Jackpot Digital establishes payment schedule
The company recently made a $0.9m payment.
Jackpot Digital has signed a fifth amendment agreement with its major debentureholders over outstanding debentures, which now totals close to $5.5m with interest.
Jackpot said both parties “have agreed to an updated payment schedule.”
Under the terms of the deal, Jackpot made a payment of $900,000. This payment has reduced the company’s outstanding debt by half.
The contract and payment resulted in an accrued interest amount of $2.8m of the total debt to be forgiven. The total owed now stands at $1.8m.
Jackpot Digital President and CEO Jake Kalpakian commented, “The company is in the position to make the next payment now but is opting to hold off until we have successfully negotiated a multimillion-dollar credit line to manufacture its Jackpot Blitz tables.
“The cash on hand gives us the flexibility to manufacture more tables now, but our objective is to secure the credit line to manufacture tables in bigger volumes and allocate the existing cash for other strategic initiatives. We are currently in negotiations to secure such a credit line and will update the market accordingly.”
He went on to briefly discuss the company’s future plans.
He said in closing, “We are currently in different stages for state and provincial government licensing in multiple jurisdictions which will significantly expand our product footprint into many other casino markets. We have a dynamic & innovative product, and we are excited about Jackpot’s future.”
Jackpot Digital was founded in 1999. Since its debut, the electronic table games manufacturer and mobile gaming provider has expanded its land-based reach throughout the US and is present in California, Kansas, Louisiana, Michigan, Minnesota, Mississippi, Montana, Nevada, Oregon, South Dakota, US Virgin Islands and Washington.
The company also provides machines and electronic table games to several cruise ships, including Carnival Cruises, Virgin Voyages, Princess Cruises, Holland America, AIDA and Costa Cruises.
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