REG - Seed Innovations Ltd - Investee Company Update: Leap Gaming

Seed InnovationsAnnouncement

24/05/2022 07:16

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220524:nRSX5164Ma&default-theme=true

RNS Number : 5164M  Seed Innovations Limited  24 May 2022

Seed Innovations Ltd / AIM: SEED / Sector: Closed End Investments

24 May 2022

SEED Innovations Limited ("SEED" or the "Company")

Investee Company Update: Leap Gaming

 

SEED Innovations Limited, the AIM quoted company investing in fast growing and
industry leading businesses with a focus on the medical cannabis, health and
wellness space is pleased to note the granting of a content supply license by
the United Kingdom Gaming Commission ("UKGC") to investee company Fralis LLC,
trading as Leap Gaming ("Leap"), an Israel based B2B developer of high-end 3D
gaming applications whose games are offered by leading online and retail
gaming operators worldwide.

 

Seed has a total amount of approximately £4.7M invested in Leap as at the
last balance sheet date (comprised of circa £633K (€733K) by way of
convertible loan notes and £4.07M in equity), representing approximately
43.75% of Leap (on a fully diluted basis).

 

The long-awaited content supply license is a significant milestone for Leap,
allowing it to access the lucrative UK gaming market, which, according to the
Gambling Commission, the regulated gambling industry in Great Britain
generated a gross gambling yield ("GGY") of £14.1bn during the period April
2019 to Mar 2020(1). The license is expected to unlock a great number of
immediate opportunities for Leap for its existing content portfolio through
its current estate and immediate pipeline. The UKGC license is added to the
other recent licenses obtained by Leap in Sweden, the Netherlands, Romania,
South Africa and Greece.

 

Ed McDermott, CEO of SEED, commented: "We are extremely pleased to see the UK
license finally awarded to one of our long-term investments, Leap. We feel
this key milestone was critical before any liquidity event for Leap's
shareholders. The board of Seed and I want to congratulate the team at Leap
for their hard work and patience to get to this point. I will continue to work
tirelessly alongside Yariv and the board to see through a public listing".

 

Yariv Lissauer CEO of Leap commented: "We are delighted and honoured to have
been granted the UKGC supply license. The UK is a very important territory for
Leap as it is one of the prime gaming markets in the world. The UK is a key
benchmark and a trendsetter for most of the gaming jurisdictions globally and
serves as a hotbed of innovation. Moreover, the UK is also within the
footprint of many of our live and contracting partners, and we look forward to
roll-out our content there shortly".

About Leap Gaming

Leap is a developer of high-end virtual-sports, slots, and casino applications
serving hundreds of gaming brands and generating tens of thousands of
engagement points with end-users. Leap's attention to detail in its solutions
and services is manifested in the modular engagement terms it offers to its
operating partners and its ability to provide seamless experiences across
mobile, desktop and retail environments. Leap is licensed by the MGA and
certified for other jurisdictions worldwide.

 

(1)
(https://assets.ctfassets.net/j16ev64qyf6l/5kppmI7mTc1Rq5OnKbpJAB/d8787d639723d1d38b0618793e978693/Industry_Statistics_November_2021.pdf
(https://assets.ctfassets.net/j16ev64qyf6l/5kppmI7mTc1Rq5OnKbpJAB/d8787d639723d1d38b0618793e978693/Industry_Statistics_November_2021.pdf)
)

( )

***ENDS***

 

For further information on the Company please visit www.seedinnovations.co
(http://www.seedinnovations.co/)  or contact:

 

 

 Ed McDermott       SEED Innovations Ltd                 E: info@seedinnovations.co

 Lance de Jersey
 James Biddle       Beaumont   Cornish   Limited,        T: (0)20 7628 3396

 Roland Cornish     Nomad
 Isabella Pierre    Shard Capital Partners LLP           T: (0)20 7186 9927

 Damon Heath        Broker
 Catherine Leftley  St Brides Partners Ltd,              E: info@stbridespartners.co.uk

 Isabelle Morris    Financial PR

 

 

Notes

SEED Innovations is an AIM quoted investment company focused primarily on
disruptive high growth life sciences and technology businesses particularly
within the medical cannabis arena. The Company's strategy is to identify
early-stage opportunities that have an upcoming investment catalyst and grow
its portfolio in terms of value whilst limiting the number of investee
companies to a level where relevant time can be devoted to each.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCBIGDUCDDDGDX