GameLogic Receives $3 Million in Debt Financing
December 17, 2008
GameLogic announced that it
has received $3.0 million of debt financing from Velocity Financial Group,
Inc., a leading specialty finance company that serves middle-market and
venture-backed companies.
GameLogic
uses popular Internet-based game content to help casinos attract new players
and interact with existing players while they are off property, materially
increasing casino property visitation. The Company's award-winning,
regulatory-compliant, PlayAway™ system is operating successfully at regulated
casinos across the United
States.
"Our
ability to proactively raise debt on favorable terms in these turbulent
economic times is a testament to our solid business model and the tremendous
opportunity to leverage the popularity of Internet games in the regulated US
gambling markets," said John E. Taylor, Jr., president and chief executive
officer of GameLogic. "We are pleased that Velocity engaged us and that we
were able to form this mutually beneficial relationship."
In
commenting on the current condition of the casino industry, Taylor went on to
say that "Casino marketers are experiencing unprecedented economic
challenges that require a complete rethink of marketing to existing players and
finding new ones. Our products provide a solution to this challenge: low cost,
efficient and entertaining ways for casinos to boost their marketing
efforts."
"Given
the current economic environment, we are extremely selective with whom we
provide capital," said JP Marchette, Principal at Velocity Financial
Group. "We saw a tremendous opportunity in GameLogic with their business
model, and ability to enable their customers to monetize their existing assets
via a unique proprietary platform that has the potential to be adopted across
an entire industry."
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