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Pin to quick picksSeed Regulatory News (SEED)

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Investee Company Update: Leap Gaming

24 May 2022 07:00

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 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.

 

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

 

***ENDS***

 

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

 

 

Ed McDermott

Lance de Jersey

SEED Innovations Ltd

E: info@seedinnovations.co 

 

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: info@stbridespartners.co.uk

 

 

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 or visit 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.
 
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