Updates
Great Canadian Gaming Announces Second Quarter 2018 Results
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90% INCREASE IN REVENUE. EXPANSION CONTINUES.
COQUITLAM, BC, Aug. 14, 2018 – Great Canadian Gaming Corporation [TSX:GC] (“Great Canadian,” or “the Company”) today announced its financial results for the three month period ended June 30, 2018 (the “second quarter”).
SECOND QUARTER 2018 HIGHLIGHTS
- On May 1, 2018, the Ontario Gaming West GTA Limited Partnership (“OGWGLP”), a partnership in which the Company holds a 55% interest, successfully completed the acquisition of certain gaming assets and leased real property in the West Greater Toronto Area (the “West GTA Gaming Bundle”) for a purchase price of $121.6 million, including working capital of $25.2 million. OGWGLP arranged a 5-year revolving credit facility for the acquisition of the assets, operations and development of the gaming facilities in the West GTA Gaming Bundle, which currently has a total capacity of $285.0 million.
- On June 3, 2018, the Company signed new Operational Services Agreements (“OSAs”) with the British Columbia Lottery Corporation (“BCLC”), which replaced the existing Casino Operating Services Agreements (“COSAs”) and extends the Company’s rights to operate all of its B.C. properties for a minimum 20-year term. Key changes in the new OSAs include increased operating commissions for table games, poker and bingo, as well as a new 5% Facility Investment Commission, which replaced the 3% Facility Development Commission (“FDC”) and 2% accelerated FDC under the former COSAs.
- One Toronto Gaming (“OTG”) (previously referred to as Ontario Gaming GTA Limited Partnership) continues its development plans for its gaming facilities in the GTA Gaming Bundle. In April 2018, OTG received approval from the City of Toronto that will allow expanded gaming at Casino Woodbine and plans to introduce 50 table games and over 500 slot machines, including electronic table games, in the third quarter of 2018. This will be the first time live dealer table games are available within the Greater Toronto Area. The Company anticipates a further addition of 50 table games and over 300 slot machines in the fourth quarter of 2018.
- Revenues of $305.3 million in the second quarter, an increase of 90%, when compared to the same period in the prior year.
- Net earnings of $64.0 million in the second quarter, an increase of 134%, when compared to the same period in the prior year.
- Adjusted EBITDA(1) was $124.6 million for the second quarter, an increase of 98%, when compared to the same period in the prior year.
- Shareholders’ net earnings of $42.0 million or $0.69 per common share in the second quarter, an increase of 57% and 60%, respectively, when compared to the same period in the prior year.
“Our second quarter results reflected a full quarter of operations from the GTA Gaming Bundle and two months of operations from the West GTA Gaming Bundle. Our expanded presence in Ontario and the long term extensions in B.C from the new OSAs secure the Company’s position as the preeminent gaming operator in Canada. Great Canadian is now a much stronger and more diversified company that is well positioned for further growth,” stated Rod Baker, the Company’s President and Chief Executive Officer.
Revenues of $305.3 million and Adjusted EBITDA of $124.6 million increased by 90% and 98%, respectively, in the second quarter, when compared to the same period in the prior year, due to contributions from the acquisitions of the GTA and West GTA Gaming Bundles.
Shareholders’ net earnings for the second quarter increased, when compared to the same period in the prior year, as a result of increased Adjusted EBITDA, partially offset by increases in amortization, business acquisition, restructuring and other, and income taxes, primarily due to the acquisition of the GTA Gaming Bundle and the West GTA Gaming Bundle.
“We are pleased with our early progress on the development plans for the GTA Gaming Bundle,” continued Mr. Baker. “Plans to transform Casino Woodbine into an international casino resort destination are underway. In the interim, Casino Woodbine plans to introduce table games and additional slot capacity in the second half of 2018. Our new offering of table games will help attract and develop our customer base and introduce them to our amazing resort when it is completed in 2021.”
“Included in our GTA Gaming Bundle expansion plans is the development of a second world-class casino resort destination in eastern GTA which is targeted to open in late 2019. In addition, at Great Blue Heron, construction has commenced and the first phase of the expanded casino is scheduled to launch in late 2018. Our plans will transform our facilities into premium tourist destinations for local and international guests that will create new jobs and economic growth in the Greater Toronto Area,” Mr. Baker said.
“After acquiring the West GTA Gaming Bundle on May 1, 2018, we repositioned the former OLG Slots at Mohawk Racetrack, OLG Slots at Flamboro Downs, OLG Slots at Grand River Raceway and OLG Casino Brantford to the Company’s Elements Casino brand. We have significant phased transformations planned for these properties, which include comprehensive interior refreshes, expanded gaming that will introduce live table games to three slot facilities, enhanced food and beverage offerings, and additional premium non-gaming amenities, including hotels and live entertainment venues. We look forward to continue building our businesses in Ontario and create excellent guest experiences as we progress through each phase of these property transformations.”
“Great Canadian remains equally focused on the growth opportunities in the B.C. market. We now have the long-term security required to invest into our B.C. properties to pursue additional revenue opportunities. This includes the former View Royal Casino, now rebranded as Elements Casino Victoria, which hosted a Grand Opening Celebration on May 5, 2018. The new facility doubles the physical size of the former facility, featuring expanded gaming capacity and significantly improved non-gaming amenities.”
“We remain committed to ensuring our operations in all jurisdictions continue to adhere to all regulatory requirements and maintain the highest standards of integrity for our industry. In B.C., we welcomed the release of Dr. Peter German’s independent review of B.C.’s anti-money laundering (“AML”) system on June 27, 2018, which examined B.C.’s gaming industry and provided recommendations to enhance the current AML system. Our Company engaged openly with Dr. German during his review and continues to work collaboratively with regulators and Crown corporations in all jurisdictions we do business in to enhance the AML system as part of our proactive commitment to keep funds from illegal sources out of the gaming industry.”
“At the end of the second quarter, Great Canadian had a cash balance of $495.9 million, available capacity of $346.8 million on its undrawn senior secured revolving credit facility, available capacity of $903.3 million on OTG’s revolving and capital expenditures credit facilities, and $151.0 million on the revolving credit facility of OGWGLP. The comprehensive development plans for the Ontario gaming properties will be supported by their respective partnership’s non-recourse credit facilities, reinvested cash flows from operations, and any partner contributions required. Great Canadian continues to maintain its strong financial position which will support our extensive development plans, particularly in Ontario and B.C. We look forward to finding new opportunities to invest in our properties, while exploring other options to grow our business,” concluded Mr. Baker.
Great Canadian will host a conference call for investors and analysts tomorrow, August 14, 2018, at 2:00 PM Pacific Time in order to review the financial results for the quarter ended June 30, 2018. To participate in the conference call, please dial 416-764-8688, 778-383-7413, or toll free at 1-888-390-0546. Questions will be reserved for institutional investors and analysts. Interested parties may also access the call via the Investor Relations section of the Company’s website, www.gcgaming.com/financials. Investors using the website should allow 15 minutes for the registration and installation of any necessary software. A replay of the call will also be available at www.gcgaming.com/financials.
ABOUT GREAT CANADIAN GAMING CORPORATION
Founded in 1982, Great Canadian Gaming Corporation is a BC based company that operates 28 gaming, entertainment and hospitality facilities in British Columbia, Ontario, New Brunswick, Nova Scotia, and Washington State. Fundamental to the company’s culture is its commitment to social responsibility. “PROUD of our people, our business, our community” is Great Canadian’s brand that unifies the company’s community, volunteering and social responsibility efforts. Under the PROUD program, Great Canadian annually invests over $2.5 million in our communities, and in 2017, over 1,900 charitable organizations were supported by Great Canadian. In each Canadian gaming jurisdiction, a significant portion of gross gaming revenue from gaming facilities is retained by our crown partners on behalf of their provincial government for the purpose of supporting programs like healthcare, education and social services.
Please refer to the Condensed Interim Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”) at www.gcgaming.com (available on August 14, 2018) or www.sedar.com (available on August 15, 2018) for detailed financial information and analysis.
The financial results on the following page are unaudited and prepared by management. Expressed in millions of Canadian dollars, except for per share information.
GREAT CANADIAN GAMING CORPORATION
Financial Highlights
(Unaudited – Expressed in millions of Canadian dollars, except for per share information)
|
Three months ended June 30, |
Six months ended June 30, |
||||||||||||
|
2018 |
2017 |
% Chg |
2018 |
2017 |
% Chg |
||||||||
|
Revenues |
$ |
305.3 |
$ |
161.0 |
90% |
$ |
535.8 |
$ |
303.7 |
76% |
|||
|
Human resources |
90.2 |
54.6 |
65% |
164.7 |
107.2 |
54% |
|||||||
|
Property, marketing and administration |
91.2 |
44.3 |
106% |
158.9 |
86.8 |
83% |
|||||||
|
Share of profit of equity investment(2) |
(0.7) |
(0.7) |
0% |
(1.3) |
(1.3) |
0% |
|||||||
|
180.7 |
98.2 |
84% |
322.3 |
192.7 |
67% |
||||||||
|
Adjusted EBITDA(1) |
$ |
124.6 |
$ |
62.8 |
98% |
$ |
213.5 |
$ |
111.0 |
92% |
|||
|
Adjusted EBITDA as a % of Revenues |
40.8% |
39.0% |
39.8% |
36.5% |
|||||||||
|
Less: |
|||||||||||||
|
Amortization |
21.0 |
14.0 |
37.5 |
28.6 |
|||||||||
|
Share-based compensation |
4.7 |
1.5 |
6.9 |
2.6 |
|||||||||
|
Impairment reversal of long-lived assets |
– |
– |
– |
(0.9) |
|||||||||
|
Interest and financing costs, net |
12.8 |
8.6 |
21.7 |
17.1 |
|||||||||
|
Business acquisition, restructuring and other(2) |
6.9 |
1.5 |
12.4 |
1.3 |
|||||||||
|
Foreign exchange (gain) loss and other |
(0.3) |
(0.1) |
(0.9) |
– |
|||||||||
|
Income taxes |
15.5 |
9.9 |
26.6 |
17.0 |
|||||||||
|
Net earnings |
$ |
64.0 |
$ |
27.4 |
134% |
$ |
109.3 |
$ |
45.3 |
141% |
|||
|
Net earnings attributable to: |
|||||||||||||
|
Shareholders of the company |
$ |
42.0 |
$ |
26.7 |
$ |
71.2 |
$ |
44.5 |
|||||
|
Non-controlling interests |
22.0 |
0.7 |
38.1 |
0.8 |
|||||||||
|
$ |
64.0 |
$ |
27.4 |
134% |
$ |
109.3 |
$ |
45.3 |
141% |
||||
|
Shareholders’ net earnings per common share |
|||||||||||||
|
Basic |
$ |
0.69 |
$ |
0.43 |
$ |
1.17 |
$ |
0.72 |
|||||
|
Diluted |
$ |
0.66 |
$ |
0.43 |
$ |
1.13 |
$ |
0.71 |
|||||
|
Weighted average number of common shares (in thousands) |
|||||||||||||
|
Basic |
61,116 |
61,565 |
61,043 |
61,445 |
|||||||||
|
Diluted |
63,671 |
62,486 |
63,259 |
62,449 |
|||||||||
|
June 30, |
December 31, |
||||||||||||
|
2018 |
2017 |
% Chg |
|||||||||||
|
Cash and cash equivalents |
$ |
495.9 |
$ |
322.3 |
54% |
||||||||
|
Total assets |
$ |
1,642.1 |
$ |
1,171.4 |
40% |
||||||||
|
Long-term debt |
$ |
704.3 |
$ |
482.6 |
46% |
||||||||
|
(1) |
Adjusted EBITDA is a non-IFRS measure as described in the disclaimer section of this press release. |
|
(2) |
In calculating Adjusted EBITDA for the three and six months ended June 30, 2018, “share of profit of equity investment” does not include the loss of $0.5 and $1.1, respectively, relating to the Company’s share of OGWGLP’s transition costs incurred for the West GTA Gaming Bundle prior to the acquisition on May 1, 2018, in which OGWGLP was accounted for as an equity method investee. The loss of $0.5 and $1.1 has been classified under “business acquisition, restructuring and other” instead. |
DISCLAIMER
This press release contains certain “forward-looking information” or statements within the meaning of applicable securities legislation. Forward-looking information is based on the Company’s current expectations, estimates, projections and assumptions that were made by the Company in light of historical trends and other factors. Forward-looking statements are frequently but not always identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “targeted”, “planned”, “possible” or similar expressions or statements that events, conditions or results “will”, “may”, “could” or “should” occur or be achieved. All information or statements, other than statements of historical fact, are forward-looking information, including statements that address expectations, estimates or projections about the future, the Company’s strategy for growth and objectives, expected future expenditures, costs, operating and financial results, expected impact of future commitments, the future ability of the Company to operate the Georgian Downs facility beyond the terms of the signed Ontario Lease Agreement and Ontario Racing Agreements, the impact of conditions imposed on certain VIP players in British Columbia, the impact of unionization activities and labour organization, the Company’s position on its claim against the British Columbia Lottery Corporation (“BCLC”) with respect to the collection of marketing contributions, the Company’s beliefs about the outcome of its notices of objection and subsequent appeals challenging the Canada Revenue Agency’s reassessments and its tax position on its facility development commission prevailing, the terms and expected benefits of the normal course issuer bid, the Company’s expected share of BC horse racing industry revenue in future years, and expectations and implications of changes in legislation and government policies, volatile gaming holds, the effects of competition in the market and potential difficulties in employee retention and recruitment. Such forward-looking information is not a guarantee of future performance and may involve a number of risks and uncertainties.
Although forward-looking information is based on information and assumptions that the Company believes are current, reasonable and complete, they are subject to unknown risks, uncertainties, and a number of factors that could cause actual results to vary materially from those expressed or implied by such forward-looking information. Such factors may include, but are not limited to: terms of existing operational services agreements with lottery corporations; terms of new operational services agreements with lottery corporations; changes to gaming laws that may impact the operational services agreements; pending, proposed or unanticipated regulatory or policy changes (including those related to anti-money laundering legislation or policy that may impact VIP play), volatile gaming holds, the effects of competition in the market; the development of properties in Ontario and transitioning of operations to the Company and affiliates; the Company’s ability to obtain and renew required business licenses, leases, and operational services agreements; unanticipated fines, sanctions and suspensions imposed on the Company by its regulators; impact of global liquidity and credit availability; actual and possible reassessments of the Company’s prior tax filings by tax authorities; the results of the Company’s notices of objection and subsequent appeals challenging reassessments received by the Canada Revenue Agency; the Company’s tax position on its facility development commission prevailing; the results of the Company’s litigation with BCLC; adverse tourism trends and further decreases in levels of travel, leisure and consumer spending; competition from established competitors and new entrants in the gaming business; dependence on key personnel; the timing and results of collective bargaining negotiations and potential labour disruption; adverse changes in the Company’s labour relations; the Company’s ability to manage its capital projects and its expanding operations in jurisdictions where it operates; the risk that systems, procedures and controls may not be adequate to meet regulatory requirements or to support current and expanding operations; potential undisclosed liabilities and capital expenditures associated with acquisitions; negative connotations linked to the gaming industry; the risk associated with partnership relationship; First Nations rights with respect to some land on which the Company conducts operations; future or current legal proceedings; construction disruptions; financial covenants associated with credit facilities and long-term debt; credit, liquidity and market risks associated with our financial instruments; interest and exchange rate fluctuations; demand for new products and services; fluctuations in operating results; economic uncertainty and financial market volatility; technology dependence; and privacy breaches or data theft. The Company cautions that this list of factors is not exhaustive. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. These factors and other risks and uncertainties are discussed in the Company’s continuous disclosure documents filed with the Canadian securities regulatory authorities from time to time, including in the “Risk Factors” section of the Company’s Annual Information Form for fiscal 2017, and as identified in the Company’s disclosure record on SEDAR at www.sedar.com.
The forward-looking information in documents incorporated by reference speaks only as of the date of those documents. The Company believes that the expectations reflected in forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct. Readers are cautioned not to place undue reliance on the forward-looking information. The Company undertakes no obligation to revise forward-looking information to reflect subsequent events or circumstances except as required by law. The forward-looking information contained herein is made as of the date hereof, is subject to change after such date, and is expressly qualified in its entirety by cautionary statements in this press release.
The Company has included non-International Financial Reporting Standards (“non-IFRS”) measures in this press release. Adjusted EBITDA, as defined by the Company, means earnings before interest and financing costs (net of interest income), income taxes, depreciation and amortization, share-based compensation, impairment reversal of long-lived assets, business acquisition, restructuring and other, and foreign exchange (gain) loss and other. Adjusted EBITDA is derived from the consolidated statements of earnings and other comprehensive income, and can be computed as revenues plus share of profit of operating equity investees less human resources expenses, and property, marketing and administration expenses. The Company believes Adjusted EBITDA is a useful measure because it provides information to management about the operating and financial performance of the Company and its ability to generate operating cash flow to fund future working capital needs, service outstanding debt, and fund future capital expenditures. Adjusted EBITDA is also used by investors and analysts for the purpose of valuing the Company. Items of note may vary from time to time and in this press release include pre-opening costs, restructuring severance costs, impairment reversal of long-lived assets, facility development commission revenues previously deferred at Casino Nanaimo, other and the related income taxes thereon.
Readers are cautioned that these non-IFRS definitions are not recognized measures under International Financial Reporting Standards (“IFRS”), do not have standardized meanings prescribed by IFRS, and should not be construed to be alternatives to net earnings determined in accordance with IFRS or as indicators of performance or liquidity or cash flows. The Company’s method of calculating these measures may differ from methods used by other entities and accordingly our measures may not be comparable to similarly titled measures used by other entities or in other jurisdictions. The Company uses these measures because it believes they provide useful information to both management and investors with respect to the operating and financial performance of the Company.
ON BEHALF OF
GREAT CANADIAN GAMING CORPORATION
“Original Signed By Rod N. Baker”
_____________________
Rod N. Baker
President and Chief Executive Officer
GREAT CANADIAN GAMING CORPORATION [TSX:GC]
95 Schooner Street
Coquitlam, BC
V3K 7A8
(604) 303-1000
Website: www.gcgaming.com
SOURCE Great Canadian Gaming Corporation
CONTACT: For enquiries: [email protected] or Ms. Tanya Ruskowski, Executive Assistant to the President and Chief Executive Officer and the Chief Operating Officer, (604) 303-1000; For media enquiries: Mr. Chuck Keeling, Vice-President, Stakeholder Relations and Responsible Gaming, (604) 247-4197
Source: Gambling Industry Press Releases
Everything comes back around in popularity or at least that is what they say. It has happened with vinyl records and now the same is occurring with retro video games. Yes, classic video games have become popular as children of the 1980s and 1990s have grown older and moved into the workforce. But classic games haven’t just become popular to play. People are spending large sums of money on classic games from 20 and 30 years ago and owners who sell the games are making tidy sums. Gamers looking for classic games online can find free casino slot games inspired by retro video games.
Why are classic games popular again?
Classic video games are becoming popular as many older gamers look for a nostalgia factor. Playing games from their childhood brings back memories of yesteryear. Old Nintendo games are a link to the past for many gamers and it is something they don’t want to lose. Nintendo announced in August that it would release a back catalogue of classic games for a new platform. The move will capitalise on the growing number of people looking for older games rather than newer ones. Many older games have inspired online slots which has driven their popularity sky-high.
In addition to personal reasons, today’s mega-blockbuster video games are seen as too violent by many. While video games of the past were an escape from reality, modern games are based – at least loosely – on the problems of the world. From first person shooters to Grand Theft Auto, many older gamers want to play games that don’t reflect reality.
How much are rare video games worth?
A recent study of rare and nostalgic video games from the last 30 years has found a number of old games selling for large sums of money. According to one source, a copy of Nintendo’s Campus Challenge 1991 sells for around $22,000. Amazingly, the now rare game cost just $30 back in 1991. Gamers who had a copy could cash-in on Campus Challenge if they are able to find it. Other rare games selling for big money include the 1988 Sega Megadrive edition of Tetris and Atari’s Air Raid from 1982.
Ultimate 11 is another that is high on the rare games list. According to reports, only 10 copies exist and each goes for $10,000. Kizuna Encounter had only 15 English versions created and is reportedly worth $13,000. One video game collector paid $55,000 for a copy of both games in 2009.
…And then there’s E.T.
In 1982, Atari rushed E.T. the Extra-Terrestrial video game into the marketplace. Atari gave E.T.’s creator just five and a half weeks to develop the game. The company wanted it out in time for Christmas and to reap the rewards of the holiday season. The rushed game was awful and gamers hated it. It barely sold and Atari had warehouses chocked full of E.T. games it couldn’t sell. Unable to move the games and with Atari becoming obsolete by the mid-1980s, the company buried hundreds of thousands of copies of E.T. and other games in the New Mexico desert. Some have been dug up and rare copies of the game have sold for $1,535 at auction. The excavators of the long-lost cartridges found 900 E.T. games in total. After selling them on eBay, the group made $108,000.
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Source: Gambling Industry Press Releases
AUGUST 2018, VALETTA/MALTA, RIGA/LATVIA: Today SoftGamings and EGT Interactive announced partnership, which includes providing the EGT Interactive gaming content on the SoftGamings platform.
SoftGamings is a platform developer, gaming aggregator and i-gaming services provider with over 10 years of experience in the industry. The company’s game providers’ suite is regularly enriched with recognised titles, such as EGT this August.
EGT Interactive brings the 15 years of experience of the EGT’s land-based casino slots to the world of online casino games. More than 150 games are known worldwide in more than 85 countries.
EGT Interactive offers several kinds of game types – slots, table games, card games, Keno and jackpot games. They are available in both desktop and mobile.
The most popularity seem to be enjoyed by EGT classic slots, such as 40 Super Hot, Burning Hot and Extra Stars. All titles feature traditional design with fruit symbols, as it was in the beginning of the slot machine era. There is no ‘Spin’ or similar button – instead of it a player has to press the button with an exact amount of bet, which can be chosen each time new.
Apart from slots, EGT Interactive offers 2 kinds of table games – European Roulette and Lucky Circle, Card games – Four of a Kind Bonus Poker, Joker Poker and Jacks and Better Poker, and also Keno Universe.
The EGT Interactive jackpot is a multilevel system, where every level is marked with a different card suit. The jackpot cards bonus is randomly triggered after a single game is finished.
The EGT Interactive gaming content is already available for integration from the SoftGamings feature-rich platform. Casino operators can add this software to their casino environments via single unified API.
Irina Sazonova, Director of Partnerships at SoftGamings says: ‘I am happy about our new cooperation with the EGT Interactive. It is a recognised provider, which produces a really quality content, which perfectly suits our Slots Bundle and Casino Games Integration offerings.’
As an aggregator, SoftGamings offers several ways of acquiring games – Slots Bundle, Live Casino Bundle and Casino Games Integration. EGT Interactive content is available as a part of Slots Bundle – a package of the best slot providers in the i-gaming industry. It can also be integrated separately or pick up several more providers at operator’s wish.
About EGT Interactive:
EGT Interactive is a Bulgaria-based gaming provider that brings the 15 years of experience of the EGT’s land-based casino slots to the world of online casino games. The company is growing rapidly through constant innovation, consumer-centric approach and top-notch support. Every single aspect of the company’s products is designed in line with the customer needs. The EGT games are based on an attractive Return-to-Player (RTP) strategy, which has proven to increase the player lifetime value.
About SoftGamings:
SoftGamings is a B2B casino platforms provider and gaming systems aggregator. With over 10 years of experience in the industry, SoftGamings provides solutions demanded in the market and develops its own creative solutions – White Label, Turnkey, Self-Service, Bitcoin platform solutions, Bonus System Standalone feature, Sportsbook solution, Slots Bundle, Live Bundle and Casino Games Integration. SoftGamings’ strong IT team can also provide gamification possibilities, which is one of the major industry trends. Products portfolio includes 40+ gaming suppliers with 3000+ games. The company offers live dealer solutions from Evolution Gaming, NetEnt, Ezugi, Authentic Gaming, Lucky Streak etc, slots from NetEnt, Microgaming, BetSoft, Endorphina, Habanero, Booming Games, WorldMatch etc, sportsbook, hosting, licensing and banking services. Over 100 clients use SoftGamings products and services since 2007.
Source: Gambling Industry Press Releases
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Exclusive Interview with Miklos Handa (Founder of the email marketing solutions, “MailMike.net”), speaker at Vienna International Gaming Expo 2018
