9th Apr 2015 11:06
LONDON (Alliance News) - Gaming Realms PLC Thursday said it has agreed to sell all of its assets associated with its Bingo Godz and Castle Jackpot brands to European Domain Management Ltd for a total of GBP500,000.
The online gambling game developer said it will sell all the assets, including the domains, to European Domain for an initial payment of GBP200,000 in cash, with a further GBP300,000 being paid in cash over the next 17 months, it said.
Both Bingo Godz and Castle Jackpot are operated by a third party, IP&S Ltd.
Gaming Realms said it will reinvest the proceeds from the sale into SpinGenie, which is on the company's own proprietary platform.
In the year ended September 30, 2014, Gaming Realms said it made a GBP2.1 million loss from the two assets.
"With the successful launch of our own platform and the great growth we are seeing on SpinGenie, this is the next stage of our stated strategy to focus our resources on our own technology platform where we see a quicker and more sustainable return on investment than on third party operated sites such as Bingo Godz and Castlejackpot," said Chief Executive Patrick Southon.
Gaming Realm shares rose by 1.3% to 34.18 pence per share on Thursday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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