Name Change For Gaming Corp & Departure

Published: Saturday, October 28, 2006 Online-Casinos.com

A CHANGE OF NAME FOR GAMING CORPORATION - AND A DEPARTURE

Successful portal group plans to sell both online and mobile gambling businesses

As previously reported by Online-Casinos.com/InfoPowa, Justin Drummond's successful Gaming Corporation group has undergone a change of identity and title, and is selling both its online and mobile gaming businesses.

The company says that the Unlawful Internet Gambling Enforcement Act (UIGEA) has provided a positive environment for a sale given the company's 95 percent reliance on the UK market for revenue, and zero US customer base.

The new title is Media Corporation, and its priority is to find suitable buyers for its gambling businesses.

CEO Justin Drummond has revealed that the company is looking for a buyer for its gambling businesses so it can concentrate on other avenues. He said: "Historically our profits came from advertising. Gaming Corporation probably wasn't the most appropriate name. We wanted a name which better reflects the business we have already been in."

Drummond added that the name change had been in planning for the past year, and he hinted at the future direction for the group, saying: "We have a search business, which we now want to roll out for travel and financial services, replicating the success we have had for the gambling sector. We also want to develop our general interest advertising agency."

A company statement showed a 400 percent profit after tax and a cash balance at the end of the year of GBP5.2 million (US$9.8m), compared with GBP2.8 million in 2005.

Drummond says that the Casino.co.uk brand, along with the other businesses, were attractive acquisitions.

"Casino.co.uk has a lot of potential in itself, but we are also selling our mobile gaming business, for which we have contracts with, amongst others, Vodafone and Orange. We already have over 11 000 customers. We have had [these interests] independently valued at GBP10 million, and there have been some discussions with potential buyers. GBP10 million is from a very conservative growth forecast."