Angler Gaming acquires Vuetec assets
Angler Gaming’s subsidiary Starfish Media N.V. (‘Starfish’) has acquired assets consisting of the brand, domains and player database from Vuetec Limited (‘Vuetec’). Vuetec has been, prior to the assets being purchased, a revenue sharing partner of Starfish. The purchase of assets and the termination of the revenue sharing arrangement will have an immediate positive effect on the Starfish’ financial performance since Starfish will become the sole beneficiary of the revenue stream that the assets generate.
The assets were purchased for the total price of €1,210,000, out of which €1,200,000 is cash payment and €10,000 is a non-cash consideration in the form of 1,000,000 ordinary shares of nominal value of €0.01 in Angler Gaming PLC to be issued to Vuetec. The cash consideration has been partly financed through an unsecured short term loan of €900,000 from shareholders and investors. The loan shall be repaid by mid-2018.
“It is our Group’s strategy to be on a lookout for opportunities that boost our operations. Vuetec’s brand and player database have already been proven to deliver positive results for our Group, and the outright purchase of the assets will allow us to immediately reap the full benefit”, commented David Gray, CEO of Angler Gaming.
Issuing of shares to Vuetec will bring the number of issued shares in Angler Gaming PLC from 73,219,995 to 74,219,995.
For additional information please contact: David Gray, CEO, at Angler Gaming PLC: [email protected]
The Board of Directors