Mahjong Specialists To Sell Off 3 Subsidiaries
Published: Wednesday, October 04, 2006 Online-Casinos.com
MAHJONG SPECIALISTS TO SELL OFF THREE SUBSIDIARIES
$300 000 for operations that are "not aligned with the company’s primary business"
Gaming software provider Dynasty Gaming is to sell off three of its wholly-owned subsidiaries, that are not aligned with the company’s primary business strategy according to an announcement this week. The company has established a reputation as a Mahjong game developer used by leading online companies such as Microgaming.
Dynasty Chief Executive Albert Barbusci revealed this week that the company has entered into a ‘non-arm’s length’ contract, which is still subject to regulatory approval, involving the sale of all shares in Cadence Healthcare Communications Inc, MedEvents Inc, and CPC Econometrics Inc.
The shares are to be sold to CPC Econometrics senior officer Barry Sheehy for an agreed fee of $300 000.
Barbusci says that his board of directors determined last year that the three units were not compatible with the company’s primary business activity. "By packaging the businesses, we have been able to conclude a sale that allows Dynasty to simultaneously exit all three companies for proceeds greater than we would likely achieve were each unit to be sold separately," he said.
"The sale of these entities means that Dynasty Gaming can now exclusively focus on concluding software licensing agreements with online gaming operators in the emerging market of China. The company plans to implement its strategy of generating Internet player interest in China where mahjong is regarded as a national sport."
