Gamynia Buys the World Poker Tour

Published Tuesday, August 04, 2009 -

World Poker Tour Enterprises has been bought by Gamynia Limited, a private investment group, pending the approval of current stockholders, for $9.075 million USD. The company will also receive an undetermined percentage of future Gamynia earnings from the WPT and Professional Poker Tour brands.

The President and CEO of WPT Enterprises, Steve Lipscomb,said of the deal, "We believe this transaction will enable the World Poker Tour to realize its full potential across both its existing businesses and the lucrative online gaming market," he added, "Gamynia and its partners possess highly complimentary resources which will help it invest in and effectively integrate with the World Poker Tour efficiently and profitably."

Hardway Investments, will be involved in providing direction for the online gaming side of the business and according to Lipscomb it was this aspect of the deal that would help the shareholders approve the deal. Lipscomb stated, "Of particular importance for our partners is the fact that Hardway Investments has an established track record of creating revenues and value in the online gaming marketplace. We should benefit for many years from our participation in those revenues streams. After the transaction, WPTE will move forward under a new name and will employ our cash in a new venture by developing a new business or combining, through one or more strategic transactions, with companies that have significant unrealized value or growth potential."

Hardway's existing clients include some of the internet gambling industry's big names such as Playtech, Casino Tropez, Titan Poker, and Europa Casino. It also works closely with the affiliate group Euro Partners. Based in Antigua it will offer a great deal of internet gambling experience to the WPT brand. The parent company of the WPT has a plan to use the revenue generated by the sale for business ventures that are not related to poker.

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