Contagious Gaming announces definitive agreement to acquire Digitote

The company will purchase all of the shares of Digitote for a purchase price of C$7,1500,000. The Purchase Price shall be satisfied as follows:

Share consideration of C$4,004,000 (EUR2,800,000) to be satisfied by the issuance of new Contagious Gaming shares at a price per share of $0.50 for a total of 8,008,000 shares.

Earn-out consideration of 1x EBITDA (subject to certain adjustments) for each of the four years following the closing of the Acquisition up to a cumulative total of EUR2,200,000 (C$3,146,000)

Digitote is being acquired free of any long term debt and shall be delivered with positive working capital.

"We are delighted to announce that we have entered into a definitive agreement to Acquire Digitote which expands and enhances our sports betting offering. The Acquisition enables us to provide our existing and new customers with a fixed odd sports betting platform alongside Goal Time. Digitote's software has a 30-year history as an extremely robust sports betting platform with a proven track record of handling over $10 billion of web, mobile and land-based wagers throughout Europe," said Peter Glancy, CEO and Director.

Guenter Boyks, CEO of Digitote, remarked: "We are excited to move forward in our growth plan with Contagious Gaming. The combined synergies offer huge potential with significant opportunities to expand into international markets and grow the combined entities revenues."