May 12, 2016 – Coquitlam, BC – Great Canadian Gaming Corporation [TSX:GC] (“Great Canadian” or the “Company”) announces that at its annual general and special meeting of shareholders held on May 10, 2016 (the “Meeting”), all directors nominated as listed in the information circular dated March 23, 2016 were elected. The detailed results are as follows:
Category Archives: IR Press Releases
GREAT CANADIAN GAMING ANNOUNCES FIRST QUARTER 2016 RESULTS
May 9, 2016 – Coquitlam, BC – Great Canadian Gaming Corporation [TSX:GC] (“Great Canadian,” or “the Company”) today announced its financial results for the three month period ended March 31, 2016 (the “first quarter”).
FIRST QUARTER 2016 HIGHLIGHTS
- Revenues of $130.9 million in the first quarter, a 20% increase when compared to the same period in the prior year.
- Adjusted EBITDA(1) of $43.5 million in the first quarter, a 6% increase when compared to the same period in the prior year.
- Adjusted shareholders’ net earnings(1) of $12.1 million in the first quarter, compared to $16.9 million for the same period in the prior year.
- On January 11, 2016, a partnership in which the Company owns a 90.5% interest completed the acquisition of the first bundle in the Ontario Gaming Modernization Process. The two properties acquired in this bundle were collectively rebranded as Shorelines Casinos.
- Construction is underway on a new Shorelines Casino in Belleville, Ontario. The Company anticipates completing construction of this property by the conclusion of the first quarter of 2017.
GREAT CANADIAN GAMING TO REPORT FIRST QUARTER 2016 RESULTS ON MAY 9
April 26, 2016 – Coquitlam, BC – Great Canadian Gaming Corporation [TSX:GC] (“the Company”) announced today that it will release its financial results for the three month period ended March 31, 2016 after market close on May 9, 2016. The Company will also host a conference call on May 10, 2016 at 5:30 AM Pacific, at which time management will both review the financial results and discuss the progress of the business.
GREAT CANADIAN GAMING TO MODIFY ADVANCE NOTICE PROPOSAL AT SHAREHOLDERS MEETING
April 22, 2016 – Coquitlam, BC – Great Canadian Gaming Corporation [TSX:GC] (“Great Canadian” or “the Company”) announces that it will make minor modifications to its advance notice provision (“Advance Notice Provision”) proposal scheduled for a vote at the May 10, 2016 annual general and special meeting of shareholders (the “Meeting”). Continue reading
GREAT CANADIAN GAMING ANNOUNCES RESIGNATION OF CHIEF FINANCIAL OFFICER
April 12, 2016 – Richmond, BC – Great Canadian Gaming Corporation [TSX:GC] (“Great Canadian” or “the Company”) announced today that Mr. Kiran Rao has resigned as the Company’s Chief Financial Officer. His resignation, which is for personal reasons, is effective in 90 days. The Company will be seeking a suitable candidate to replace Mr. Rao.
GREAT CANADIAN GAMING ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID
March 9, 2016 – Richmond, BC – Great Canadian Gaming Corporation [TSX:GC] (“Great Canadian,” or “the Company”) announced today its intention to renew a normal course issuer bid for up to 5, 312, 609 of its common shares, representing approximately 10% of the Company’s common shares in the public float. Purchases will be made subject to opportunities within the market.
GREAT CANADIAN GAMING ANNOUNCES FOURTH QUARTER AND ANNUAL 2015 RESULTS
March 9, 2016 – Richmond, BC – Great Canadian Gaming Corporation [TSX:GC]
(“Great Canadian,” or “the Company”) today announced its financial results for both
the three month period “the fourth quarter”) and the twelve month period (“2015,” or. “the full year”) ended December 31, 2015.
FOURTH QUARTER AND 2015 HIGHLIGHTS
- -Revenues of $121.1 million for the fourth quarter and $453.8 million for the full year, increases of 5% and 2% respectively, when compared to the same periods in the prior year.
- -Adjusted EBITDA(1) of $45.1 million in the fourth quarter and $180.6 million for the full year.
- -Shareholders’ net earnings of $17.6 million in the fourth quarter and $74.6 million for the full year.
- -On October 1, 2015, acquired Casino New Brunswick for cash purchase price of $97.3 million.
- On December 17, 2015, the redevelopment of Fraser Downs Racetrack and Casino in Surrey, B.C. was completed and the property was re-launched as Elements Casino.
- Repurchased and cancelled 1.9 million common shares of the Company at an average price of $15.97 during the fourth quarter.
- Subsequent to the conclusion of the fourth quarter, on January 11, 2016, a partnership in which the Company now owns a 90.5% share completed the acquisition of the first bundle in the Ontario Gaming Modernization Process.
- During the fourth quarter of 2015, partnerships in which the Company holds an interest were notified by Ontario Lottery and Gaming Corporation (“OLG”) that they were pre-qualified to submit a Request for Proposal (“RFP”) for two or more of the OLG’s Request for Pre-Qualifications (“RFPQ”) submissions: Gaming Bundle 4 (Southwest) (the “Southwest Gaming Bundle”) and Gaming Bundle 5 (GTA) (the “Greater Toronto Area Gaming Bundle”).
GREAT CANADIAN GAMING TO REPORT FOURTH QUARTER AND ANNUAL 2015 RESULTS ON MARCH 9, 2016
February 2, 2016 – Richmond, BC – Great Canadian Gaming Corporation [TSX:GC] (“the Company”) announced that it will release its financial results for the three and twelve month periods ended December 31, 2015 after the market close on March 9, 2016. The Company will also host a conference call on that date at 2:00 PM Pacific, at which time management will both review the financial results and discuss the progress of the business. The following senior management will be available to answer analyst and investor questions:
-Mr. Rod N. Baker, President & Chief Executive Officer
-Mr. Kiran S. Rao, Chief Financial Officer
-Mr. Terrance Doyle, Chief Operating Officer
The fourth quarter and annual 2015 results press release, consolidated financial statements, management’s discussion and analysis, and annual information form will be available on the Company’s website, www.gcgaming.com, on March 9, 2016 after 1:10 PM Pacific. This information will also be available on www.sedar.com on March 10, 2016.
The conference call may be accessed via the Investor Relations section of the Company’s website, www.gcgaming.com. The conference call may also be accessed by dialing 416-764-8688, 778-383-7413 or toll free at 888-390-0546 (Passcode: 50216403). Questions will be reserved for analysts and institutional investors.
Following completion of the call, a replay will be available via the Company’s website, www.gcgaming.com.
ABOUT GREAT CANADIAN GAMING CORPORATION
Great Canadian Gaming Corporation is a Canadian based company that operates gaming, entertainment and hospitality facilities in British Columbia, Ontario, New Brunswick, Nova Scotia, and Washington State. The Company has 19 gaming properties, which consists of twelve casinos, including two with a four Diamond resort hotel, four horse racetrack casinos and three community gaming centres. A key element of Great Canadian’s business model is its commitment to social responsibility. PROUD of our people, our business, our community is Great Canadian’s brand that unifies the Company’s community, volunteering and social responsibility efforts. Under the PROUD program, Great Canadian annually invests over $2 million in our communities, and in 2014, over 1,200 charitable organizations were supported by Great Canadian. In each Canadian gaming jurisdiction, a significant portion of gross gaming revenue from gaming facilities goes back directly to provincial governments for the purpose of supporting programs like healthcare, education and social services.
Great Canadian Gaming Corporation
95 Schooner Street
Coquitlam, BC
V3K 7A8
(604) 303-1000
Website: www.gcgaming.com
For investor enquiries:
Email: ir@gcgaming.com
or
Ms. Tanya Ruskowski
Executive Assistant to the President & Chief Executive Officer and the Chief Financial Officer
(604) 303-1000
For media enquiries:
Mr. Chuck Keeling
Vice-President, Stakeholder Relations and Responsible Gaming
(604) 247-4197
GREAT CANADIAN GAMING COMPLETES ACQUISITION OF FIRST CASINO BUNDLE IN ONTARIO GAMING MODERNIZATION PROCESS
January 11, 2016 – Richmond, BC – Great Canadian Gaming Corporation [TSX:GC] (“Great Canadian” or “the Company”) announced today that Ontario Gaming East Limited Partnership (“Ontario Gaming East LP” or “the Partnership”), a partnership in which the Company now owns a 90.5% share, completed its previously announced (September 9, 2015) acquisition of Ontario Lottery and Gaming Corporation’s (“OLG’s”) Gaming Bundle 2 (East) (the “East Gaming Bundle”) for a purchase price of $51.3 million including certain gaming assets, working capital of approximately $12.3 million, and applicable taxes arising from the transaction. The existing gaming properties acquired within the East Gaming Bundle consist of Shorelines Casino Thousand Islands (formerly OLG Casino Thousand Islands), Shorelines Slots at Kawartha Downs (formerly OLG Slots at Kawartha Downs), and a proposed gaming property in the community of Belleville.
With the acquisition complete, the Partnership signed a 20-year casino operating and services agreement (“COSA”) with OLG, which is also renewable at OLG’s option for additional consecutive terms of 10 years each. Under the COSA, the Partnership will provide OLG a pre-established, guaranteed annual gaming revenue threshold amount plus 30% of gross gaming revenue above the pre-established gaming revenue threshold for each year. The Partnership will receive an annual service provider fee comprised of (i) a guaranteed base fixed fee component (which will be approximately $ 15 million per year before the Belleville facility is opened, increasing to $24 million per year thereafter), (ii) a variable component equal to 70% of gross gaming revenue above the applicable pre-established annual gaming revenue threshold retained by OLG, and (iii) a fixed amount for permitted capital expenditures. The Partnership will also retain all non-gaming revenues generated by the facilities including those from food and beverage and entertainment offerings.
During the twelve months ended September 30, 2015, the pro forma normalized EBITDA that Ontario Gaming East LP would have earned from operating the existing Thousand Islands Casino and Slots at Kawartha Downs, assuming both that the new COSA had then applied as well as an estimate for the Partnership’s East Gaming
Bundle management and administration expenses, is in the range of $16 to $17 million. These results, in addition to the guaranteed revenue payments owed to OLG, are expected to increase in the first quarter of 2017, when the new Belleville facility is expected to reach completion and are dependent on the realization of property development plans and revenue growth plans each of which may actually deviate from current expectations.
On completion of the acquisition from OLG, Ontario Gaming East LP had approximately $30 million in partner capital contributions and a $60 million revolving credit facility arranged on a non-recourse basis to Great Canadian and the minority partner’s parent company. The acquisition was funded with $16.3 million of cash from partners’ capital and $35 million of debt borrowed on the revolving credit facility. The Partnership also issued a $15 million letter of credit to OLG to secure performance under the COSA, which further reduced the available borrowing capacity on the revolving credit facility. In addition to both the cash from initial partner capital contributions remaining subsequent to the acquisition and the last $10 million of liquidity under the revolving credit facility, the partners expect to increase their capital contributions as the Partnership completes its development plans at each of its East Gaming Bundle properties.
Great Canadian will manage the property developments and operations of the Partnership through a facility development services agreement and a management services agreement. The Company will earn associated fees for providing these services.
“Over the last four months, we have worked very closely with OLG to ensure that the transition process is complete and successful for all stakeholders. We are excited about delivering great entertainment amenities and memorable experiences to our guests, welcoming our new colleagues, and becoming an active community participant in the Eastern Ontario region,” said Andy LaCroix, Executive Director, Ontario Operations, Ontario Gaming East LP.
“Great Canadian is pleased to now own 90.5% of its Ontario Gaming East LP subsidiary, an increase from the previous 50.1% share it held,” said Rod N. Baker, the Company’s President and Chief Executive Officer. “We were already managing the day-to-day operations and property development plans of our subsidiary, so this was a great opportunity to increase our economic interest in an already exciting investment opportunity. The additional 40.4% of partnership units were obtained on the same economic terms as the Company invested for its original 50.1% share.”
“It is an honour to be the first private sector owner and operator under OLG’s Gaming Modernization Program,” concluded Mr. Baker. “We thank OLG for this opportunity and are looking forward to future opportunities to collaborate with OLG through the ongoing modernization of gaming in the Province.”
Great Canadian Gaming – Completes Acquisition of First Casino Bundle in Ontario Gaming Modernization Process Ontario Gaming East LP, in which Great Canadian Gaming Corporation owns a majority share, was selected as the successful proponent by the Ontario Lottery and Gaming Corporation to own and operate gaming facilities in OLG’s Gaming Bundle 2 (East) (East Gaming Bundle). The East Gaming Bundle contains three gaming zones. The first gaming zone includes the Township of Cavan Monaghan, the City of Peterborough and surrounding areas, and is currently served by OLG Slots at Kawartha Downs. The second gaming zone includes a new build opportunity to service the City of Belleville and surrounding areas. The third gaming zone includes the Town of Gananoque, the Township of Leeds and the Thousand Islands, the City of Kingston and surrounding areas, and is currently served by OLG Casino Thousand Islands.
While Ontario Gaming East LP is responsible for the day-to-day gaming operations in the East Gaming Bundle, OLG will continue to:
-Conduct and manage gaming in the bundle
-Require compliance with applicable regulations set out by the Alcohol and Gaming Commission of Ontario (AGCO)
-Be the owner of key player information
-Uphold the standards of its Responsible Gambling program through the service provider, including the self-exclusion program
-Distribute Municipality Contribution Agreement payments to host communities
Ontario Gaming East LP is required to follow all applicable laws, as well as OLG and AGCO regulations and rigorous Responsible Gambling standards.
Late last year, on behalf of the Partnership, Great Canadian announced the new brand of Shorelines Casino for the Kawartha and Thousand Islands gaming properties. The Shorelines brand has been selected as it captures each of the market’s historical connectivity to the community and geographical area. In addition, the brand will serve as a key identifier in the Eastern Ontario region that will be synonymous for outstanding customer service, coupled with great gaming options, fantastic restaurants and top-tier entertainment.
The Partnership will continue to develop preliminary plans for a gaming property in the preferred community of Belleville, and if successful, the property will be named Shorelines Casino Belleville.
To learn more about the Shorelines Casino brand and offerings, please visit www.shorelinescasinos.com.
ABOUT GREAT CANADIAN GAMING CORPORATION
Great Canadian Gaming Corporation is a Canadian based company that operates gaming, entertainment and hospitality facilities in British Columbia, Ontario, New Brunswick, Nova Scotia, and Washington State. The Company has 19 gaming properties, which consists of twelve casinos, including two with a four Diamond resort hotel, four horse racetrack casinos and three community gaming centres. A key element of Great Canadian’s business model is its commitment to social responsibility. PROUD of our people, our business, our community is Great Canadian’s brand that unifies the Company’s community, volunteering and social responsibility efforts. Under the PROUD program, Great Canadian annually invests over $2 million in our communities, and in 2014, over 1,200 charitable organizations were supported by Great Canadian. In each Canadian gaming jurisdiction, a significant portion of gross gaming revenue from gaming facilities goes back directly to provincial governments for the purpose of supporting programs like healthcare, education and social services.
This press release contains certain “forward-looking information” or statements within the meaning of applicable securities legislation. Forward-looking information is based on the Company’s current expectations, estimates, projections and assumptions that were made by the Company in light of its historical trends and other factors. All information or statements, other than statements of historical fact, are forward-looking information including statements that address expectations, estimates or projections about the future, the Company’s strategy for growth and objectives, expected future expenditures, costs, operating and financial results, expected impact of future commitments, the completion of the acquisition of the gaming facilities, assets and undertakings contained within the Ontario Lottery and Gaming Corporation’s Bundle 2 (East),the future ability of the Company to operate the Georgian Downs and Flamboro Downs facilities beyond the terms of the signed Ontario Lease Agreements and Ontario Racing Agreements, the Company’s beliefs about the outcome of its notices of objection challenging the Canada Revenue Agency’s reassessments and its tax position on its facility development commission prevailing, the terms and expected benefits of the normal course issuer bid, and expectations and implications of changes in legislation and government policies. Forward-looking information may be identified by words such as “anticipate”, “believe”, “expect”, or similar expressions. Such forward-looking information is not a guarantee of future performance and may involve a number of risks and uncertainties.
Although forward-looking information is based on information and assumptions that the Company believes are current, reasonable and complete, they are subject to unknown risks, uncertainties, and a number of factors that could cause actual results to vary materially from those expressed or implied by such forward-looking information. Such factors may include, but are not limited to: terms of operational services agreements with lottery corporations; changes to gaming laws that may impact the operational services agreements, pending, proposed or unanticipated regulatory or policy changes; the outcome of restructuring of gaming in Ontario; the Company’s ability to obtain and renew required business licenses, leases, and operational services agreements; the future of horse racing in Ontario; unanticipated fines, sanctions and suspensions imposed on the Company by its regulators; impact of global liquidity and credit availability; actual and possible reassessments of the Company’s prior tax filings by tax authorities; the results of the Company’s notices of objection challenging reassessments received by the Canada Revenue Agency; the Company’s tax position on its facility development commission prevailing; adverse tourism trends and further decreases in levels of travel, leisure and consumer spending; competition from established competitors and new entrants in the gaming business; dependence on key personnel; the timing and results of collective bargaining negotiations; adverse changes in the Company’s labour relations; the Company’s ability to manage its capital projects and its expanding operations; the risk that systems, procedures and controls may not be adequate to meet regulatory requirements or to support current and expanding operations; potential undisclosed liabilities and capital expenditures associated with acquisitions; negative connotations linked to the gaming industry; First Nations rights with respect to some land on which we conduct our operations; future or current legal proceedings; construction disruptions; financial covenants associated with credit facilities and long-term debt; credit, liquidity and market risks associated with our financial instruments; interest and exchange rate fluctuations; non-realization of cost reductions and synergies; demand for new products and services; fluctuations in operating results; economic uncertainty and financial market volatility; technology dependence; and privacy breaches or data theft. The Company cautions that this list of factors is not exhaustive. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. These factors and other risks and uncertainties are discussed in the Company’s continuous disclosure documents filed with the Canadian securities regulatory authorities from time to time, including in the “Risk Factors” section of the Company’s Annual Information Form for fiscal 2014, and as identified in the Company’s disclosure record on SEDAR at www.sedar.com.
Readers are cautioned not to place undue reliance on the forward-looking information, as there can be no assurance that the plans, intentions, or expectations upon which they are based will occur. The forward-looking information contained herein is made as of the date hereof, is subject to change after such date, and is expressly qualified in its entirety by cautionary statements in this press release. Forward-looking information is provided for the purpose of providing information about management’s current expectations and plans and allowing investors and others to get a better understanding of the Company’s operating environment. The Company undertakes no obligation to publicly revise forward-looking information to reflect subsequent events or circumstances except as required by law.
ON BEHALF OF
GREAT CANADIAN GAMING CORPORATION
“Original Signed By Rod N. Baker”
_____________________
Rod N. Baker
President and Chief Executive Officer
GREAT CANADIAN GAMING CORPORATION [TSX:GC]
95 Schooner Street
Coquitlam, BC
V3K 7A8
(604) 303-1000
Website: www.gcgaming.com
For enquiries:
ir@gcgaming.com
or
Ms. Tanya Ruskowski
Executive Assistant to the President and Chief Executive Officer and the Chief Financial Officer
(604) 303-1000
For media enquiries:
Sonja Mandic,
Director, Media Relations and Social Responsibility
smandic@gcgaming.com
604.889.7114
GREAT CANADIAN GAMING ANNOUNCES RESULTS OF UNION CERTIFICATION VOTES AT RIVER ROCK CASINO RESORT
December 23, 2015 – Richmond, BC – Great Canadian Gaming Corporation [TSX:GC] (“the Company”) announced today that it has received the results of the October 2015 and December 21, 2015 union certification votes for its employees at its River Rock Casino Resort in Richmond, British Columbia (“River Rock”). The certification covers table games dealers, slot attendants, count team members, cashiers, guest service representatives, table games supervisors, boxmen, and slot supervisors. The results indicate that a sufficient number of valid votes from employees were in favour of union certification. As a result, the Company anticipates that this bargaining unit will likely be certified by the BC Labour Relations Board. The number of hourly employees at River Rock that are potentially represented by this unit is approximately 54% of the total 1247 hourly employees at the property.
As at November 30, 2015, the Company had approximately 600 unionized employees across its entire property portfolio out of a total of 4,863 employees. The Company will commence negotiations with the River Rock collective bargaining unit once it is certified. It is uncertain what the financial outcome of such negotiations will be, however, at this time the Company expects that the annual effect will not be material relative to its consolidated annual financial results.
“Great Canadian believes in continually engaging with our colleagues in order to proactively address their changing needs and concerns,” said Rod N. Baker, the Company’s President and Chief Executive Officer. “As a result we are disappointed by this union certification vote and consequently have redoubled our efforts at each of our other properties to proactively listen to our colleagues. We continue to believe that their interests are best communicated and understood through a direct relationship with management.”
ABOUT GREAT CANADIAN GAMING CORPORATION
Great Canadian Gaming Corporation operates gaming, entertainment and hospitality facilities in British Columbia, Ontario, Nova Scotia, New Brunswick, and Washington State. The Company’s 17 gaming properties consist of three community gaming centres, four racetracks (two with casinos operated by the Company), and ten casinos, including two with Four Diamond resort hotels. A key element of Great Canadian’s business model is its commitment to social responsibility. PROUD of our people, our business, our community is Great Canadian’s brand that unifies the Company’s community, volunteering and social responsibility efforts.
Under the PROUD program, Great Canadian annually invests over $2 million in our communities, and in 2014, over 1,200 charitable organizations were supported by Great Canadian. In each Canadian gaming jurisdiction, a significant portion of gross gaming revenues from gaming facilities goes back directly to provincial governments for the purpose of supporting programs like healthcare, education and social services. Further information is available on the Company’s website, www.gcgaming.com.
GREAT CANADIAN GAMING CORPORATION
“Original Signed By Rod N. Baker”
_____________________
Rod N. Baker
President and Chief Executive Officer
GREAT CANADIAN GAMING CORPORATION [TSX:GC]
95 Schooner Street
Coquitlam, British Columbia, V3K 7A8 (604) 303-1000
Website: www.gcgaming.com
For investor enquiries:
Email: ir@gcgaming.com
or
Ms. Tanya Ruskowski
Executive Assistant to the President & CEO and the CFO (604) 303-1000
For media enquiries:
Mr. Chuck Keeling
Vice-President, Stakeholder Relations and Responsible Gaming (604) 303-1018
DISCLAIMER
This press release contains certain “forward-looking information” or statements within the meaning of applicable securities legislation. Forward-looking information is based on the Company’s current expectations, estimates, projections and assumptions that were made by the Company in light of its historical trends and other factors. All information or statements, other than statements of historical fact, are forward-looking information including statements that address expectations, estimates or projections about the future, the Company’s strategy for growth and objectives, expected future expenditures, costs, operating and financial results, expected impact of future commitments, and the effect of potential future collective bargaining union negotiations on the Company’s financial results. . Forward-looking information may be identified by words such as “anticipate”, “believe”, “expect”, or similar expressions. Such forward-looking information is not a guarantee of future performance and may involve a number of risks and uncertainties.
Although forward-looking information is based on information and assumptions that the Company believes are current, reasonable and complete, they are subject to unknown risks, uncertainties, and a number of factors that could cause actual results to vary materially from those expressed or implied by such forward-looking information. Such factors may include, but are not limited to: the results of collective bargaining union negotiations; terms of operational services agreements with lottery corporations; changes to gaming laws that may impact the operational services agreements, pending, proposed or unanticipated regulatory or policy changes; the outcome of restructuring of gaming in Ontario; the Company’s ability to obtain and renew required business licenses, leases, and operational services agreements; the future of horse racing in Ontario; unanticipated fines, sanctions and suspensions imposed on the Company by its regulators; impact of global liquidity and credit availability; actual and possible reassessments of the Company’s prior tax filings by tax authorities; the results of the Company’s notices of objection challenging reassessments received by the Canada Revenue Agency; the Company’s tax position on its facility development commission prevailing; adverse tourism trends and further decreases in levels of travel, leisure and consumer spending; competition from established competitors and new entrants in the gaming business; dependence on key personnel; the timing and results of collective bargaining negotiations; adverse changes in the Company’s labour relations; the Company’s ability to manage its capital projects and its expanding operations; the risk that systems, procedures and controls may not be adequate to meet regulatory requirements or to support current and expanding operations; potential undisclosed liabilities and capital expenditures associated with acquisitions; negative connotations linked to the gaming industry; First Nations rights with respect to some land on which we conduct our operations; future or current legal proceedings; construction disruptions; financial covenants associated with credit facilities and long-term debt; credit, liquidity and market risks associated with our financial instruments; interest and exchange rate fluctuations; non-realization of cost reductions and synergies; demand for new products and services; fluctuations in operating results; economic uncertainty and financial market volatility; technology dependence; and privacy breaches or data theft. The Company cautions that this list of factors is not exhaustive. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. These factors and other risks and uncertainties are discussed in the Company’s continuous disclosure documents filed with the Canadian securities regulatory authorities from time to time, including in the “Risk Factors” section of the Company’s Annual Information Form for fiscal 2014, and as identified in the Company’s disclosure record on SEDAR at www.sedar.com.
Readers are cautioned not to place undue reliance on the forward-looking information, as there can be no assurance that the plans, intentions, or expectations upon which they are based will occur. The forward-looking information contained herein is made as of the date hereof, is subject to change after such date, and is expressly qualified in its entirety by cautionary statements in this press release. Forward-looking information is provided for the purpose of providing information about management’s current expectations and plans and allowing investors and others to get a better understanding of the Company’s operating environment. The Company undertakes no obligation to publicly revise forward-looking information to reflect subsequent events or circumstances except as required by law.