Casinos.co.uk: Casino News Archive
Tuesday 3rd October 2006
Online Casino Provider Sells Subsidiaries
Dynasty Gaming, the provider of gaming software for online casino and sportsbook operators has announced that it is to sell off three of its wholly-owned subsidiaries, that are not aligned with the company’s primary business strategy.
The company has entered into a ‘non-arm’s length’ contract, which is still subject to regulatory approval, involving the sale of all shares in Cadence Healthcare Communications Inc, MedEvents Inc, and CPC Econometrics Inc. The shares are to be sold to CPC Econometrics senior officer Barry Sheehy for an agreed fee of $300,000.
Dynasty Chief Executive Albert Barbusci stated, 'As reported in our 2005
Annual Report, our Board of Directors determined last year that these three units were not compatible with our primary business activity. By packaging the businesses, we have been able to conclude a sale that allows Dynasty to simultaneously exit all three companies for proceeds greater than we would likely achieve were each unit to be sold separately.'
The sale of these entities means that Dynasty Gaming can now exclusively focus on concluding software licensing agreements with online gaming operators in the emerging market of China. The company plans to implement its strategy of generating Internet player interest in China where mahjong is regarded as a national sport.
Source:OnlineCasinoNews
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