David Baazov provides update on offer to acquire 100% of Amaya

MONTREAL, Nov. 23, 2016 /CNW/ - David Baazov today confirmed that he has been advised by representatives of KBC Aldini Capital Limited ("KBC") that the equity commitment letter purported to be delivered to Mr. Baazov on behalf of KBC was delivered without KBC's knowledge or consent and that KBC has not committed to provide financing for the proposed acquisition of Amaya.  Mr. Baazov intends to obtain replacement financing and still currently intends to acquire Amaya on the terms previously disclosed by him on November 14, 2016.

Mr. Baazov will be filing an early warning report in accordance with applicable securities commissions, a copy of which will be available under Amaya's profile on SEDAR at www.sedar.com and may also be obtained by contacting Riyaz Lalani, the Chief Executive Officer of Bayfield Strategy, Inc. at 357 Bay St #502, Toronto, ON M5H 2T7, telephone [phone].

Mr. Baazov owns 24,564,047 common shares in the capital of Amaya and options entitling him to acquire 387,500 additional common shares, which collectively represent approximately 17.2% of the issued and outstanding common shares (assuming the exercise of all such options).  Mr. Baazov's beneficial ownership in Amaya securities may change from time to time depending on market and other conditions, including, without limitation, through market transactions, treasury issuances, private agreements or otherwise.

Cautionary Note Regarding Forward Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and applicable securities laws, including, without limitation, statements regarding the intentions of Mr. Baazov to seek alternative financing and acquire Amaya, the ability of the parties to reach an agreement regarding the proposed transaction and, if an agreement is reached, the ability of the parties to complete the proposed transaction on the terms previously disclosed. Forward-looking statements can, but may not always, be identified by the use of words such as "expects", "intends", "proposed" and similar references to future periods or the negatives of these words and expressions. These statements are based on the stated intentions of Mr. Baazov and currently available information. They are not guarantees of future events, are based upon assumptions that may not prove to be accurate, and involve certain risks and uncertainties that are difficult to predict, including the risk that no alternative financing will be obtained, no transaction will be agreed to, that completion of the transaction will be materially delayed or that, even if a transaction is agreed to, the transaction will not be completed. Investors are cautioned not to put undue reliance on forward-looking statements. Any forward-looking statement speaks only as of the date hereof, and Mr. Baazov undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

SOURCE David Baazov

Media Inquiries: Riyaz Lalani, Bayfield Strategy, Inc., Tel: [phone], [email protected]