Monday May 2,2016 : WORLD POKER FUND IN DEAL TO ACQUIRE UNIVERSAL ENTERTAINMENT
Target is service supplier to the Iowa tribe of Oklahoma, which has international online poker plans.
New York-based social gaming developer World Poker Fund Holdings announced Monday that it has signed a deal to acquire a 49 percent stake in online poker software provider Universal Entertainment ZGroup (UEG), a company with online gaming assets that include trademarks, online gaming platforms, source codes, and casino licensing and consulting agreements.
UEG has been chosen by the Iowa Tribe of Oklahoma to supply the online poker technical product for the tribe's ambitious plans to launch the international brand PokerTribe.com and InSkyCasino.com in internet, marine and airline formats from servers based on tribal lands in Oklahoma.
InfoPowa readers will recall that the Iowa Tribe received the green light for its planned global online poker operations from the United States District Court for the Western District of Oklahoma after the state indicated that it would not oppose the plan following an initial round of litigation and the decision of an independent arbitrator that the venture does not contravene the tribe's compact with the state.
Online poker action through the tribe's sites will not be made available to US residents, and the servers will be on tribal land.
"This judgment will make Iowa Tribe the first Indian tribe to launch a legal online site from the United States. We expect the Iowa Tribe of Oklahoma to launch their online real money play casinos to be launched and generating revenues within the next 90 days domestically and globally," an announcement from WPFP notes.
The full financial details and scope of the transaction will be disclosed in public filing following this release with OTC Markets within the next 72 hours.
Earlier this year WPFH announced a collaborative marketing and publicity partnership New York PR firm1-800-PublicRelations, Inc. Under the terms of the agreement, World Poker Fund Holdings, Inc. will use 1800pr's resources, chief strategists, launch a full content marketing campaign and leverage the firm media relations capabilities within the social gaming and event arena. Additionally, 1800pr invests in WPFH, by way of a delivery service in exchange for an equity stake in the company vesting over the next year.
Former World Series of Poker main event champion Jamie Gold is WPFH's brand ambassador.