11th Jan 2005 07:00
RAM Investment Group PLC11 January 2005 11 January 2005 RAM INVESTMENT GROUP ("RAM" or "the Company") RAM INVESTMENT GROUP ENTER INTO JOINT VENTURE WITH TIGER TELEMATICS TO EXPLOIT HANDHELD GAMBLING DEVICE Two Key Appointments Made to Drive Opportunities in Gambling RAM Investment Group PLC, the AiM listed investment company, today announcedthat it has agreed heads of terms to form a joint venture with Tiger Telematics(NASDAQ: TGTL) to exploit the technology and design behind Tiger's new mobilegaming console 'Gizmondo' specifically for applications in the areas ofgambling. The Directors of the Company believe that this joint venture presents theopportunity to exploit a large untapped market which could generate strongrevenues for Ram in the medium to long term. Joint VentureThe agreement sees a new company being formed called Tiger Gambling Ltd whichwill be 75% owned by Tiger Telematics and 25% owned by RAM with profitsgenerated being shared on a 50/50 basis. RAM will exert day-to-day managementcontrol of Tiger Gambling Ltd and will be responsible for drawing up andexecuting the company's strategy of exploiting the Gizmondo console, the mostadvanced multi-media handheld device available today, for the gambling market.Neither party have committed any financial resources to the JV outsidemanagement time and operational expenses to progress the Tiger Gamblingopportunity. Under the Heads of Terms, RAM will be granted a global license to promote anddevelop the console in the gambling market for an initial 18 month period,subject to a three year extension provided that initial sales targets areachieved. Revenues will be driven from many sources such as equity and currencytrading, spread betting, sports betting, gaming and traditional gambling such aspoker, black jack and roulette. The device gives gambling and bettingcorporations the opportunity to interact with its customers in a way they havenever been ale to do before. In addition, RAM will be able to derive significantadditional revenues from advertising through Gizmondo's 'Smart Adds'applications which allows advertisers to deliver customized feature-rich contentto users of the device. Ram is already in detailed discussions with well known "blue-chip" internationalonline gambling and established betting organisations and has already receivedextremely positive feedback. Tiger Telematics/GizmondoGizmondo is a handheld mobile entertainment device that was launched by TigerTelematics in the UK on 29 October 2004. It contains a 400Mhz processor, stateof the art graphics chip and high resolution screen. Built in GPS technologyprovides interactive and innovative gaming, GPRS allows high speed globalcommunication applications and other features include gaming, a camera, musicplayer, movie player, messaging and email. The new console for gambling will be based on the current Gizmondo device butwill be branded and marketed under a different name. The names of the devicewill vary depending on the commercial partnerships but are most likely to bebranded in the partners' names. New AppointmentsTo assist RAM and exploit opportunities for Tiger Gambling Ltd, the Company hasmade two senior appointments. Brian Katz has joined RAM as a development and industry consultant and bringsextensive gambling expertise having spent over 40 years in the sector. Brian wasa director of London Clubs Ltd from 1988 to 1992 and then worked on projects toset up and manage casinos around the world in areas such as Mauritius, TheSeychelles, Kuala Lumpar and Singapore. From 1998 to the present day Brian hasbeen a consultant to Stanley Leisure PLC and London Clubs Ltd. Christian Ericson has been recruited as Technical Director to Tiger Gambling Ltdto develop the gambling applications and the new console's functionality and hasextensive experience in product development for wireless technologyapplications. Christian was most recently the Managing Director of Indie StudiosAB a Stockholm based company focusing on developing 3D multiplayer games for theGizmondo device. Edward Adams, Chairman of RAM Investment Group PLC commented: "As the gambling market worldwide grows, the opportunity exists for hand-heldgambling devices in the UK and internationally. Currently, volumes in onlinegambling are increasing strongly each month and consequently, in our view, theGizmondo has huge potential. I can report that we are already in discussionswith some of the industry's top gambling and casino companies with a view toagreeing partnerships and license deals." - ends - For further information please contact:Nick Lebetkin/Laurence Selman James ChandlerRAM Investment Group PLC Beattie Financial020 8349 2001 020 7398 3300 Notes to Editors About RAM Investment Group PLCRAM Investment Group is an AIM listed investment company that focuses oninvestment opportunities in the property and leisure sector, specificallyseeking low risk, high return investments. The company was formerly know asMagnum Power PLC but changed its name in February 2004 following a reversetakeover by RAM in May 2003. In October 2004 RAM announced a 5 year contract between itself and theinternational football organisation FIFPro to stage its annual "Players Playerof the Year" awards, the first of which will be in London in September 2005.This contract covers all rights and in order to maximise the income generationof these awards Ram has also concluded a 5 year production agreement withCelador Music and Events, part of the group who make "Who Wants to be aMillionaire". About Tiger Telematics and GizmondoGizmondo Europe Ltd. is an owned subsidiary of Tiger Telematics Inc (TGTL) andis the maker of Gizmondo, a next-generation mobile entertainment device.Launched in 2004, the gaming device includes built-in music, video, messagingand picture functions and GPS. Tiger Telematics is a designer, developer and marketer of mobile telematicssystems and services that combine global GPS functions and voice recognitiontechnology to locate and track vehicles and people down to street level incountries throughout the world. The systems are designed to operate on GPS andare currently being marketed to GSM current and potential subscribers, primarilyby the company's United Kingdom based subsidiaries. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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