Kahnawake IPO To Raise Cash For Centres?
Published: Thursday, May 11, 2006 Online-Casinos.com
KAHNAWAKE IPO TO RAISE CASH FOR INTERNATIONAL CENTRES?
Deal with Isle of Man company could open up London market opportunities for the Mohawks
The Montreal Gazette had interesting news from the Kahnawake First Nation licensing enclave in Quebec this week, revealing that the Mohawks are working on a deal in which they will participate in a London share deal to raise capital for an ambitious plan for a global network of computer centres to serve the online gambling industry and other e-businesses.
According to John Morris, the CEO of the Kahnawake Economic Development Commission he expects to sew up a deal as early as this week to take a 40 percent stake in an Isle of Man company looking to issue shares on the London Stock Exchange's junior AIM market.
Morris's Commission owns Mohawk Internet Technologies, whose computer servers have made Kahnawake one of the world's most popular jurisdictions for hosting online gambling sites. Home to hundreds of casino, poker and bingo sites, MIT is negotiating a contract that would see the Isle of Man company - Continent 8 Technologies PLC - offer its servers to international customers as part of a larger 'grid' of data centres.
The Grand Chief of the Kahnawake, Michael Delisle said the Kahnawake council supports the IPO as an important economic development opportunity for the community. "Investors in London have been showing a big appetite for online gambling stocks, encouraging a raft of companies involved in the $12-billion global Internet gaming business to bring new issues to market," he said.
