Boca Raton, FL -- The management of Coms21, an Australian based technology company, has recommended that its shareholders accept the offer of $45 million in stock that Atlantic International Entertainment Ltd's, (AIE) wholly owned subsidiary, Atlantic International Entertainment Australia PTY Limited (AEIA) has submitted to the company.
The transaction calls for Coms21 shareholders to receive one Atlantic share for 10 of the current Coms21 shares. The offer is set to close on August 17th baring any extensions.
"The announcement that Coms21 management recommends acceptance of our Australian company's offer by their shareholders is an important event for our company," said Atlantic President and CEO Richard Iamunno. "We feel that the combination of our companies will bring instant tangible benefits for all of our shareholders. The combined product lines will strengthen our lead position in the global interactive gaming markets."
"The benefits related to the combination of our companies has potentially become even more profound by the announcement that the US Senate has passed the Kyl Internet Gaming Bill," Iamunno added. "While the Kyl Bill brought the much anticipated possible bans to certain forms of interactive gaming in America it has opened a lucrative market for our combined products in the Pari-mutual and lottery based industries. Our companies will now look to enter the US market by offering products Coms21 has already placed with the New Zeland and New South Wales state run pari-mutuals as well as marketing Atlantic's interactive lottery products. While in the past Atlantic did not project or forecast revenues received from the American market, it will now revise its projections to include potential new revenues from the US market."
The AIE develops and markets Internet and private network transaction based products including global turn-key Internet Casino Extension for licensed casinos; webSports, Hotel Hotlinks, and realSports.