UK newspaper publisher Trinity Mirror has completed a major investment in Contagious Gaming and amended a service agreement with the gaming company and its subsidiary, Contagious Sports.
A $6 million (€4.7 million) equity financing arrangement has been completed, with Trinity Mirror subscribing for 625,000 common shares of Contagious Gaming at a price of $0.40 per share.
Trinity Mirror provides Contagious Sports with distribution, sales, and marketing support through its UK newspapers.
“We are delighted that Trinity Mirror has made such a commitment by their investment in Contagious Gaming and to the amendment of our service agreement,” Contagious Gaming chief executive Peter Glancy said.
“The amending agreement not only removes any potential dilution of ownership in our subsidiary, Contagious Sports, but is also a significant endorsement from one of the world’s leading multi-media publisher groups, with over 82 million worldwide internet users.
“Our strengthened alliance, improves both our financial and strategic relationship. As a key partner for ‘Goal Time’, our live in play football lottery sports betting system, we look forward to continuing to work together to build a long and successful relationship.”
Matt Colebourne, director of new businesses at Trinity Mirror, added: “It’s fantastic to see Contagious Sports, a company that we backed as an early start-up in the UK, now a public company with what we believe to be huge potential.
“Our CEO Simon Fox, as part of the his restructuring for future growth of Trinity Mirror, gave the new businesses division the remit to build, partner with and acquire innovative new businesses which will form a major part of our group’s future revenues.
“It’s therefore very rewarding to celebrate Contagious Sports’ success and our future partnership for further succes
source : www.igamingbusiness.com
