Tangelo Negotiating Extension of Obligation to Lender

TORONTO, ONTARIO–(Marketwired – Dec. 30, 2016) – Tangelo Games Corp. (“Tangelo” or the “Company“) (TSX VENTURE:GEL) announced today that, in light of its ongoing discussions with certain strategic investors regarding a recapitalization of its balance sheet, it is negotiating an extension of its principal repayment obligations to its lender, Third Eye Capital Corporation (“TEC”). TEC has been involved in the Company’s discussions with third-party investors and has agreed to support a strategic transaction under appropriate terms.

The Company expects to enter into an amendment with TEC shortly and will update investors with any new developments and details regarding the extension.

Caution Regarding Forward-Looking Information:

Certain statements in this press release may constitute “forward looking statements” which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this press release, such statements may use such words as “may”, “will”, expect”, “believe”, “plan” and other similar terminology. These statements include, but are not limited to, statements with respect to the negotiation of principal repayment obligations with TEC, future business and operations of the Company, the financial results of the Company and its subsidiaries, negotiations with the Company’s lenders and the future prospects of the Company. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. The forward looking statements involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, general economic, market or business conditions and future developments in the sectors of the economy in which the business of Tangelo, Diwip or Akamon operate. The foregoing list of factors is not exhaustive. Please see the Company’s short form prospectus dated March 27, 2015, the Company’s Annual Information Form dated November 11, 2015 and other documents available under the Company’s profile on www.sedar.com, for a more detailed description of the risk factors. The Company undertakes no obligation to update publicly or revise any forward looking statements, whether a result of new information, future results or otherwise, except as required by law.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Spyros P. Karellas, President & CEO
Pinnacle Capital Markets LTD.
Mobile/Office:416-433-5696
www.pinnaclecapitalmarkets.ca
spyros@pinnaclecapitalmarkets.ca
Skype: spyros.karellas