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Can anyone guess which gaming site this is that is going to get acq?
LAS VEGAS, Dec. 6 /PRNewswire-FirstCall/ -- Fortuna Gaming Corp.,
(FGAM- OTC Bulletin Board: FGAM.OB), (the "Company") is pleased to announce that it has entered into a Letter of Intent to acquire 100% of the shares and operations of an established on-line gaming company (the "Seller"). For competitive reasons, the name of the Seller has been kept confidential until such time as the deal closes, anticipated to occur on or before March 31, 2006. "This acquisition is a key component of the Company's growth plans as it brings an international player base of approximately 650,000 and a team of programmers and customer support personnel to the Company," says Doug Waugh, President of Fortuna Gaming Corp. "Rather than growing the business organically, we can now offer our mobile and wireless products and technology to an established player base using the Seller's on-line casino products and systems." The acquisition includes the following: -- Proprietary on-line gaming software for 80+ interactive casino games written in 15 languages and linked to an integrated e-cash processing capability in 4 currencies -- An international player database of 650,000 registered players and an active base of 65,000 -- An annual revenue base of approximately $24 million -- Exclusive rights to 150 domain names -- A network of 35,000 registered Affiliates and an active base of 1,500 Affiliates -- Back-end customer service and management systems such as Multi-level commission programs, operational web sites, a player tracking and bonus system, merchant processing back-end systems, marketing support programs, 24/7 customer support system for players and affiliates, and back-end accounting systems -- A live chat network -- A team of 64 programmers, designers and customer support personnel Our due diligence team has commenced its examination and over the next 45 days, the Company will proceed to obtain the necessary regulatory approvals, arrange for the funding of the Purchase Price, and prepare the Definitive Purchase Agreement outlining the terms and conditions customary for transactions of this nature. About Fortuna Gaming Corp. Fortuna Gaming Corp (the "Company"), through its subsidiary Fortuna Gaming (UK) Limited, ("Fortuna") headquartered in London, England, is in the online gaming business and plans to become a leading mobile and online provider for the Internet gaming entertainment industry. Fortuna's acquisition strategy is to acquire complementary medium sized internet gaming companies operating in legal jurisdictions which will provide a rich entertainment experience for customers while adding shareholder value. Legal Notice Regarding Forward Looking Statements The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from acquisitions or actions in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. The statements in this document may also contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. SOURCE Fortuna Gaming Corp. Contact Information: Investor Relations of Fortuna Gaming Corp., 866-324-5788, or investorrelations@fortunagamingcorp.com WebSite: http://www.fortunagamingcorp.com/ |
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