Monday July 15,2013 : PURSUIT DYNAMICS ACQUIRES TRIO OF SOCIAL AND GAMBLING FIRMS
Management team behind Cashcade the driving force
UK-based Pursuit Dynamics PLC has informed the conditional acquisition of Gaming Realms Limited, BeJig Limited and AlchemyBet Limited for a total consideration of around GBP 12.1 million in a reverse takeover deal.
The firm has initiated a placing of 26.2 million shares to raise approximately GBP 3.4 million and the sale is conditional on the disposal of its Pursuit Marine Drive Limited subsidiary as it seeks to eliminate its existing liabilities.
The acquisition rings in a transformation of Pursuit Dynamics PLC's business. The company was previously involved in the development and commercialisation of its PDX platform technology used for applications in waste treatment, public health and safety, bioengineering, brewing and the food and beverages industries.
The company will rename itself Gaming Realms PLC and will act as holding company to:
- BingoGodz, an online bingo game playable for real money via mobile, tablet and desktop due to be launched in the third quarter of 2013. BingoGodz's secondary brand is CastleJackpot, a web and mobile based casino product which is based on the same technology as BingoGodz;
- Bejig, a developer and operator of multiplayer online social real money games. Its first game, Avatingo, was launched on Facebook in August 2011. Five Star Slots, a virtual currency online casino, is among its latest Facebook releases; and
- AlchemyBet, the Sheffield-based developer and operator of mobile slot and casino-themed real money gambling games. Its first brand, Pocket Fruity, was launched in May 2012 and currently has 17 proprietary games.
Gaming Realms PLC will propose the management team behind Cashcade Limited to its board, which was sold to bwin.party digital entertainment in 2009. The nominees include former Cashcade founders Michael Buckley (Executive Chairman), Patrick Southon (Chief Executive Officer) and Simon Collins (Executive Director) as well as Mark Segal (Finance Director).
The Enlarged Group's proposed non-executive directors are Jim Ryan, former Co-CEO of Bwin.party plc, and Mark Wilson, currently a strategic adviser to Sky International.