Action Poker Network Sold
Published: Saturday, October 28, 2006 Online-Casinos.com
ACTION POKER NETWORK SOLD
LVFH inks deal with Nordic public company
Another business deal was sparked by the Unlawful Internet Gambling Enforcement Act this week when Las Vegas From Home Inc. sold off the thriving Action Poker Network to a subsidiary of the publicly listed Norwegian group PlaySafe Holdings AS.
It is understood that Playsafe Holdings Limited acquired the network for $2.35 million, and that the change of ownership is scheduled for November 17 this year.
LVFH spokesmen said that the company had brought the sale forward due to the enactment of the Unlawful Internet Gambling Enforcement Act in America, although it had previously planned to sell APN so it could focus on the development of its Asian Multiplayer Software Platform.
Company president and CEO, Jake Kalpakian explained, "We are all disheartened with the recent legislative developments in the US, but the reality is that we were already looking at other business opportunities in different marketplaces. In this regard, we have been building our unique Asian Multiplayer Software Platform for the past 12 months and as a result, we are well positioned to license our software in the Asian region."
The sale, which extricates LVFH from the US market, will include all of the Action Poker brands, the operating infrastructure in Action Poker Gaming Inc, and an undivided interest in the software used by the LVFH to run the APN. Playsafe's plans for the acquisition have not been announced.
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