Thursday June 28,2012 : TWO WAY TO MERGE WITH PRIORITY ONE
"An ideal corporate fit" says Chairman
The Australian interactive and gambling application developer Two Way Limited intends making an off-market takeover bid for 100 percent of the Priority One Network Group and this week, signed a non-binding Letter of Intent to merge with Priority One.
Priority One's business plan includes establishing a network of affiliated merchants who can connect and transact with a subscriber base of debit card holders through the use of a multi-currency platform. The firm would take an agreed percentage of the value of each transaction. Both online wagering on racing and sports would be a key focus area for the firm.
Two Way's experience in deploying applications and services via IPTV, online and mobile platforms, would assist and accelerate the roll-out of Priority One’s services.
Stuart McGregor, Chairman of Two Way, said: “This is a Company-transforming deal, which provides Two Way shareholders with an attractive opportunity to become part of a much larger and well-capitalised business, with significant international opportunities.”