Disappointing Full Year Showing From Playwize
Published: Saturday, September 29, 2007 Online-Casinos.com
DISAPPOINTING FULL YEAR SHOWING FROM PLAYWIZE
Pretax loss widens as UIGEA bites
Playwize plc (formerly Bits Corporation) an online poker software provider, has unveiled disappointing full-year pretax losses which have widened to GBP 1.96 million compared with GBP 1.84 million last year.
Commenting on the loss, a company statement said that the United States passing legislation banning Internet gambling financial transactions had had a chilling impact on the online gaming sector generally, making the raising of further funds difficult. Without adequate funds it was difficult to promote the product effectively.
The company said it intends to pursue licensing arrangements with various online poker rooms to license its Internet 3D poker technology. No dividend was declared for the year.
Playwize's revenue was GBP 71 000 (GBO 78 000 last year). Administrative expenses rose to GBP 520 000, rising from the 2006 number of GBP 396 000.
Last week the company inked a development and supply agreement on Internet 3D poker software with Ladbrokes International Limited, a subsidiary of top UK gambling group Ladbrokes plc.
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