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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Betbrokers | BETB | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.25 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.25 | 0.25 |
| Top Posts |
|---|
Posted at 24/5/2007 09:03 by rill Released at 7am on RNS this morning. Looks an interesting acquisitionBetbrokers plc ("Betbrokers" or "the Company") Proposed acquisition Betbrokers plc, (AIM: BETB), the UK's first retail and wholesale brokerage and clearing house for the sports betting industry, is pleased to announce that it has signed a Letter of Intent ("LOI") to purchase Winning Edge International, Inc. ("Winning Edge"). The acquisition is subject to further due diligence, agreement of satisfactory purchase terms and Winning Edge shareholder approval. The proposed acquisition is line with the Company's stated strategy of providing and selling data. Under the LOI it is proposed that Betbrokers will acquire all of the operating assets of Winning Edge for a consideration of US$6.5 million, it is anticipated that the acquisition will be funded entirely through the issue of new Betbrokers' shares to the current Winning Edge shareholders. The acquisition is expected to be completed in June 2007 and a further announcement will be made in due course. Las Vegas-based Winning Edge is America's only publicly traded sports information and tipping service, known as handicapping in the US. Winning Edge specialises in developing and marketing sports handicapping advice and information via television, radio and the Internet. The Company also produces high quality sports, television and radio programming and sells advertising as well as sponsorship and marketing opportunities to its exclusive database of more than one million sports and gaming fans. This proposed acquisition will complement and significantly enhance Betbrokers' service offering as it allows the Company to provide non-American customers with detailed information on US sports. In addition, this also offers longer trading hours. The provision of television and radio content covering US sports and information services will be sold by Betbrokers to counterparties worldwide where betting is legal. Wayne Lochner, Chairman and Chief Executive of Betbrokers, commented: "The proposed acquisition of Winning Edge is a significant step in our global growth strategy. Wayne Allyn Root, the Founder and Chairman of Winning Edge, is an experienced television host and spokesman and his knowledge will be invaluable in developing Betbrokers' business going forward". Wayne Allyn Root, added: "My goal for Winning Edge has always been to build a global brand leader and expand our handicapping advice to international sports. Joining with Betbrokers gives Winning Edge and its shareholders that opportunity. With Betbrokers' experience, we will be well positioned to rollout the Winning Edge business model globally". |
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