Corporate Restructure At Global Approach
Published: Monday, October 16, 2006 Online-Casinos.com
MAJOR CORPORATE RESTRUCTURE AT GLOBAL APPROACH
Directors agree to salary cuts
The Queensland Business Review reported today (Monday) that Brisbane-based online gambling company Global Approach's share price has slid a further 7 percent despite assuring investors it is renewing its focus on European and Asian markets.
Global's share price has slipped 60 percent since September 11 to 4 cents, and a $2.1 million net profit projection for 2007 is "unlikely to be achieved".
The company announced a major corporate restructure, with directors taking "sizeable salary cuts" to offset problems caused by the new US Unlawful Internet Gambling Enforcement Act law. The law prohibits the processing of transactions from US customers.
Global Approach is also considering merger and acquisition options.
According to Global managing director James Canning-Ure, the US market makes up to 50 percent of net gaming revenues.
"We plan to offset any potential revenue loss by continuing our expansion into the European and Asian markets," Canning-Ure said. "Fortunately our company's global approach means we have not relied upon the US market and therefore continue to have excellent growth prospects going forward."
The company has recently launched a Japanese-language site, as well as a UK-focused casino brand.
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