Business
Jackpot Enters into a New Debt Settlement Agreement with Everi
VANCOUVER , BC / ACCESSWIRE / August 13, 2019 / Jackpot Digital Inc. (the “Company&#...
About this update from Jackpot Digital Inc.
[{"type":"text","content":"Jackpot Enters into a New Debt Settlement Agreement with EveriVANCOUVER, BC / ACCESSWIRE / August 13, 2019 / Jackpot Digital Inc. (the “Company” or “Jackpot”) (TSX-V:JP)(TSX-V:JP.WT)(OTCQB:JPOTF) (Frankfurt:LVH2). The Company is pleased to announce that effective as of 24 July, 2019, the Company has entered into a Debt Settlement Agreement (the “Agreement”) with Everi Games Inc. (“Everi”) whereby the Company and Everi have agreed that the Principal Amount of US $1,355,355.29 plus all accrued interest which was owed by the Company to Everi pursuant to previous Debt Settlement and Amendment Agreements have now been extinguished in their entirety, in consideration for the Company making an Initial Payment of US $75,000 upon the execution of the Agreement which has already been paid by the Company, and a Final Payment of US $200,000 to be made on or before September 30, 2019. In the event the Company fails to make the Final Payment of US $200,000 to Everi on or before September 30, 2019, then the Principal Amount of US $1,355,355.29 plus all accrued interest, less the Initial Payment of US $75,000, shall become payable by the Company to Everi on April 18, 2020.President & CEO Mr. Jake Kalpakian, states “This is a fantastic development for the Company. We are able to retire a significant portion of our debt for a terrific discount/value. We are very appreciative of Everi’s management as they have been supportive, and we hope, as current shareholders, they will see the long term benefits of our efforts.”The Company announces that Mr. Jake H. Kalpakian has been appointed as the Chairman of the Company in addition to being the President and the Chief Executive Officer of the Company, and Mr. Neil Spellman has been appointed as the Chief Financial Officer of the Company. Mr. Bedo Kalpakian has stepped down from his previous post as the Chairman & CFO but shall remain as a director of the Company until the next annual general meeting of the Company’s shareholders. The Company thanks Mr. Bedo Kalpakian for all his contributions and commitment to the Company.The Company’s non-brokered private placement which was announced on June 7, 2019 has been withdrawn.About Jackpot Digital Inc.Jackpot Digital Inc. is a leading electronic table games manuf...