Friday February 22,2013 : MEDIA CORPORATION UPDATE
Continues to address inherited, historical issues
Media Corporation PLC, the owner of the now defunct Purple Lounge, is manoevering its assets to accelerate the commercialisation process in order to derive an income from its Intabet software platform earlier than planned.
The company said it intends appointing "re-sellers to act as additional channels to market and, where appropriate licences exist, operate the platform for or on behalf of betting operators and licencing all or part of the software on a white label basis" to which it would charge the operator royalties and licence fees.
According to a Company statement, Media Corp has proposals with several operators and expects to make announcements soon.
The first product to be made available through the resellers is a skills based game titled "Goal Millions". The game offers players the opportunity to win a weekly GBP 1 Million jackpot on a GBP 1 stake for correctly predicting the fastest six goals to be scored across a selection of football matches and is anticipated to launch on Saturday March 30, 2013.
The launch of the company's BetComparer website has been delayed to April 22, 2013 subject to final platform testing. BetComparer will have football, racing, and tennis as well as a full suite of sports to be rolled out according to the sporting calendar to ensure that it remains a useful resource for the betting public throughout the summer.
Media Corp said it has secured a loan agreement of GBP 250 000 which will be used for working capital. The Lender has reportedly agreed in principle to make up to GBP 500 000 available.
Phil Jackson, Chairman of Media Corp said: "We're working hard as we enter the commercialisation phase of the Intabet platform and related technology, I'm pleased with the discussions we are having alongside our resellers with operators and others and we are looking forward to announcing additional partnerships in the very near future.
“In the meantime we are continuing to reduce unnecessary costs, explore funding options and seek new customers both in the UK and around the world as well as continue to positively engage and address inherited, historical issues."