12/23/2011 : PLAYSAFE SELLS OFF OPERATING ASSETS
Seychelloise gaming investors to launch new network
Norwegian-based online gaming investment company Playsafe Holding AS has refined its strategy to focus entirely on its software business and the development of a B2B delivery platform for online poker operators with the announcement of the sale of its operating assets to Julian International Holdings Ltd, a Seychelloise gaming investment company.
Under the terms of the deal, Playsafe Holding AS' subsidiary Ecom Enterprise NV has sold its operating assets TigerGaming.com, PokerinCanada.com, PayNoRake.com, the ActionPoker brand player-base and processing company Action-Commerce Ltd for an undisclosed consideration that will comprise an upfront payment and the balance in payments over the next 3 years.
The deal excludes Playsafe's domains ActionPoker.com and ActionPokerNetwork.com, however, the ActionPoker.com brand customers will be transferred during December to Julian International's own brands and a new network named as the Chico Poker network.
Playsafe's strategy shift will include realising new opportunities and joint ventures in newly liberalised or soon-to-be regulated markets.
Atle Johansen, chief executive officer of Playsafe Holding AS said, “We are excited about this new strategy for Playsafe which will now concentrate on its core strengths of developing the products for the B2B business sector based on our proprietary software. In addition, the sale allows the company to focus on developing the Action Poker brands for new markets."