Friday January 11, 2013 : U.S. INVESTMENT COMPANY IN J.V. TALKS WITH ONLINE GAMBLING PROVIDER
Sebastian River Holdings, Inc. interested in social gaming sector possibilities
Sebastian River Holdings, Inc. OTC:SBRH, has announced that it is currently engaged in negotiations aimed at putting together a joint venture with an unidentified online gambling software provider.
The goal of the JV is to deliver an online, multi-delivery channel gaming product that includes apps for social media gaming, a sector which the company says "….has proven to be a key distribution channel for online gaming. The site currently features free play memberships and is prepared to go live with server and payment systems in place for real money gaming entertainment."
Quoting a Forbes article, the company says that the potential for online poker and other casino games in the United States is enormous.
"Management feels this is an opportune time to take advantage of the increase in popularity of online gaming brought about by advances in technology and increases in distribution models via mobile and social media networks," a spokesman said Thursday.
The company hopes that a deal with the unidentified online gambling company will bring additional equity stake and revenues to the company, and notes that good progress has been made toward an entry into the online gaming market.
Formerly branded Vaenza Inc., Sebastian River Holdings was originally founded in South Korea in 1995 as a developer of photovoltaic and solar energy solutions. Since then it appears to have diversified in both location and activity. It is now a C-Corp based in Florida that operates three divisions: Corporate Equity Speculation & Financing, Business Incubation, and Business Services.