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TransGaming in Final Negotiations to Make Acquisition


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Published in Science and Technology on Friday, December 23rd 2011 at 5:42 GMT by Market Wire   Print publication without navigation


December 23, 2011 08:30 ET

TransGaming in Final Negotiations to Make Acquisition

TORONTO, ONTARIO--(Marketwire - Dec. 23, 2011) - TransGaming Inc. (TSX VENTURE:TNG), the global leader in the multiplatform deployment of interactive entertainment, today announced that it is in the late stages of negotiations to acquire the interactive TV assets of a leading games company, including its distribution contracts with service providers and extensive content licenses.

Management expects that a final agreement with respect to the transaction, which is subject to the approval of the TSX Venture Exchange and the consent of a third party, will be reached shortly. It anticipates the closing of the transaction to occur in early January 2012.

In order to sustain its working capital following the closing of the acquisition, TransGaming has also arranged a debt financing of CAD $3.5 million from Best Funds. The loan will carry a 30-month term with a coupon of 16%. In addition, Best Funds will be issued warrants to acquire 2.3 million shares in TransGaming at an exercise price of $0.75. The warrants will expire 2 years after the 30-month term.

TransGaming will provide further details when an agreement is formally reached, the transaction closes and the financing is drawn upon. TransGaming will schedule a conference call for analysts and investors in early January.

About TransGaming Inc.

TransGaming Inc. (TSX VENTURE:TNG), is the global leader in the multiplatform deployment of interactive entertainment. TransGaming works with the industry's leading developers and publishers to enable and distribute games for Smart TV set-top boxes, Mac computers, and Linux/CE platforms. TransGaming is headquartered in Toronto, Canada, with offices in Ottawa and Atlanta. To learn more about TransGaming visit [ www.transgaming.com ].

Forward Looking Statements

Certain statements in this document may constitute "forward-looking" statements, which involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this document, such statements use words like "may", "will", "expect", "continue", "believe", "plan", "intend", "would", "could", "should", "anticipate" and other similar terminology. These statements reflect current assumptions and expectations regarding future events and operating performance and speak only as of the date of this document. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the "Risk Factors" section of the Company's the most recently filed Annual Information Form which is available on SEDAR at [ www.sedar.com ].

Although the forward-looking statements contained in this document are based upon what we believe are reasonable assumptions, we cannot assure investors that our actual results will be consistent with these forward-looking statements. We assume no obligation to update or revise these forward-looking statements to reflect new events or circumstances, except as required by securities law.

Neither 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 release.




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