MONTREAL, Feb. 22, 2016 /PRNewswire/ - Amaya Inc. (NASDAQ:
AYA; TSX: AYA), through certain subsidiaries, today filed a notice
of appeal of the previously announced December 23, 2015 Kentucky trial court order for
damages against such subsidiaries and posted a US$100 million supersedeas bond to stay
enforcement of the order during the pendency of the appeals
process. The posting of the bond required the delivery of cash
collateral in the amount of US$35
million and letters of credit in the aggregate amount of
US$30 million. Amaya will
continue to vigorously challenge the trial court's order.
In late-January, pursuant to and in accordance with the
procedures set forth in the merger agreement governing the
acquisition of the PokerStars business, a subsidiary of Amaya
submitted a notice of claim to the sellers' representative and
escrow agent seeking indemnification for losses and potential
losses caused by breaches under the merger agreement and
requesting, among other things, that the escrow agent retain the
then-remaining balance of the escrow fund established under the
merger agreement in an aggregate amount equal to approximately
US$300 million. Amaya has since
received a notice from the sellers' representative initially
disputing all claims set forth in Amaya's notice of claim. The
disputed indemnity claims and release of the escrow funds will be
resolved in accordance with the provisions of the merger agreement
and escrow agreement.
There can be no assurance that Amaya's appeal will be successful
or that its notice of claim will result in any amounts in the
escrow fund being remitted to Amaya or that any of Amaya's
estimates of potential losses will reimbursed by the sellers or
otherwise.
About Amaya
Amaya is a leading provider of technology-based products and
services in the global gaming and interactive entertainment
industries. Amaya owns gaming and related consumer businesses and
brands including PokerStars, Full Tilt, BetStars, StarsDraft, the
European Poker Tour, PokerStars Caribbean Adventure, Latin American
Poker Tour and the Asia Pacific Poker Tour. These brands have more
than 100 million cumulative registered customers globally and
collectively form the largest poker business in the world,
comprising online poker games and tournaments, live poker
competitions, branded poker rooms in popular casinos in major
cities around the world, and poker programming created for
television and online audiences. Amaya, through certain of these
brands, also offers non-poker gaming products, including casino,
sportsbook and daily fantasy sports. Amaya has various gaming and
gaming-related licenses or approvals throughout the world,
including from the United Kingdom,
Italy, France, Spain, Estonia, Belgium, Denmark, Bulgaria, Greece, Ireland, Romania, the Isle of
Man, Malta, the State of
Schleswig-Holstein in Germany, the Provinces of Quebec and Ontario in Canada, and the State of New Jersey in the United States.
Cautionary Note Regarding Forward Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 and
applicable securities laws, including, without limitation, certain
expectations and projections related to legal proceedings and
indemnification claims. Forward-looking statements can, but may not
always, be identified by the use of words such as "anticipate",
"propose", "plan", "continue", "estimate", "expect", "may", "will",
"project", "predict", "potential", "targeting", "intend", "could",
"might", "would", "should", "believe", "objective", "ongoing" and
similar references to future periods or the negatives of these
words and expressions. These statements, other than statements of
historical fact, are based on management's current expectations and
are subject to a number of risks, uncertainties, and assumptions,
including market and economic conditions, business prospects or
opportunities, future plans and strategies, projections,
technological developments, anticipated events and trends and
regulatory changes that affect us, our customers and our
industries. Although Amaya and management believe the expectations
reflected in such forward-looking statements are reasonable and are
based on reasonable assumptions and estimates, there can be no
assurance that these assumptions or estimates are accurate or that
any of these expectations will prove accurate. Forward-looking
statements are inherently subject to significant business, economic
and competitive risks, uncertainties and contingencies that could
cause actual events to differ materially from those expressed or
implied in such statements. Applicable risks and uncertainties
include, but are not limited to, those identified under the heading
"Risk Factors and Uncertainties" in Amaya's Annual Information Form
for the year ended December 31, 2014
and in its Management's Discussion and Analysis for the period
ended September 30, 2015, each
available on SEDAR at www.sedar.com, EDGAR at www.sec.gov and
Amaya's website at www.amaya.com, and in other filings that Amaya
has made and may make with applicable securities authorities in the
future. Investors are cautioned not to put undue reliance on
forward-looking statements. Any forward-looking statement speaks
only as of the date hereof, and Amaya undertakes no obligation to
correct or update any forward-looking statement, whether as a
result of new information, future events or otherwise, except as
required by applicable law.
SOURCE Amaya Inc.