Changes To LVFH - C.Y. Foundation Deal
Published: Tuesday, August 12, 2008 Online-Casinos.com
CHANGES TO LVFH - C.Y. FOUNDATION DEAL
Transaction delays result in restructuring of deal
The online gambling software developer Las Vegas From Home.com Entertainment Inc. (LVFH) has announced that it has restructured its deal with C Y Foundation Group of China (see previous Online-Casinos.com/InfoPowa reports).
Under the revised agreement, Las Vegas From Home will provide C Y Foundation with software targeting Chinese residents in exchange for a licensing royalty fee.
Las Vegas From Home.com Ent. Inc. announced that as a result of the company not proceeding with its transaction with CY Foundation Group Limited (CYF) and Touchdown Capital Inc. as announced on May 8, 2008, it has sold back the Exclusivity Rights to CYF and successfully renegotiated and entered into a newly revised Software Licensing Agreement with CYF.
"Under the new SLA, the Company will provide CYF with software for the entire People's Republic of China (PRC) and will be paid a licensing royalty by CYF," a company statement revealed.
LVFH's CEO, Jacob H. Kalpakian said, "We look forward to providing CYF with our products, and we strongly believe our new relationship with CYF is better suited to meet each partner's interests in the rapidly expanding [Chinese] marketplace."
C Y Foundation Group Limited was involved in a joint marketing and operations agreement with AsianLogic Limited earlier this year to establish a pan-China online gaming network.
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