Tuesday July 2,2013 : MAJOR CHINESE ONLINE LOTTERY DEAL FOR VODONE
Strategic move in relatively untapped online lottery sector in PRC
Hong Kong-listed internet video broadcasting company VODone Limited has agreed to acquire the issued share capital of Victor Choice Investments for a consideration of Chinese Yuan (CNY) 150 Million ($24.4 Million).
Victor Choice holds the entire equity interest in Beijing Caiwang Bohui Technology Company Limited, (BCBTC) effectively allowing VODone to take control of BCBTC’s proprietary online and telephone lottery sales platform, lottery-related business in the People's Republic of China (PRC) along with its Caipiao168.com domain.
The “Hebei Internet Sale Framework Agreement of China Sports Lottery” and the “Hebei Province Phone Sale Framework Agreement of China Sports Lottery” which cover both phone and internet sports lottery betting businesses will play a significant role in the expansion of the Company’s sports lotteries related business following completion of the acquisition.