INVESTMENT ANALYSIS FOR ACCREDITED INVESTORS

 


November 28, 2018, – Shoal Games Ltd. announces 600,000+ Downloads on Rooplay and Pursuing an $8 Million Financing

Sector/Industry: Mobile Games

Since our previous update report in March 2018, Rooplay’s downloads are up 140% to 600,000. The platform currently has over 40 proprietary games, over 300 games in total, and seven international brands under license.

Rooplay currently has more than 40 exclusive games (Rooplay Originals), and over 300 games in total. The company has seven international brands under license. Shoal continues to execute its strategy to gain mass adoption by licensing popular intellectual property rights for use in their apps. Games associated with popular brands /characters are likely to instantly appeal and capture attention, allowing Shoal to attract a much larger user-base at significantly low acquisition costs.

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February 7, 2018, – Shoal Games Announces Financing

Sector/Industry: Mobile Games

Shoal Games Ltd. (TSXV: SGW) announced its intent to pursue a private placement of up to US$2.50 million by issuing common shares at US$0.35 per share. Shares are trading today at US$0.41. On January 19, 2018, Shoal had announced that Rooplay had surpassed 250,000 downloads from the Google Play Store (NASDAG: GOOG) since its launch in May. This is up from over 220,000 downloads since our update report in December 2017.

With over 500 games on the platform, we believe that Shoal has a significant first mover advantage in the growing EdTech space focused on games for kids. Shoal intends to gain traction through direct marketing to consumers and through partnerships with mobile handset manufacturers, cable companies, in-flight entertainment, and mobile telecommunications operators through a revenue share model. Management is in discussions with a number of mobile operators worldwide. Even a single distribution deal, we estimate, will allow Rooplay to reach significant audience levels at a very low cost. We have a BUY rating and a fair value estimate of $1.63 per share on Shoal’s shares.

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December 5, 2017, – Rooplay at 220,000+ Downloads

Sector/Industry: Mobile Games

  • Rooplay has had over 220,000 downloads, up from over 120,000 at the time of our previous report in August 2017. Rooplay was launched on the Android platform in May
    2017.
  • The platform currently offers over 500 titles, and isavailable in 27 different languages in 135 countries.
  • According to Metaari (market research firm), educational games for early childhood will almost triple by 2022.

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August 25, 2017, – RAMPING UP MARKETING FOR ROOPLAY

Sector/Industry: Mobile Games

  • Rooplay was launched on the Android platform in May 2017. Rooplay is a game / educational platform primarily targeting kids aged 2 to 10 years. The platform currently offers over 500 titles.
  • Ambient Research estimates the game based learning market will grow from $2.7 billion in 2016, to $7.3 billion by 2021, reflecting a 22% p.a. growth rate.

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May 8, 2017, – LAUNCHES NEW APP WITH AN AGGRESSIVE DISTRIBUTION STRATEGY

Sector/Industry: Mobile Games

  • Shoal Games Ltd. (“Shoal”, “company”) launched its latest app, Rooplay, worldwide on Android in April 2017. The platform currently offers over 500 games / educational titles for children. The vision for Rooplay is to be the Netflix of Games for kids.
  • Game based learning has been gaining traction across the globe at a rapid rate. For example, sources suggest that 48% of teachers currently use games in their classrooms in 2015, up from 30% in 2012. Ambient Research estimates that the game based learning market will grow from $2.7 billion in 2016, to $7.3 billion by 2021, reflecting a 22% p.a. growth rate.

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March 1, 2016, INITIATING COVERAGE – A UNIQUE OPPORTUNITY IN THE MOBILE GAMES BUSINESS

Sector/Industry: Mobile Games

  • Shoal Games Ltd. (“company”, “Shoal”, “SGW”) owns and operates Trophy Bingo – a free to play mobile bingo game launched worldwide in the third quarter of 2015. The company generates revenues through in-app purchases and advertising. 
  • Trophy Bingo has been downloaded over 325,000 times, and currently has 18,000+ Daily Active Users (“DAU”) and 92,000+ Monthly Active Users (“MAU”).

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May 12, 2016, Q1 STRONG / TROPHY BINGO GAINING TRACTION

Sector/Industry: Mobile Games

  • Shoal Games Ltd. (“company”, “Shoal”, “SGW”) reported strong results in Q1-2016 (quarter ended March 31, 2016) this Monday. 
  • In Q1-2016, revenues grew by 34% QOQ to $110,559, up from $82,540 in Q4-2015. The full launch of Trophy Bingo was in Q3- 2015.

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August 19, 2016, PREPARING TO LAUNCH GARFIELD BINGO IN Q4

Sector/Industry: Mobile Games

  • The social gaming industry continues to witness major M&A activities. On July 31, 2016, a consortium of Chinese companies announced their intent to acquire Caesars Interactive Entertainment Inc.’s (Nasdaq: CZR) social and mobile gaming business, Playtika, for $4.4 billion. One of Playtika’s key assets is Bingo Blitz, which is one of the two established and dominant social bingo games. 
  • In Q2-2016, Shoal Games (“company”, “Shoal”) made a decision to divert most of their near-term focus and resources to the development of their new Garfield Bingo game, which is expected to be launched later this year

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December 1, 2016, PREPARING FOR TWO MAJOR PRODUCT LAUNCHES

Sector/Industry: Mobile Games

  • Shoal Games Ltd. (“Shoal”, “company”) is currently preparing for two major product launches.
  • The first one, Garfield Bingo, was launched on November 30, 2016. We expect Garfield’s brand name and its global following to enable the company to attract a large user-base at significantly lower costs. Shoal’s first bingo app, Trophy Bingo, has had over 0.60 million downloads, and has generated over $0.50 million in revenues to date.

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