Jackpot enters into an Asset Purchase Agreement

Vancouver, British Columbia (FSCwire) - Jackpot Digital Inc. (formerly Las Vegas From Home.com Entertainment Inc.) (the “Company” or “Jackpot”) (TSX-V: JP) (US OTC Pink Sheets: JPOTF) (Frankfurt & Berlin Exchanges: LVH).  The Company is pleased to announce that it has entered into an Asset Purchase Agreement with Multimedia Games Inc. (“MultiMedia”) whereby the Company has agreed to purchase from MultiMedia and MultiMedia has agreed to sell to the Company the assets of the PokerTek business unit of Multimedia, including domain names, inventory, marketing materials, patents, software, trade dress and trademarks.  All licensing contracts with third parties related to the business will also be assigned to the Company.  MultiMedia is a wholly-owned subsidiary of Global Cash Access Holdings Inc. which is listed on the New York Stock Exchange (NYSE: GCA).

The assets and business being acquired by the Company has generated approximately US $3,500,000 during the past 12 months. Pursuant to the Asset Purchase Agreement, the consideration payable to MultiMedia shall consist of a cash component, and a share purchase warrant component.  The cash component shall be US $5,400,000 of which US $2,250,000 shall be payable on Closing, which shall be funded by means of a debenture, and the balance through an earn-out formula which may increase the consideration payable up to US $7,500,000.  The share purchase warrant component shall be the issuance of the Company’s 7,500,000 share purchase warrants exercisable at 20 cents per common share for a period of 5 years. 

The Asset Purchase Agreement is subject to the approval of the TSX Venture Exchange.

President & CEO Mr. Jake Kalpakian states “In addition to being located at land based gaming venues, the electronic tables are used extensively on cruise ships where our mobile games are already played.  By merging the Company’s current proprietary gaming platform with the assets that are being acquired, the Company expects to increase revenues significantly.  Moving forward, we can build unique features and products that synergize between the electronic tables and mobile games, leading to a superior user experience and ultimately increased revenues for the Company.”

The PokerTek business unit develops, manufactures, and markets electronic table games and related products for casinos, cruise lines, racinos and card clubs. The electronic table games are distributed on a recurring revenue participation model, recurring revenue fixed license fee model or as a sale of hardware combined with recurring license and support fees. The products are offered on two electronic table gaming platforms: PokerPro and ProCore. Both PokerPro and ProCore support multiple languages and currencies.

The electronic tables are multi-station gaming devices that facilitate the play of casino games in an efficient and cost-effective manner. The tables fully automate the shuffling, dealing, cash handling, enforcement of game rules, awarding of pots and other aspects of the game. Players view their cards, place bets, and take other actions using individual touch screens. Each table also has a center monitor that allows all players to easily view community information specific to the game being played, such as dealer/house cards, community cards, player bet amounts, pot size and winning hand announcements.

The tables are part of a server-based system, which allows for system security, scalability and data visibility. Getting players into the game is easy, as PokerTek’s products are account-based and utilize a casino player card or PokerTek account card. Players setup a PIN-protected account and perform deposits and withdrawals via a cashier at the system’s Customer Management System (CMS). To get into the game, players swipe their card at the table, enter their PIN and indicate how much money they want to bring to the game. All transactions are tracked, giving operators unparalleled reporting of game statistics, player tracking and financial data. Sophisticated administrative tools give operators control to manage all aspects of the system.

About Jackpot Digital Inc. (formerly Las Vegas From Home.com Entertainment Inc.)

Since 1999, Jackpot has been a reputable provider of innovative gaming software offering a multitude of multiplayer games, including poker and casino, and is committed to bringing an enjoyable experience to players and delivering great results to operators. Our lengthy track record in gaming software development, financial accountability, and cardroom operations have made us one of the leading software developers in the industry.

For more information on the Company, please contact Jake H. Kalpakian, President, at (604) 681-0204 ext 6105, or visit the Company’s website at www.jackpotdigital.com.

On behalf of the Board of
Jackpot Digital Inc.

“Jake H. Kalpakian”
_____________________________
Jake H. Kalpakian
President & CEO

Statements in this news release which are not historical facts are “forward-looking statements” that involve risks and uncertainties.  The reader is cautioned not to place undue reliance on forward-looking statements.

Trading in the securities of the Company should be considered speculative.

The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This news release contains forward-looking information that involve various risks and uncertainties regarding future events. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) the inability to obtain TSX Venture Exchange approval; ii) the inability of the Company to secure the required financing for the acquisition and (iii) other factors beyond the Company’s control.  Actual results and future events could differ materially from those anticipated in such information.

Maximum News Dissemination by FSCwire. http://www.fscwire.com

Copyright © 2015 Filing Services Canada Inc.