14th Dec 2005 07:01
World Gaming PLC14 December 2005 FOR IMMEDIATE RELEASE 14 DECEMBER 2005 WORLD GAMING PLC (AIM) ("World Gaming" or "the Group") COMPLETION OF ACQUISITION The Board of World Gaming is pleased to announce that it has today completed theacquisition of the SPORTSBETTING.COM Group. All conditions required to be met prior to completion have now been met. Funding for the acquisition includes a $40 million term loan from Barclays PLCplus the previously announced placing of shares to raise £6 million for theGroup before expenses. In addition, Barclays has provided a revolving facilityof up to $5 million. Commenting on the acquisition, World Gaming CEO, Daniel Moran said: "Theacquisition of the SPORTSBETTING.COM Group is a significant extension of theWorld Gaming Group's business. The limited integration plus the strong provengrowth makes this acquisition an ideal fit for continued organic andacquisitive growth of the Group." Jamie Grant, Director Barclays Leveraged Finance commented: "We at Barclays arevery pleased to support World Gaming Plc in this strategic acquisition. Thecompelling business proposition and the enthusiasm of the management team ensures that World Gaming is now well placed to further leverage its businessassets, and benefit from future market growth. " --ENDS-- Enquiries: World Gaming plc Tel. +1 888 883 0833Daniel Moran, Chief Executive Daniel Stewart Securities Tel. 020 7776 6550Ruari McGirr Bishopsgate Communications Limited Tel: 020 7430 1600Maxine Barnes The Ordinary Shares have not been and will not be registered under the U.S.Securities Act of 1933 (the "Securities Act") and may not be offered or sold inthe United States or to a U.S. person (as such term is defined in Regulations Sunder the Securities Act) absent registration or an applicable exemption fromregistration under the Securities Act. Notes to Editors World Gaming is an internet Gaming Software provider offering a comprehensivesuite of products and services for internet gaming Operators and white-labelpartners. World Gaming offers a wide range of integrated online gaming solutionsincluding sportsbook, racing, casino and poker, supported by comprehensivee-commerce, customer service and back-office management systems. Through its wholly-owned subsidiaries, the Group licenses the Gaming Softwareand provides a complete package of related services for which it charges aroyalty and other fees to Operators. Prior to October 2004, the Gaming Software was owned and developed solely by theGroup through its wholly-owned subsidiaries. A joint venture agreement withSportingbet Plc was entered into in October 2004, pursuant to which the GamingSoftware was transferred to an equally owned exempt liability partnership withSportingbet Plc. World Gaming's Ordinary Shares are traded on the London Stock Exchange,Alternative Investment Market ("AIM") under the symbol WGP and the Over TheCounter Bulletin Board market in the U.S. under symbol WGMGY. Further information on the Company can be found atwww.worldgaming.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Worldlink GrpBarclays