Softnet Industries announced today that an agreement in principle has been reached in which it will acquire all of the assets of Metrobingo for $2.5 million. The purchase includes proprietary software, graphics, 20 bingo domain names and the employment of all key personnel.
"It is more than an acquisition," said Doug Slamko, president of Softnet Industries, "All the key Metrobingo executives will be joining our company to make the development, marketing and
executive team very strong. Softnet will be licensing exclusive Internet Bingo sites, which should greatly enhance the Company's revenue potential.
"I am particularly pleased to be working with Fabrice L'Heureux, who will be involved in all aspects of website development and directly responsible for the Metrobingo division. He has designed numerous websites and was the art director and multimedia producer for ITV.net, working with such companies as Microsoft, Apple and Digital."
The company has already reached an agreement with it's first exclusive bingo client whereby it will receive 40 percent of net gaming revenues. The first site will be operational by August of this year. The company expects to conclude license agreements with several clients before year-end.
The Java-based Metrobingo software will offer "speed bingo," the cyberspace version of the traditional bingo hall game. Speed bingo provides either automatic or semi-automatic game play with the option of purchasing any number of cards per game (maximum 48).
There will 15-18 games every hour of the day. A more traditional game with an enriched bonus jackpot will be played at the top of each hour. Play will be slower with a limited number of cards (i.e. maximum 24).
Softnet Industries Inc. provides a complete software program to the Internet gaming industry in consideration for royalty interests up to 50% of net gaming revenues. The company's programs are Java-based and supply its licensees with proprietary e-commerce and credit card processing, accurate software, real time encrypted protocols, industry hardware infrastructure, communications software and cryptologic algorithms.
For more information on Softnet, visit http://www.softcorp.net.