Tuesday August 6,2013 : MAJESCO PARTNERS IN ONLINE AND SOCIAL CASINO GAMING VENTURE
With founder of Isle of Man-licenced Pariplay Limited
New Jersey-based Majesco Entertainment Companyhas agreed to establish GMS Entertainment Limited to further its online and social casino gaming strategy in partnership with the founder of online gambling firm Pariplay Ltd and games developer Orid Media Ltd.
Majesco said it will invest a total of $3.5 to $4.5 million, depending on GMS' future financial performance, to acquire a 50 percent interest in GMS who will in turn acquire the operations and certain assets and liabilities of Orid Media Limited and Pariplay Limited subject to regulatory approvals in order to establish the venture.
GMS also completed a registered direct offering selling 3.3 million shares of common stock to a new investor, Yair Goldfinger, at a price of $0.60 per share. Yair Goldfinger, an angel investor in Orid and Pariplay, is currently Co-Founder and CEO at AppCard.
Jesse Sutton, chief executive officer of Majesco Entertainment, will serve as the Chairman of GMS Entertainment.
"I am incredibly excited about this opportunity in the fast growing online gaming market and partnering with these talented individuals," said Sutton. "During this transition year in console gaming, we have been actively exploring emerging growth opportunities in the social and online casino gaming industry to supplement our existing business.
"Entering the market through this partnership allows us to participate in a rapidly growing market segment and position the company for longer term growth as more jurisdictions move to legalize real money online gaming. The complementary skills and abilities of all involved are expected to result in a successful venture."