NIO: Purchase of minority interests in Candid Gaming

Nio Inc. announces that it has agreed to purchase 
the minority interest in its subsidiary Candid 
Gaming Ltd. for a consideration in new Nio shares. 
Nio's Board of Directors is pleased with this 
transaction since it will give Nio 100% ownership in 
Candid, and Nio's partners in Candid will become 
long term shareholders in Nio.

Nio will issue 41,000,000 new Nio shares as 
consideration for the minority shares in Candid. The 
new shares are expected to be issued in January 2015 
and will have a two years lock up. Following this, 
Nio will own 100% of Candid and there will not exist 
any further options, warrants or other rights to 
receive equity interests in Candid.  

This transaction will increase the number of 
outstanding shares in Nio from 159,974,952 to 
200,974,952 (par value of USD 0.10). The new shares 
will be issued by the Board of Directors under Nio's 
250,000,000 authorized shares. Nio expect to prepare 
an Information Memorandum according to section 3.5 
in Oslo Børs' Continuous Obligations.

In the agreement with Gaming Innovation Group Ltd. 
(GIG) from August 2014, it was agreed that the 
initial shareholding in Candid Gaming Ltd. were 73.0 
% by Nio, 24.5% by GIG and 2.5% by its CEO, Mikko 
Hirvonen, and that an additional 17.5% of the shares 
was available for Mr. Hirvonen and other key persons 
contributing to the development of Candid. 

Of the new Nio shares, it has been agreed that GIG 
will receive 22,000,000 shares, close associates of 
Hirvonen will receive 5,000,000 shares and a new 
trust, holding the shares for Hirvonen and other key 
persons will receive 14,000,000 shares. The shares 
held by the trust will be released to Hirvonen and 
other key persons in 2015, 2016 and 2017 contingent 
upon their continued employment with Candid Gaming.

After the share issue, Nio's current holding of own 
shares (24,000,000) will be reduced from 15.00% of 
the outstanding shares to 11.88% of the new number 
of outstanding shares. GIG currently holds a warrant 
to purchase 5 million Nio shares at a share price of 
NOK 1.20 and a conversion right for its EUR 500,000 
loan to Candid where GIG may convert the loan into 
Nio shares at a share price of NOK 0.62. Including 
its new Nio shares, GIG will hold shares and rights 
to shares equal to 16.99% of the new number of 
outstanding shares in Nio. The new trust will hold 
14,000,000 shares equal to 6.93% of the new number 
of outstanding shares in Nio.

Following completion of the transaction, Mikko 
Hirvonen, CEO of Candid and primary insider of Nio, 
will hold directly and through close associates 
5,000,000 shares, 500,000 warrants and 4,000,000 
shares through the trust that will be released in 
2016 and 2017 contingent upon Hirvonen's  continued 
employment in Candid. 

For more information, please contact Kjetil Aasen, 
CEO, tel +47 92 69 50 05.

About Nio Inc.   
Nio Inc.'s primary business areas are internet 
auctions and online gaming. Nio Inc. is a US company 
headquartered in Oslo, Norway and listed on the Oslo 
Stock Exchange (ticker: NIO).