Investee Company Update: Leap Gaming

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 i s 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 2020¹. 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.

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For further information on the Company please visit  www.seedinnovations.co  or contact:

Ed McDermott Lance de Jersey	SEED Innovations Ltd	E: [e-mail]
James Biddle Roland Cornish	Beaumont Cornish Limited, Nomad	T: (0)20 7628 3396
Isabella Pierre Damon Heath	Shard Capital Partners LLP Broker	T: (0)20 7186 9927
Catherine Leftley Isabelle Morris	St Brides Partners Ltd, Financial PR	E: [e-mail]

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.

 

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