
Net income 2021 -8,46 M - -
Net cash 2021 55,8 M - -
P/E ratio 2021 -78,6x
Yield 2021 -
Capitalization 662 M 662 M -
EV / Sales 2021 4,70x
EV / Sales 2022 3,30x
Nbr of Employees 245
Free-Float 86,8%
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Number of Analysts 4
Last Close Price 15,94 $
Average target price 25,75 $
Spread / Average Target 61,5%
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Managers and Directors
Dermot Stopford Smurfit President, Chief Executive Officer & Director
Karen Flores Chief Financial Officer, Director & Executive VP
Seamus M. McGill Non-Executive Chairman
Simon Knock Chief Information Officer & Executive VP
Donald Ryan Chief Operating Officer & Executive VP
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